SBTi approves COFCO International’s science-based emissions reduction targets

COFCO International’s science-based short-term emissions reduction targets have been validated and published by the Science Based Targets Initiative (SBTi). The new near-term emissions reduction targets address the main sources of the company’s greenhouse gas footprint and form the basis of its climate strategy.

COFCO International and the other companies involved in the Agricultural Sector Roadmap to 1.5°C have committed to science-based emissions reduction targets to align with the Paris Agreement goal of limiting global warming to 1.5°C, compared to pre-industrial levels.

COFCO International is committed to reducing absolute Scope 1 and 2 greenhouse gas (GHG) emissions. It is also committed to reducing absolute Scope 3 GHG emissions from purchased goods and services, upstream transportation and distribution, and transportation. and downstream distribution. The target limit includes land-related emissions and biofuel removals, based on COFCO International’s current global footprint.

“Climate change is already creating challenges to continuity of supply in the agricultural products sector which, in turn, impacts food security,” said David Dong, CEO of COFCO International. “A robust science-based climate strategy will help us mitigate these impacts and transition to sustainable agriculture and a low-carbon economy. Climate action is at the heart of our efforts to protect the cultivation of the crops we grow, reducing risk and helping to ensure access to nutritious, affordable food, while strengthening the future success of our business.”

The approval of these objectives by the internationally recognized SBTi platform ensures their robustness and provides transparency to key stakeholders. SBTi partners are CDP, the United Nations Global Compact, the We Mean Business Coalition, the World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). The platform has validated the climate objectives of more than 5,000 companies around the world.

COFCO International raises sustainability goals to address environmental and social challenges

With the majority of its GHG footprint in its supply chain, COFCO International continues to gain a deeper and more complete understanding of its Scope 3 emissions, allowing it to prioritize the areas where it can make the greatest impact. Addressing land use change (deforestation and conversion) associated with soy production in Latin America is clearly a priority, representing the largest source of emissions.

Action to meet the new climate goals will build on existing efforts to reduce energy consumption, improve energy efficiency and use more clean energy, following a dedicated roadmap. In 2023, the company achieved an 8% year-on-year reduction in Scope 1 and 2 GHG emissions, while 89% of its energy needs were covered by renewable energy.

The Science Based Targets Initiative (SBTi) is a corporate climate action organization that enables companies and financial institutions around the world to play their part in fighting the climate crisis. Develops standards, tools and guidance that enable companies to set greenhouse gas (GHG) emissions reduction targets in line with what is necessary to keep global warming below catastrophic levels and reach net zero by 2050. .

The SBTi is set up as a charity, with a subsidiary that will host our target validation services.