Facilities management supplier Coor has committed to reaching net zero emissions by 2040, ten years earlier than the Paris Agreement and the Science-Based Targets initiative’s requirement for companies.
By 2040, Coor plans for its direct operations to generate zero greenhouse gas (GHG) emissions, and emissions from the entire value chain (including scope 3) to decrease by 90% compared to a 2018 baseline. As well as this, the targets pledge that the Swedish management companies energy and materials flows will be fully circular by 2040, and emissions from restaurant operations will also be sharply reduced. The remaining CO2 emissions will then be offset.
“It’s really great that Coor has set a target that will be reached ten years earlier than the official standard requires,” said Anna Carin Grandin, president and group CEO at Coor. “At the same time, this provides us with further confirmation that our sustainability strategy fully supports our vision of becoming a truly sustainable company.”
Third-party validation for these targets was obtained through the Science-Based Targets initiative (SBTi) to ensure the company’s efforts are in line with what the scientific evidence says is necessary to reach the target.
“Since our near-time climate goals were approved by the Science-Based Target initiative in April 2022, we’ve worked to also find a possible long-term solution. We are focusing on the goal of achieving net zero. The shift represents a significant challenge but is necessary for securing environmentally responsible long.-term growth,” Maria Ekman, head of group sustainability a Coor, explains.
The near-term climate goals approved by the SBTi mean that by 2030, Coor will reduce its greenhouse gas emissions under scope 1 and scope 2 by 75%, compared to 2018 levels. In order to achieve these reductions, Coor has set a target of achieving a fossil fuels-free vehicle fleet and all electricity to be generated by renewable energy sources.
The company has also set the aim to have 75% of the company’s scope 3 emissions to come from suppliers whose climate targets have been approved by the SBTi by no later than 2026. In addition, emissions from food and drink are to be reduced by 30% by 2025 compared to the baseline year 2018.
Sustainability is a top priority for the facility’s manager, with their website outlining their “high sustainability ambitions” and a strategy focused on eight out of the 17 UN Sustainable Development Goals (SDGs). The company’s commitment to sustainability was also recognised in 2022 when it received a second gold rating in EcoVadis’ annual international assessment, ranking among the top 97% of companies in their industry.
Coor is the latest company to have its net zero targets verified by the SBTi following yesterday’s announcement that GeoPost/DPDgroup’s near- and long-term science-based reduction pathways were verified by SBTi, by reducing its absolute greenhouse gas (GHG) emissions across Scopes 1, 2 and 3.
