Coor commits to Net-Zero by 2040
Coor commits to reach Net-Zero greenhouse gas emissions by 2040. This is ten years earlier than the Science Based Targets initiative’s requirement for companies. To reach the target, Coor needs to eliminate greenhouse gas emissions in its own operations and reduce carbon dioxide emissions from the entire value chain by 90% compared to the base year 2018.
In parallel with realigning operations to achieve Net-Zero by 2040, Coor has introduced official third-party validation through the Science Based Targets initiative (SBTi). This ensures that our efforts are in line with what the scientific evidence says is necessary to reach the target.
”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 provides us with further confirmation that our sustainability strategy fully supports our vision of becoming a truly sustainable company,” AnnaCarin Grandin, President and Group CEO at Coor, explains.
The new target means that Coor’s operations will generate zero greenhouse gas emissions by 2040, while greenhouse gas emissions from the entire value chain will have decreased by 90% compared to 2018. Energy and materials flows will be fully circular by this date, and emissions from restaurant operations also sharply reduced, which implies high expectations on continued innovation. The remaining CO₂ emissions will then be climate offset.
Coor´s near-term climate goals already validated
Coor has already had its near-term climate goals approved by the SBTi. They mean that by 2030, Coor will reduce its greenhouse gas emissions within scope 1 and scope 2 by 75%, compared to 2018 levels. In order to achieve this, Coor has adopted a target of achieving a fossil fuels-free vehicle fleet and that all electricity will be generated by renewable energy sources by this date. Coor has also set the target that 75% of the company’s emissions under scope 3 will come from suppliers whose climate targets have been approved by the SBTi by no later than 2026. In addition, emissions from food and drink are to be reduced by 30% [kg CO2e/kg purchased raw materials] by 2025 compared to the baseline year 2018.
"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 is necessary for securing environmentally responsible long.-term growth,” Maria Ekman, Head of Group Sustainability a Coor, explains.
Science-based targets show organisations how much and how quickly they need to reduce their greenhouse gas (GHG) emissions to prevent the worst effects of climate change. The basis is the Paris Agreement of 2015, a global agreement to sharply slow down global warming and strive to limit it to 1.5°C. To achieve this, global GHG emissions need to be halved by 2030 and eliminated by 2050. Read more about the Science Based Target initiative and its activities here