The Science Based Targets initiative (SBTi) has approved Orkla’s goal of achieving net-zero greenhouse gas emissions across its value chain by 2045.
The SBTi’s Corporate Net-Zero Standard is the first framework in the world for corporate net-zero target-setting in line with climate science, the Norwegian conglomerate noted.
It includes the guidance, criteria and recommendations that companies need to set science-based net-zero targets consistent with limiting the global temperature rise to 1.5 degrees Celsius.
The food- and consumer goods-maker’s primary contribution to sustainable development lies in the ability to offer sustainable products, and in UN Sustainable Development Goal 12 – responsible consumption and production.
In the first part, Orkla will reduce emissions by half by 2030, and then achieve net-zero emissions in the entire value chain by 2045.
The approval letter from SBTi stated, ‘The SBTi commends your ambitious net-zero target, currently the most ambitious designation available through the SBTi process.’
The SVP of environment, health and safety at Orkla, Inger Johanne Eikeland, stated, “We are proud to receive recognition for our important goals. Orkla is committed to creating sustainable growth, and we have come a long way towards making sustainability work an integral part of our business plans, decision-making processes, and day-to-day operations.
“We commit to reaching zero emissions by 2045, by promoting sustainable raw-material production and cooperating with suppliers, continuing to develop plant-based products and energy-efficient production, and reducing food waste.”
In July 2022, Orkla reported a 39% increase in operating profit in the second quarter of its financial year, to NOK 1.75 billion (€170 million), as the business achieved strong growth in its branded consumer goods business.