Colgate-Palmolive Co. has received approval for its Net Zero emissions reduction targets from The Science Based Targets initiative (SBTi), becoming the first large multinational firm in the Consumer Durables, Household and Personal Products sector to have announced approval by SBTi.
The SBTi Target Validation Team stated that the targets set by Colgate-Palmolive are in line with the Paris Agreement’s objective of limiting global warming to 1.5°C and the SBTi’s 1.5°C mitigation pathways for reaching Net Zero by 2050 or sooner.
“At Colgate, we are acting with purpose to reimagine a healthier future for all people, their pets and our planet – and we have established a robust organization-wide commitment to ambitious, science-based emission reduction targets,” said Ann Tracy, Chief Sustainability Officer, Colgate-Palmolive. “Earning this designation from the SBTi, which is considered the global gold-standard for evaluating and approving climate targets, reflects Colgate’s commitment to making a meaningful impact for the environment and for the communities we serve around the world.”
The firm intends to reduce absolute Scope 1 and Scope 2 GHG emissions by 42% and absolute Scope 3 GHG emissions from Purchased Goods and Services by 42% by 2030 from the 2020 base year. It aims to increase renewable electricity sourcing from 35% in 2020 to 100% in 2030. It also plans to achieve net-zero GHG emissions across its value chain by 2040. By that year, the aim is to reduce Scope 1, 2 and 3 emissions by 90% from the 2020 baseline.
The firm has stated that its Scope 1 emissions have remained relatively level since 2015 and Scope 2 emissions have declined.
Colgate-Palmolive has committed to the U.S. Green Building Council (USGBC) Leadership in Energy and Environmental Design (LEED) certification for all its new construction projects around the world and has devised a Renewable Energy Master Plan, which consists of four components, namely on-site solar generation, utility green power, verified renewable energy certificates and virtual power purchase agreements.
