Lime achieves 59.5% reduction in carbon emissions in 2023

Posted: 23 May 2024 | | No comments yet

Lime announces a 59.5% reduction in carbon emissions intensity in 2023, highlighting significant strides towards a sustainable, carbon-free urban transportation future.

Lime achieves 59.5% reduction in carbon emissions in 2023

Credit: Lime

Lime has announced a significant reduction in its carbon emissions intensity by 59.5% in 2023 compared to its 2019 baseline. This reduction includes Scope 1, 2 and 3 emissions, covering direct operations, purchased electricity and supply chain activities. Notably, Lime has achieved a 16.2% cut in Scope 1 emissions and a complete elimination of Scope 2 emissions in 2023.

In the U.S., transportation accounts for nearly 30% of emissions, driven primarily by over 280 million gasoline vehicles. Lime’s efforts are part of a broader strategy to address climate change by promoting shared, electric and carbon-free urban transportation.

Lime is the first micro-mobility company to set and achieve a science-based net zero carbon target for all three scopes of emissions, in alignment with the Paris Climate Accord. Partnering with sustainability firm Optera, Lime’s recent carbon report highlights the company’s progress in reducing its carbon footprint over the past five years.

Key initiatives contributing to Lime’s carbon reduction include the electrification of over 65% of its operations fleet, the introduction of larger, longer-lasting swappable batteries and the development of durable, modular e-scooter and e-bike designs. Additionally, Lime has committed to zero emissions trucking, partnering with Hight Logistics to use electric trucks for transporting new vehicles and parts.

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Lime also launched a circular economy initiative, re-purposing damaged e-bike batteries into Bluetooth speakers through a collaboration with Gomi, a sustainable design company. Furthermore, the micro-mobility operator powers all its e-bikes, e-scooters and facilities with 100% renewable energy, reducing its Scope 2 emissions entirely by sourcing renewable energy globally.

Despite these efforts, Vice President of Sustainability Andrew Savage emphasised the need for faster decarbonisation in sectors such as manufacturing and logistics to achieve broader environmental goals. Lime’s commitment to sustainability is reflected in its operational achievements and financial growth. In 2023, Lime reported record gross bookings of $616 million and an Adjusted EBITDA of over $90 million, a significant increase from the previous year. Riders completed a record 156 million trips, surpassing 500 million lifetime trips.

Looking ahead, Lime plans to invest over $55 million in 2024 to expand its global bike presence, adding more than 30,000 new bikes across North America, Europe and Australia. This expansion aims to enhance Lime’s multimodal service, providing reliable, car-free travel options in urban areas.