Veolia, a leading France-based water, wastewater, and energy services provider, recently announced that its decarbonization targets received approval from the Science Based Targets initiative (SBTi). Additionally, international ratings agency Moody’s rated Veolia’s net zero transition plan as “Advanced.” This recognition positions Veolia as the first company to achieve dual validation for its climate commitments, underlining its leadership in environmental sustainability.
Previous announcements highlighted Veolia’s launch of its strategic program “GreenUp” for 2024-2027, which focuses on leading in decarbonization, depollution, and natural resource regeneration. This initiative includes ambitious targets such as a 50% reduction in Scope 1 and 2 emissions by 2032 and phasing out coal in Europe. Comparisons with earlier reports show significant advancements, particularly in the company’s focus on Scope 4 avoided emissions and an increase in Scope 3 emissions avoidance for clients by 50% by 2030.
GreenUp Program Goals
Veolia’s GreenUp program lays out detailed objectives aiming for ecological leadership. Key targets include reducing Scope 1 and 2 emissions by 50% by 2032. The company also seeks to achieve carbon neutrality by 2050 by accelerating investments for coal phasing-out in Europe and biogas capture at waste storage sites. Additionally, the program sets an ambitious “Scope 4” goal, targeting to erase 18 million tons of CO2 emissions by 2027 and to enhance Scope 3 emissions avoidance by 50% by 2030.
Moody’s and SBTi Recognition
Moody’s recently introduced its Net Zero Assessment (NZA) scoring system, aimed at helping investors evaluate companies’ decarbonization strategies. Veolia’s transition plan received a score of NZ-2, indicating an ‘Advanced’ rating. The SBTi, known for defining and promoting best practices in emissions reductions, has also acclaimed Veolia’s net zero ambition as among the most ambitious it tracks. SBTi provides crucial independent assessment and validation of companies’ emissions targets, elevating Veolia’s credibility in climate action.
Veolia’s CEO, Estelle Brachlianoff, remarked,
“Veolia is a major player in decarbonization and a company resolutely focused on action. With the GreenUp program launched earlier this year, we have accelerated the pace of our decarbonization objectives, the credibility and robustness of which are now reinforced by the SBTi validation, which recognizes our commitment to ecological transformation.”
The achievements underline Veolia’s robust approach to decarbonization and its significant strides toward ecological transformation. The dual recognition from SBTi and Moody’s not only validates the company’s efforts but also sets a benchmark for others in the industry. Veolia’s commitment to reaching carbon neutrality by 2050 and the interim goals in GreenUp reflect a comprehensive and actionable plan towards sustainability.
The focus on Scope 4 and Scope 3 targets shows that Veolia is looking beyond their internal operations to make a broader impact on global emissions reductions. This holistic approach aligns with global climate goals, driving the company closer to achieving its ambitious net zero targets.
