INSIGHT by CERES
Major food companies are setting ambitious targets to reduce their greenhouse gas emissions, but a new Ceres analysis found that many of them are far from implementing the necessary actions to align with and accelerate the transition to a zero emissions economy.
For the first time, Ceres assessed whether companies engaged through its Food Emissions 50 initiative are disclosing and implementing key elements of food sector climate transition plans that will help them achieve their public climate-related commitments.
Only the 27 Food Emissions 50 companies that have disclosed scope 3 emissions from purchased goods and services and have set targets to reduce those emissions were included in this new analysis. This is because these emissions from corporate supply chains account for approximately 80% of food companies’ total emissions, and climate transition plans should chart the path a company will take to achieve compressive and ambitious greenhouse gas emissions reduction targets.
Ceres found that none of these companies are disclosing all elements of climate transition plans needed to assure internal and external stakeholders they will be able to achieve their targets.
“Our new analysis reveals that though more focus companies are publicly committing to reduce their greenhouse gas emissions, those commitments are not translating into robust and transparent actions that will support fulfilling those commitments at the speed and scale necessary to avoid more catastrophic climate change,” said Nako Kobayashi, a manager working on the Ceres Food Emissions 50 initiative and author of the analysis. “Setting goals aligned with a zero emissions economy is a start, but investors and other stakeholders need to know how companies intend to achieve their goals.”
The 27 companies were assessed against six new indicators that are now included in the Food Emissions 50 benchmark framework to track corporate strategies to achieve their emissions reduction targets. The new indicators draw directly from the recommendations in the Investor Guide to Climate Transition Plans in the U.S. Food Sector and cover the distinct areas within a company’s business that should be aligned with its emissions reduction targets, including growth strategy, procurement, operations, and customer engagement.
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INSIGHT by CERES
Major food companies are setting ambitious targets to reduce their greenhouse gas emissions, but a new Ceres analysis found that many of them are far from implementing the necessary actions to align with and accelerate the transition to a zero emissions economy.
For the first time, Ceres assessed whether companies engaged through its Food Emissions 50 initiative are disclosing and implementing key elements of food sector climate transition plans that will help them achieve their public climate-related commitments.
Only the 27 Food Emissions 50 companies that have disclosed scope 3 emissions from purchased goods and services and have set targets to reduce those emissions were included in this new analysis. This is because these emissions from corporate supply chains account for approximately 80% of food companies’ total emissions, and climate transition plans should chart the path a company will take to achieve compressive and ambitious greenhouse gas emissions reduction targets.
Ceres found that none of these companies are disclosing all elements of climate transition plans needed to assure internal and external stakeholders they will be able to achieve their targets.
“Our new analysis reveals that though more focus companies are publicly committing to reduce their greenhouse gas emissions, those commitments are not translating into robust and transparent actions that will support fulfilling those commitments at the speed and scale necessary to avoid more catastrophic climate change,” said Nako Kobayashi, a manager working on the Ceres Food Emissions 50 initiative and author of the analysis. “Setting goals aligned with a zero emissions economy is a start, but investors and other stakeholders need to know how companies intend to achieve their goals.”
The 27 companies were assessed against six new indicators that are now included in the Food Emissions 50 benchmark framework to track corporate strategies to achieve their emissions reduction targets. The new indicators draw directly from the recommendations in the Investor Guide to Climate Transition Plans in the U.S. Food Sector and cover the distinct areas within a company’s business that should be aligned with its emissions reduction targets, including growth strategy, procurement, operations, and customer engagement.