Cadence Design Systems, a technology company, has set target for net zero by 2040. In 2022, the company reported total Scope 1, 2, and 3 (market-based) emissions of 249,554 mtCO2e, comprising Scope 1 emissions of 7,709 mtCO2e, Scope 2 location-based emissions of 25,792 mtCO2e, and Scope 3 emissions of 241,845 mtCO2e. The carbon intensity for spend-based greenhouse gas (GHG) estimations is 30% higher than the average of the company's overall Scope 3 emissions. This comparison highlights the company's focus on evaluating and addressing carbon intensity in its expenditure-related GHG assessments.

Cadence Design Systems has set specific targets for GHG reduction and made significant strides in 2022. Pursuing the SBT 2025: 2°C goal for Scope 1 and 2 (market-based), the company aims for a 15% reduction in GHG emissions compared to the 2019 baseline, achieving a remarkable 32% reduction in 2021. Additionally, with an SBT 2030: 1.5°C objective for Scope 1 and 2 (market-based), Cadence Design Systems targets a 50% reduction in GHG emissions by 2030, achieving an impressive 76% reduction in 2022. In line with the Net-zero 2040: 1.5°C target for Scope 1, 2, and 3 (market-based), the company has achieved a commendable 28% reduction.

To achieve its net-zero targets, Cadence Design Systems has taken several steps. These include investing in decarbonization measures such as energy efficiency, procuring 100% renewable energy through utility contracts and Energy Attribute Certificates (EACs), and implementing onsite solar installations. The company also invests in projects that provide additional benefits such as organic carbon storage, ecosystem restoration, and wildlife and habitat protection.

Overall, Cadence Design Systems is committed to environmental sustainability and has made significant progress in reducing its GHG emissions. Through investments in decarbonization measures and renewable energy procurement, the company is working towards its net-zero targets. By progressing towards its targets, Cadence Design Systems aims to contribute to global efforts to mitigate climate change and align with the goals of the Paris Agreement.

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