Ceres launches new effort to slash emissions and improve transparency across the food sector, sets out benchmark
BOSTON, July 29, 2021 /PRNewswire/ -- A new effort launched today to engage 50 of the highest-emitting publicly-traded food and agriculture companies in North America, with the goal of accelerating the transition to a net zero emissions future in the global food and agriculture sector.
Coordinated by the sustainability nonprofit Ceres, Food Emissions 50 will involve institutional investors from around the world who are committed to driving the transparent corporate climate action necessary to achieve the goal of the Paris Agreement to limit global temperature rise to no more than 1.5 degrees Celsius.
As part of today's launch, Ceres published an investor statement of support and the list of the 50 focus companies that they plan to engage as part of Food Emissions 50. They also released an initial benchmark analysis of the companies' scope 3 emissions disclosures and emissions reduction targets.
Investor signatories to the initiative will seek commitments from the companies' boards and senior management to:
- Disclose greenhouse gas emissions across their entire value chain and set science-based emission reduction targets aligned with 1.5 °C.
- Develop and disclose comprehensive climate transition action plans for reducing emissions in line with what is needed to limit warming to 1.5 °C.
- Implement the actions identified in those plans and disclose progress.
The Ceres' analysis released today shows most of the 50 food sector companies are lagging in key areas that are necessary to increase the ambition of their climate transition action plans. It found 70% of the 50 companies do not disclose emissions from agriculture, and more than 80% do not disclose emissions from land use change. More than 60% do not include any scope 3 emissions in their emission reduction targets.
Food Emissions 50 builds on the work of Climate Action 100+, the Global Investor Engagement on Meat Sourcing, and other engagement initiatives. It is focused on an expanded list of focus companies and deeper engagements with the value chains and supply chains of those companies to address scope 3 emissions. Scope 3 emissions make up the majority of emissions from the food sector, which alone contribute almost a third of all greenhouse gas emissions worldwide.
Food Emissions 50 is part of a larger Ceres effort to decarbonize six of the highest-emitting sectors that account for nearly 80 percent of global greenhouse gas emissions.
Media contact:
Miranda Cawley
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SOURCE Ceres
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