Valeo Foods Group’s ambitious plan to set near-term and net-zero targets, across its operations and value chain, has received approval from Science Based Targets initiative (SBTi). Owing to recent changes in sector-specific climate target setting, Valeo Foods Group is one of the first companies in our category to set near-term and net-zero targets including FLAG (Forestry, Land, and Agriculture) and Non-FLAG targets.
The validated net-zero target will see Valeo Foods Group work towards its commitment to reduce carbon emissions across its own operations and value chain, in line with the Paris Agreement’s aim of limiting global temperature rise to 1.5⁰C.
Valeo Foods Group has committed to the following targets (Vs FY22 baseline), which are in line with latest climate science:
Near Term
- Absolute scope 1 and 2 Greenhouse Gas (GHG) emissions by 42% by FY31
- Absolute scope 3 FLAG GHG emissions 30% by FY31
- Absolute scope 3 GHG emissions from purchased goods & services and downstream transportation and distribution by 25% by FY31
Net-Zero
- Reach net-zero GHG emissions across the value chain by FY50
Valeo Foods Group has developed a decarbonisation strategy, outlining how the company plans to meet these targets. Valeo Foods Group are investing significant resources in increasing manufacturing energy efficiency, switching to renewable electricity sources, reducing food waste, partnering with suppliers to encourage better land use, land management practices and operational efficiency, developing sustainable packaging solutions and transitioning distribution and logistics to Electric vehicles.
Ronald Kers, Valeo Foods Group CEO said “As one of Europe’s leading food businesses, our responsibility goes beyond producing great food. As a group, we are committed to creating a better, fairer future for all, through bold actions and transformative goals in our own operations and right across our value chain. This approval by the SBTi marks a crucial step in our commitment to creating a responsibly sourced, regenerative food system that delivers on our mission to make everyday moments taste better. As one of the first companies in our category to set targets to reduce both FLAG and non-FLAG emissions, not only are we able to make real change happen in our own business, we can lead the way in encouraging our industry partners to also act on critical sustainability challenges.”
Dr Grainne O’Halloran, Head of ESG at Valeo Foods Group added “I am delighted with the validation by SBTi of our near-term and net-zero targets. This represents a significant milestone in our Sustainability strategy. Our investment in decarbonisation has already delivered 20% reduction in our own operational GHG emissions in the last 2 years. We are committed to further reductions through energy efficiency, switching to renewable electricity sources and engaging with suppliers to reduce GHG emissions in our value chain. Through relentless focus and collaborative efforts, I look forward to making a difference by delivering our targets.”
Valeo Food Group’s Sustainability Plan has five holistic commitments across Our People, Our Planet, Our Producers, Our Partners and Our Products. Each pillar contains a set of priorities relating to our most urgent sustainability challenges as a business. Valeo Food Group will publish its first Sustainability report, as part of its commitment to more sustainable food production, later this month.