RTTNews | Sep 21, 2021 08:07AM EDT

08:07 Tuesday, September 21, 2021 (RTTNews.com) - American Express Company (AXP) on Tuesday announced its plan to achieve net-zero carbon emissions by 2035, fifteen years ahead of the Paris Agreement's 2050 goal.

The company intends to follow the Science Based Targets initiative (SBTi) methodology for the next two years to accomplish this goal.

To achieve net-zero emissions, the company plans to work with its suppliers to reduce their greenhouse gas emissions, that will in turn lower their impact on the company's value chain. Initially, it aims to partner with top vendors that are responsible for 50% of the company's annual third-party spend to set their own science-based emissions reduction targets.

American Express said it will join the 'Business Ambition for 1.5C' initiative, a commitment to limit global temperature rise to 1.5 C, and Race to Zero campaign, that encourages businesses to cut their emissions to net zero by 2050.

Further, the company plans to fund at least $10 million to organizations and initiatives that work on climate change through 2025.

"To further our impact, we will seek to innovate and advance sustainable solutions, and work with our business, vendor, and community partners to achieve net-zero emissions by 2035," said Stephen J. Squeri, Chairman and Chief Executive Officer.

American Express has remained a carbon neutral company since 2018 and has been powered with 100% renewable energy.

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