Coca-Cola Europacific Partners’ (CCEP) ambitious target to reach net zero by 2040 has been validated by the Science Based Targets initiative (SBTi) as in line with climate science
CCEP’s updated science-based targets include a short-term target to reduce absolute scope 1, 2, and 3 GHG emissions 30% by 2030 (vs. 2019), and a long-term target to reduce its absolute scope 1, 2, and 3 GHG emissions 90% by 2040 (vs. 2019).
To achieve these targets, CCEP will continue its work to build carbon reduction roadmaps across all its markets, and to build a low-carbon transition plan.
Between 2020 and 2022, CCEP has invested €300 million to help support decarbonisation; including efforts to accelerate the use of rPET across all its markets.
Going forward, CCEP will continue to support its carbon strategic suppliers (which represent around 80% of CCEP’s scope 3 GHG emissions) to set their own SBTi targets and shift to renewable electricity, while increasing the recycled content of all its packaging , and switching to 100% renewable electricity by 2030 across all its own operations.
Megan Mitrevski-Dale, Environmental Sustainability Director, said:
“Deep decarbonisation will be critical to reducing global GHG emissions in line with a 1.5 pathway, which is why we’re incredibly proud to have had our target validated by the Science Based Targets initiative.
“As one of the first 10 companies to set an SBTi-approved target, we appreciate the value that it will bring in driving progress across our business, and our value chain - in particular with our suppliers."
CCEP was one of the first companies to set a SBTi approved target in 2017. Since then, key progress includes:
- Reaching 74% renewable electricity use across all markets
- Achieving CCEP’s target to use at least 50% recycled plastic (rPET) in plastic bottles four years early in Europe, setting an ambition to use 50% recycled plastic in API by 2025
- Launching a sustainability-linked supply chain finance initiative to encourage suppliers to set their own Science-based targets and switch to renewable energy
Further details on the target can be seen here.
About the Science Based Targets initiative
The Science Based Targets initiative (SBTi) is a global body enabling businesses to set ambitious emissions reductions targets in line with the latest climate science. It is focused on accelerating companies across the world to halve emissions before 2030 and achieve net-zero emissions before 2050.
The initiative is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF) and one of the We Mean Business Coalition commitments. The SBTi defines and promotes best practice in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies’ targets.