Ford Motor Co. plans to achieve carbon neutrality globally by 2050, while setting interim targets to address climate change challenges, the company announced.

To achieve this goal, the automaker said it will focus on three areas that account for approximately 95% of its CO2 emissions – vehicle use, its supply base, and the company’s facilities, Ford said. The company announced that ambition today as it issued its 21st annual Sustainability Report.

Ford said it will address customer acceptance, government regulations, economic conditions and the availability of renewable, carbon-neutral electricity and renewable fuels as it moves to achieve the 2050 goal.

“We can develop and make great vehicles, sustain and grow a strong business and protect our planet at the same time – in fact, those ideals complement each other,” said Bob Holycross, vice president, chief sustainability, environment and safety officer. “We don’t have all the answers yet but are determined to work with all of our global and local partners and stakeholders to get there.”

Ford also is working to develop goals approved and defined by the Science Based Targets initiative for its Scope 1, Scope 2 and Scope 3 emissions.

• Scope 1 covers direct emissions from company-owned or -controlled sources,

• Scope 2 addresses indirect emissions from generation of purchased electricity, steam, heating and cooling consumed by Ford.

• Scope 3 emissions speak to in-use emissions from vehicles that Ford sells and emissions from its supply base, among others.

A cross-functional Ford team from around the world – including the U.S., Europe and China – developed the company’s carbon-neutral approach after analyzing information on the environment, customers, technology, legislation, energy, competitive approaches, life-cycle assessments and other trends.

Ford said it is also investing more than $11.5 billion in electric vehicles through 2022, which includes a Transit Commercial EV and fully electric F-150 slated for release in the next two years.

The company previously announced its plan to use 100% locally sourced renewable energy for all its manufacturing plants globally by 2035.