New Relic Announces Goal for Net-Zero Greenhouse Gas Emissions by 2030
New Relic (NYSE: NEWR), the all-in-one observability platform for every engineer, announced its goal to achieve net-zero greenhouse gas (GHG) emissions by 2030 and a commitment to set near-term science based GHG emissions targets. New Relic's GHG emissions targets will be submitted to the Science Based Target initiative (SBTi), joining the more than 2,200 companies worldwide that are leading the transition to a net-zero economy through emissions targets grounded in climate science.
With this announcement, New Relic is the first observability company to set a net-zero emissions by 2030 goal and aims to inspire its peers in the industry to do their part in reducing global GHG emissions and building a resilient, zero-emissions economy. New Relic believes that by adhering to science-backed emissions targets, the business will be well-positioned for long-term growth and competitive differentiation in the market, while doing its part to slow climate change and pave the path toward decarbonization.
"We have spent the past three years transforming our product and business model. Establishing science-based climate goals is the right decision and next step as we continue to future-proof our business," said New Relic CEO Bill Staples. "This also allows us to evolve alongside our global customers who are making similar strides toward a net-zero future and consider it a must-have when choosing their technology providers."
By selecting 2030 as the target, New Relic is allowing for rigorous work around achieving and maintaining its goals through operational reductions and high quality carbon removals. This target aligns with guidance from the Intergovernmental Panel on Climate Change (IPCC), who warned that global warming must not exceed 1.5 degrees Celsius above pre-industrial temperatures by 2040 to avoid the most catastrophic impacts of climate change.
Focus areas for reductions include:
New Relic is taking additional steps as part of its broader, comprehensive climate strategy. This includes reviewing its GHG emissions inventory with Watershed Climate, developing a plan to reduce emissions for facilities and assets, setting incremental targets, and reporting on its progress. New Relic is focused on improving the efficiency of its own cloud use and inspiring its customers, partners, and suppliers to do the same. New Relic has also contributed the Cloud Optimize app to the open source community to help organizations optimize cloud services, reduce costs, and improve the efficiency of their cloud usage.
New Relic released its inaugural ESG impact report in July 2022. The report encompassed New Relic's approach to ESG, including making significant achievements in pay equity across race and gender, obtaining HITRUST certification to strengthen data security and privacy, measuring Scope 1, 2 and 3 greenhouse gas emissions, and providing more than $6.5 million in product and discounts to nonprofits and students to expand equitable access to technology.
To learn more about New Relic's approach to ESG, please visit https://newrelic.com/about/environmental-social-governance.
About New Relic
As a leader in observability, New Relic empowers engineers with a data-driven approach to planning, building, deploying, and running great software. New Relic delivers the only unified data platform that empowers engineers to get all telemetry-metrics, events, logs, and traces-paired with powerful full stack analysis tools to help engineers do their best work with data, not opinions. Delivered through the industry's first usage-based consumption pricing that's intuitive and predictable, New Relic gives engineers more value for the money by helping improve planning cycle times, change failure rates, release frequency, and mean time to resolution. This helps the world's leading brands including adidas Runtastic, American Red Cross, Australia Post, Banco Inter, Chegg, GoTo Group, Ryanair, Sainsbury's, Signify Health, TopGolf, and World Fuel Services (WFS) improve uptime, reliability, and operational efficiency to deliver exceptional customer experiences that fuel innovation and growth. www.newrelic.com.
This press release contains "forward-looking" statements, as that term is defined under the federal securities laws, including but not limited to statements regarding New Relic's climate strategy and net-zero emissions goal. The achievement or success of the matters covered by such forward-looking statements are based on New Relic's current assumptions, expectations, and beliefs and are subject to substantial risks, uncertainties, assumptions, and changes in circumstances that may cause New Relic's actual results, performance, or achievements to differ materially from those expressed or implied in any forward-looking statement. Further information on factors that could affect New Relic's financial and other results and the forward-looking statements in this press release is included in the filings New Relic makes with the SEC from time to time, including in New Relic's most recent Form 10-Q, particularly under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." Copies of these documents may be obtained by visiting New Relic's Investor Relations website at http://ir.newrelic.com or the SEC's website at www.sec.gov. New Relic assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
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