Coca-Cola HBC Pledges To Achieve Net-Zero Emissions By 2040
Soft drinks bottler Coca-Cola HBC has pledged to achieve net-zero emissions across its entire value chain by 2040.
By 2030, the company aims to reduce its value chain emissions in scopes 1,2 and 3 by 25% via an existing, approved science-based target. It is targeting a further 50% reduction in the following decade.
Coca-Cola HBC will broaden its existing partnership with suppliers to address emissions in scope 3, resulting from third-party actions, which account for 90% of its emissions.
The company added that it would invest in additional climate protection measures for emissions that cannot be eliminated entirely.
Coca-Cola HBC’s new commitment has been endorsed by the ‘We Mean Business’ coalition, and the bottler has joined the list of companies supporting the ‘Race to Zero’ initiative.
'Positive Environmental Impact'
Coca-Cola HBC CEO, Zoran Bogdanovic, said, “This commitment is the ultimate destination of a journey that we started many years ago. It is fully aligned with our philosophy to support the socio-economic development of our communities and to make a more positive environmental impact.
“Both are integral to our future growth. Although we don’t yet have all the answers, our plan, track record and partnership approach give us confidence that we will deliver.”
Emission Reduction Plan
Coca-Cola HBC has outlined several measures to achieve its net-zero target, including an investment of €250 million in emissions reduction initiatives by 2025.
It aims to switch to 100% renewable electricity and low-carbon energy sources in its direct operations through continuous improvements and innovations in energy efficiency.
Other measures include acceleration of its journey to a more circular, lower carbon packaging approach by increasing rPET use, adopting packageless and refillable options, removing plastics in secondary packaging.
The company also aims to provide energy-efficient and eco-friendly coolers to customers, reduce emissions from agricultural ingredients and implement a ‘Green Fleet’ programme.
In August, Coca-Cola HBC AG said that it expects lower margins in the second half due to higher costs and inflation, while reporting a jump in first-half profit as people returned to restaurants and cinemas after lockdowns.