COFCO International, a leading agricultural commodities company, has taken a significant step towards combating climate change by having its near-term science-based emissions reduction targets validated and published by the Science Based Targets initiative. This validation ensures the robustness and transparency of the company's targets, which align with the Paris Agreement's goal to limit global warming to 1.5°C compared to pre-industrial levels.
As part of its commitment, COFCO International aims to reduce absolute Scope 1 and 2 GHG emissions, as well as lowering absolute Scope 3 GHG emissions from purchased goods and services, upstream transportation and distribution, and downstream transportation and distribution. The target boundary encompasses land-related emissions and removals from bioenergy feedstocks, reflecting the company's current global footprint.
David Dong, CEO of COFCO International, emphasizes the importance of a strong climate strategy based on science in mitigating the challenges posed by climate change in the agricultural commodities sector. He states, "Climate action sits at the core of our efforts to protect the cultivation of the crops we source, reducing risk and helping to ensure access to nourishing, affordable food, while strengthening the future success of our business."
COFCO International recognizes that the majority of its GHG footprint lies within its supply chain. The company continues to gain deeper insights into its Scope 3 emissions, enabling prioritization of areas where it can generate the most impact. Addressing land use change associated with soy production in Latin America is a top priority, as it represents the largest source of emissions.
To meet its new climate targets, COFCO International will build on existing efforts to reduce energy use, improve energy efficiency, and increase the use of clean energy, following a dedicated roadmap. In 2023, the company achieved an 8% year-on-year reduction in Scope 1 and Scope 2 GHG emissions, with 89% of its energy needs met by renewables.
The validation of COFCO International's emissions reduction targets by the SBTi, a platform whose partners include CDP, the United Nations Global Compact, the We Mean Business Coalition, the World Resources Institute, and the World Wide Fund for Nature, underscores the company's commitment to transparency and robust climate action. With over 5,000 companies worldwide having their climate targets validated by the SBTi, COFCO International joins a growing movement of businesses taking meaningful steps to address the global climate crisis.
