Ahead of the five-year anniversary of the adoption of the Paris Agreement on December 12, Ferrero announced that the independent Science Based Targets initiative (SBTi) has validated Ferrero’s climate goals, which the company released earlier this year: By 2030, Ferrero aims to halve all emissions from its owned operations (Scope 1 and 2) and commits to reducing emissions by 43% for each tonne of product produced across all scopes. Both targets use 2018 as a base year. The SBTi has also approved that Ferrero’s target on reducing emissions from its owned operations is in line with the goal to limit global warming to 1.5 °C, the most ambitious aim of the Paris Agreement.
The Science Based Targets initiative is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund For Nature (WWF). To date, over 1000 companies across the globe have joined this world-leading initiative. Ferrero’s 1.5°C-aligned target is the most ambitious designation currently available through the SBTi process.
In order to achieve its first target, Ferrero has developed a set roadmap to reduce emissions from plants, warehouses and main offices. The path for all Ferrero’s global operations includes the transition to electricity coming from renewable energy sources only. Ferrero has already achieved this in Europe, where 100% of its electricity purchased from the grid is certified renewable. Globally, 64% of the electricity Ferrero purchases today is certified renewable. For Ferrero’s second climate target, which also involves Scope 3 emissions, the company will work together with its suppliers to reduce emissions, rethinking solutions with lower carbon impact and developing new products.
“With the approval of the SBTi, we are proud to join a common effort of companies who follow a science-based trajectory to tackling climate change. It is our responsibility as industry to be part of the solution by limiting our emissions and working together with all partners in our supply chain,” said Mario Abreu, Ferrero’s Chief Sustainability Officer. “We thank the SBTi for reviewing our climate targets and counting us among those companies that follow the most challenging roadmap.”
“We congratulate Ferrero for setting emission reduction targets consistent with limiting warming to 1.5°C, the most ambitious goal of the Paris Agreement,” said Cynthia Cummis, Director of Private Sector Climate Mitigation at World Resources Institute, one of the Science Based Targets initiative partners. “By setting targets grounded in climate science, Ferrero is positioning themselves as leaders in the food and beverage processing sector for the transition to a net-zero economy.”
Ferrero will transparently report on its progress in achieving its climate targets on www.ferrerosustainability.com and in the annual Ferrero Sustainability Report. Companies must report their company-wide emissions and progress against their targets on an annual basis to the SBTi