Coca-Cola European Partners (CCEP) is set to accelerate the decarbonisation of its business by reducing absolute greenhouse gas (GHG) emissions across its entire value chain – including scope 1, 2 and 3 emissions – by 30% by 2030 (vs 2019) and setting a path to become a Net Zero business by 2040, in alignment with a 1.5˚C pathway and the Paris Climate Agreement.
CCEP will reduce GHG emissions across all five areas of its value chain – ingredients, packaging, operations, transportation and refrigeration. Crucially, there is a significant focus on reducing scope 3 emissions via a commitment to support strategic suppliers to set their own science-based carbon reduction targets and use 100% renewable electricity.
CCEP’s immediate action plan is supported by a three-year €250m investment which will provide targeted financial support to decarbonise its business. This includes sustainable packaging initiatives, such as the progression of its 100% rPET roadmap and investing in the scaling of depolymerisation technology, which will help accelerate the delivery of its longer-term net-zero objectives.
The ambition is underpinned by the inclusion of a GHG emissions reduction target in CCEP’s long term management incentive plan (LTIP) – 15% of the LTIP awarded in 2020 will be based on the extent to which CCEP reduces GHG emissions over the next three years.
It builds on work undertaken over the last decade to reduce GHG emissions across CCEP’s entire value chain by 30.5% (vs 2010) as part of This is Forward, its joint sustainability plan with Coca-Cola in Western Europe. CCEP’s 2030 GHG reduction commitment has been approved by the Science-Based Targets initiative (SBTi) as being in line with a 1.5˚C reduction pathway as recommended by the Intergovernmental Panel on Climate Change (IPCC).
As part of its journey to Net Zero, CCEP will invest in projects which remove carbon from the atmosphere or verified carbon offset projects. However it will focus on reducing emissions as far as possible and will only offset where essential and where it can’t reduce emissions any further.