Firmenich is the first company in the industry to receive approval from the Science Based Targets initiative (SBTi) for its net-zero emissions target
GENEVA, Aug. 23, 2022 /PRNewswire/ -- Firmenich, the world's largest privately-owned fragrance and taste company, has received approval from the Science Based Targets initiative (SBTi) for its net-zero emissions target, making it the first company in the industry and one of the first companies globally to receive approval from the SBTi.
Firmenich has both near- and long-term science-based emissions reduction targets verified and approved by the SBTi. The Group is committed to reach net-zero greenhouse gas emissions across its value chain by 2039, keeping global warming below 1.5°C in line with the Paris Agreement
"I am proud that Firmenich is one the first companies to see their net-zero emissions target approved by SBTi. These ambitious goals aim at effectively reducing our environmental footprint, while actively engaging with our suppliers and customers to reduce CO2 emissions through our supply chain. Setting science based targets is crucial to future-proofing sustainable business growth while assuring the stability of our planet and climate system for generations to come," said Gilbert Ghostine, CEO of Firmenich.
"Acting on the climate emergency via a scientific approach is key to effective decarbonization and by establishing a framework, the SBTi is enabling companies to lead the path to a low carbon future. At Firmenich, we are taking the necessary measures to minimize our impact and aim to lead our industry towards net-zero greenhouse gas emissions," said Neil McFarlane, Senior Vice President Global QHS&E, Firmenich.
Firmenich equally commits to reduce absolute scope 3 GHG emissions 90% by 2039 from a 2021 base year. Being a positive driver of change across its value chain, Firmenich also commits that 80% of its suppliers by spend will have science-based targets by 2026.
The approval of the net-zero emissions target builds on earlier important milestones in tackling climate change. Previously, the company has taken concrete steps to ensure the continued availability of renewable energy options for its sites, from solar and wind as well as by installing biogas boilers at its sites. Since February 2020, all its operations worldwide are powered by 100% renewable electricity.
Sustainability has been at the core of Firmenich's values and action for several decades, and it is one of only two companies in the world to have received a Triple A listing for climate change, forest and water management from CDP for four years in a row.
Firmenich is one of the founding members of the "Business Ambition for 1.5C", a broad coalition of visionary companies committed to a net-zero carbon future by no later than 2050, including Unilever, Danone, Nestlé and L'Oréal.
Note to editors
Scope 1 and 2 covers emissions generated from Firmenich's own operations, such as electricity and energy to power manufacturing plants and offices. Scope 3 refers to emissions in Firmenich's extended supply chain, such as energy usage by sourcing partners.
Firmenich, the world's largest privately-owned fragrance and taste company, was founded in Geneva, Switzerland, in 1895, and has been family-owned for 127 years. Firmenich is a leading business-to-business company specialized in the research, creation, manufacture and sale of perfumes, flavors, and ingredients. Renowned for its world-class research and creativity as well as its leadership in sustainability, Firmenich offers its customers superior innovation in formulation, a broad and high-quality palette of ingredients, and proprietary technologies including biotechnology, encapsulation, olfactory science, and taste modulation. Firmenich had an annual turnover of 4.7 billion Swiss Francs at end June 2022. More information about Firmenich is available at www.firmenich.com.
About Science Based Targets initiative (SBTi)
The Science Based Targets initiative (SBTi) is a global body enabling businesses to set ambitious emissions reductions targets in line with the latest climate science. It is focused on accelerating companies across the world to halve emissions before 2030 and achieve net-zero emissions before 2050.
The initiative is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF) and one of the We Mean Business Coalition commitments. The SBTi defines and promotes best practice in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies' targets.