Netflix Commits to Net Zero By End of 2022

Netflix is detailing its active plans to hit net zero greenhouse gas emissions by the end of 2022.
Author:
Publish date:

Netflix  (NFLX) - Get Report has plans to “hit net zero greenhouse gas emissions by the end of 2022, the streaming company announced on Tuesday.

Its “Net Zero + Nature” plan is already being implemented, with the Los Gatos, Calif., entertainment production brand investing in several measures to cut “emissions for film and TV productions,” Variety reported.

Some of these practices include:

- Using local crews instead of flying in teams.

- Using electric vehicles instead of gas-powered ones.

- Using more LED lighting.

- Reducing on-set diesel generators.

Netflix Gets Argus Upgrade to Buy From Hold

Netflix plans are also in accordance with the goals of the Paris Agreement, including:

- Limiting global warming to 1.5°C.

- Investing in projects that prevent carbon from entering the atmosphere.

- Investing in projects that remove carbon.

Netflix is also urging other well-known film and TV production companies, including Walt Disney Company  (DIS) - Get Report, ViacomCBS VIAC, and the BBC to adopt these practices.

“In tech it has been popular, but in entertainment, we’re the first as far as we know to go down that path,” Netflix chief executive, Reed Hastings told the Financial Times.

Currently, Walt Disney and the BBC are aiming for set net zero targets for 2030, the publication said.

Netflix Users Grumble About Password-Sharing Crackdown

“Netflix estimates its carbon footprint was 1.13 million metric tons,” in 2020, media reports say. This is a dip from 1.31 million in the year prior; however, the company noted that was due to production delayed amid the pandemic.

The company estimates approximately 50% of that footprint came from “physical production of Netflix films and series,” 45% from corporate operations, and 5% from cloud providers like Amazon Web Services, Variety said.

However, the company noted it did not include emissions from “internet service providers and device manufacturers,” in its calculations, the publication added.

Netflix dominated the recently announced Oscar nominations.

Netflix shares ended off 56 cents, or 0.1%, at $513.39.