GlobalData offers a comprehensive analysis of Lyft, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of Net Zero and associated ESG keywords, GlobalData delivers valuable information on Lyft‘s ESG performance. GlobalData’s company profile on Lyft offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
Lyft, a ride-hailing company, has made a commitment to reach 100% electric vehicles (EVs) by the end of 2030, according to its Economic Impact Report 2023 for the United States and Canada. Lyft's latest filings mentioned the keywords 'Electric Vehicles' and 'Emissions' most number of times in relation to 'Net Zero'.
The company has been working with various partners to accelerate the transition to EVs on its platform. Each rideshare EV can reduce up to three times more emissions per year than a personally owned EV due to high utilization. Lyft is building the future of low-carbon transportation and is committed to achieving net-zero emissions.
To achieve its net-zero targets, Lyft has taken steps to reduce its emissions, including transitioning to EVs on its platform. The company has also invested in carbon offsets and renewable energy credits to reduce its carbon footprint. In addition, Lyft has partnered with other companies to promote the adoption of EVs and has launched a program to encourage drivers to switch to EVs.
For context, in 2021, Lyft's gross greenhouse gas (GHG) emissions amounted to 1.5 million metric tons of carbon dioxide equivalent (MTCO2e), representing a 9.7% increase compared to the previous year. However, the company made progress in reducing emissions intensity per unit revenue by 43.4% and emissions per employee by 19.4%. These efforts demonstrate Lyft's commitment to decreasing its environmental impact while continuing to grow as a business. Scope 1 accounted for 0.07% of emissions, which includes direct natural gas consumption. Scope 2 represented 0.41% of emissions and includes emissions from purchased heating and electricity. The majority of emissions came from Scope 3, with rides accounting for 96.2% and non-rides accounting for 3.3%. Scope 3 emissions encompass various aspects such as Lyft rides, purchased goods and services, web hosting, business travel, employee commute, waste in operations, fuel and energy usage, micromobility transportation and distribution, co-working offices, consumer rentals, and mobile services.
In conclusion, Lyft is committed to achieving net-zero emissions and has made a significant commitment to transition to 100% electric vehicles by the end of 2030. The company has taken steps to reduce its emissions, including investing in carbon offsets and renewable energy credits and partnering with other companies to promote the adoption of EVs.