Coca-Cola targets net zero emissions by 2040 in Europe
An interim goal is for a reduction in greenhouse gas emissions of 30% by 2030. The 2040 Net Zero target is aligned to the 1.5˚C reduction pathway set out by the Intergovernmental Panel on Climate Change (IPCC).
CCEP also wants to see all strategic suppliers – such as key ingredients, packaging, refrigeration and third party transportation suppliers – use 100% renewable electricity and put into place their own science based targets.
Encouraging change among suppliers
Coca-Cola European Partners is the world’s largest independent Coca-Cola bottler: serving a consumer population of more than 300 million in Western Europe (Andorra, Belgium, continental France, Germany, Great Britain, Iceland, Luxembourg, Monaco, the Netherlands, Norway, Portugal, Spain and Sweden).
It will reduce GHG emissions across the five key areas of its value chain: ingredients, packaging, operations, transportation and refrigeration.
Greenhouse gas emissions are categorised into three ‘scopes’ – scope 1 being direct emissions; scope 2 covering purchased electricity and energy; and scope 3 covering indirect emissions from across the value chain.
CCEP estimates that 93% of its GHG emisssions in 2019 came from scope 3: hence why it will have a ‘crucial and significant focus’ on aiming to have 100% of its key suppliers using renewable electricity and setting out science-based targets.
CCEP will also set out a three year €250m ($364m) investment plan. This includes upping the content of rPET in its bottles; and investing in scaling up depolymerisation technology.
The company's goals also include a GHG emissions reduction target in its long term management incentive plan: 15% of the LTIP awarded in 2020 will be based on the extent to which CCEP reduces GHG emissions.
CCEP says it will also use carbon offsetting initiatives: but only when essential and where emissions cannot be reduced further.
“We have a responsibility to the communities we serve to keep taking this action on climate,” said Damian Gammell, CEO of Coca-Cola European Partners.
“We know it will be a long and challenging journey – there are no quick fixes or silver bullets - but we are determined to drive this change as fast as we can and to play our part in helping and influencing others. We’ve made significant progress so far, and looking ahead, we will continue to help lead the transition to a low carbon future by putting environmental impact at the heart our decision-making.”
Joe Franses, Vice-President, Sustainability at Coca-Cola European Partners said:“The world is at a critical point and we must all play our part to cut greenhouse gas emissions, to limit global temperature increase to 1.5°C and protect the future of our planet.
"Climate change may be bigger than all of us, but it is not beyond us. That’s why CCEP is working towards a Net Zero future. And why we’re taking action now to reduce greenhouse gas emissions across our entire value chain, from the ingredients we source, packaging we use, to the drinks we sell.
"As we move through our first three-year plan, we will continue to adapt and solve key challenges to help set new milestones to achieve our longer-term reduction vision.”
