Coor Pledges to Reach Net-Zero by 2040
Coor has pledged to achieve Net-Zero greenhouse gas emissions by 2040, a goal that is a decade ahead of the Science Based Targets initiative's (SBTi) stipulated timeline for companies.
”It’s really great that Coor has set a target that will be reached ten years earlier than the official standard requires. "At the same time, this gives us more proof that our sustainability strategy is fully in line with our goal of becoming a truly sustainable company," explains AnnaCarin Grandin, President and Group CEO of Coor.
By setting this new target, Coor aims to eliminate all greenhouse gas emissions from its operations by 2040 while reducing emissions from its entire value chain by 90% compared to 2018. This will involve implementing fully circular energy and material flows as well as significantly reducing emissions from restaurant operations, requiring continued innovation to achieve this objective. Any remaining CO2 emissions will be offset to support climate goals.
To ensure alignment with scientifically-based guidelines for achieving this target, Coor has introduced third-party validation through the SBTi while simultaneously realigning its operations to achieve Net-Zero by 2040.
”Since our near-time climate goals were approved by the Science Based Target initiative in April 2022, we’ve worked to also find a possible long-term solution. We are focusing on the goal of achieving Net-Zero. The shift represents a significant challenge, but it is required to ensure environmentally responsible long-term growth," explains Maria Ekman, Head of Group Sustainability and Coor.
Coor's approved near-term climate objectives, as per the SBTi, involve reducing greenhouse gas emissions from scope 1 and scope 2 sources by 75% from 2018 levels, by the year 2030. To accomplish this, Coor has set a goal to establish a vehicle fleet free of fossil fuels and to generate all electricity from renewable energy sources by this date.
Additionally, the company aims to source 75% of its emissions under scope 3 from suppliers with approved climate targets by the SBTi, no later than 2026. Moreover, Coor is targeting a 30% reduction in emissions from food and beverage purchases by 2025, measured as kg CO2e/kg purchased raw materials, relative to the baseline year of 2018.
Source: Coor
