Hershey has unveiled a series of ambitious climate-related targets aimed at significantly reducing its emissions across the value chain. With an emphasis on sustainable initiatives, Hershey aims to cut down emissions in areas including Forest Land and Agriculture (FLAG). The company plans to make substantial investments in renewable energy and sustainable agriculture practices to achieve these targets. Ensuring the health of global ecosystems, Hershey aligns its goals with scientific benchmarks and the Paris Agreement to combat climate change effectively.
Hershey’s new climate goals build on previous commitments to reduce Scope 3 emissions. Unlike earlier targets, which aimed for a 25% reduction by 2030, the new objectives are more ambitious. The company now seeks to cut FLAG emissions by 36% and other Scope 3 emissions by 30%, using 2018 as a baseline. The Science Based Targets initiative (SBTi) has validated these goals, confirming their alignment with the Paris Agreement to limit global warming to 1.5°C.
Scope 3 Emissions and Targets
Scope 3 emissions, which constitute around 97% of Hershey’s total carbon footprint, primarily come from the company’s value chain. FLAG emissions alone make up over 71% of these Scope 3 emissions. To address this, Hershey has committed to several initiatives, including sourcing approximately 80% of its electricity from renewable sources by 2023. This is part of a broader strategy to reduce its environmental impact and achieve a deforestation-free supply chain by 2025.
The company is also forming a cross-functional team to oversee energy reduction targets at the plant level. Investments in agricultural practices and technology within its cocoa, dairy, and sugar supply chains are other critical components of Hershey’s strategy. These measures aim to foster good agricultural practices that ultimately reduce carbon emissions.
Science-Based Validation
Hershey’s climate goals have received validation from the Science Based Targets initiative (SBTi). This validation confirms that Hershey’s targets are grounded in scientific research and aligned with global efforts to limit climate change. The company’s goal to reduce Scope 1 and 2 GHG emissions by 50% by 2030 is part of this broader strategy. Such validation is essential for ensuring that corporate climate goals are credible and effective in meeting international climate targets.
Senior Manager of Environmental Sustainability at Hershey, Rachel Grunberg, has emphasized the importance of these targets. Highlighting the company’s dependence on global ecosystems for its ingredients, Grunberg noted that Hershey’s climate goals are aligned with top-tier scientific research. This alignment is vital for building resilience both for the business and the planet.
Key Inferences
– Hershey targets a 36% reduction in FLAG emissions by 2030.
– Sourcing 80% renewable electricity by 2023 is part of Hershey’s strategy.
– Cross-functional teams will manage energy reduction at the plant level.
Hershey’s new climate-related goals mark a significant improvement over previous commitments. The new targets are more aggressive and aligned with scientific research, which adds credibility to the company’s sustainability initiatives. By investing heavily in renewable energy and sustainable agricultural practices, Hershey aims to cut down its extensive Scope 3 emissions, which make up the majority of its carbon footprint. This strategy underscores the company’s commitment to both environmental sustainability and long-term business resilience. Aligning these goals with the Paris Agreement’s targets is a critical step for Hershey, making the company a notable player in corporate climate action.
