Sweden pledges extra $19m in Loss and Damage Fund
Sweden pledges additional $19 million to the Loss and Damage Fund at the 29th United ...
P&G to halve its greenhouse gas emissions in coming decade
The Procter & Gamble Company (P&G) will halve its greenhouse gas emissions through advancing a portfolio of natural climate solutions.
Recognizing the next decade represents a critical window for the world to accelerate progress on climate change, P&G will go beyond its existing Science Based Target of reducing greenhouse gas emissions by 50% by additionally advancing a portfolio of natural climate solutions.
These efforts will deliver a carbon benefit that balances any remaining emissions over the next 10 years, allowing P&G operations to be carbon neutral for the decade. Based on current estimates, the Company will need to balance ~30 million metric tons of carbon from 2020 to 2030.
P&G’s priority continues to be reducing emissions. P&G has an existing goal of reducing greenhouse gas emissions by 50% and purchasing 100% renewable electricity by 2030 and is on track to deliver on its 2030 commitments. In addition, P&G will continue pursuing new wind, solar and geothermal projects to further accelerate the transition to renewables.
These efforts are aligned with what climate science says is needed to help ensure the Company does its part to limit global temperature increase and will continue well beyond 2030. However, based on today’s technologies, there are some emissions that cannot be eliminated by 2030. By investing in natural climate solutions, the Company will accelerate its impact over the next 10 years.
Recent reports have highlighted that the world is falling short of the greenhouse gas emission reductions needed and that the next decade represents a critical window to reduce emissions and be on a path to limiting temperature increase to 1.5°C. That task will get much harder if society doesn’t start curbing emissions before the decade ends. By 2050, carbon emissions must fall to zero, or close to it. Failure to act now will put future generations at greater risk from climate change impacts and make achieving the global targets of the Paris Accord more difficult.
“Climate change is happening, and action is needed now,” said David Taylor, P&G Chairman, President and Chief Executive Officer. “By reducing our carbon footprint and investing in natural climate solutions, we will be carbon neutral for the decade across our operations and help protect vulnerable ecosystems and communities around the world.”
P&G partners with WWF to combat climate change:
P&G will partner with Conservation International and World Wildlife Fund (WWF) to identify and fund a range of projects designed to protect, improve and restore critical ecosystems like forests, wetlands, grasslands and peatlands.
In addition to sequestering more carbon, an important aspect of natural climate solutions is the potential to deliver meaningful environmental and socioeconomic co-benefits that serve to protect and enhance nature and improve the livelihoods of local communities. As P&G moves forward, the company will seek to identify, measure and communicate relevant co-benefits from its investment in nature.
“Nature must be a key part of any strategy to combat the climate crisis,” said Dr. M. Sanjayan, CEO of Conservation International. “Research shows that we cannot meet our climate goals unless we protect, restore and improve the management of carbon-rich ecosystems. Done right, these efforts can deliver a third of the emissions reductions needed within the next decade, and importantly, support the livelihoods of communities on the front lines of climate change. We’re delighted to be working with Procter & Gamble to protect nature – an investment that is a win for people and our planet.”
“We’ve worked with P&G to drive climate progress and safeguard forests for over a decade, because the scope of their business means they can deliver results at a scale that matters,” said Carter Roberts, U.S. President and CEO of WWF. “Importantly, that progress hasn’t been limited to their own corporate footprint. P&G was an early partner in the Renewable Energy Buyers Alliance, which has helped expand corporate renewable energy procurements across the United States. Today’s announcement marks further progress by putting a greater focus on the role that preserving nature can play – not just in absorbing carbon emissions, but in providing the services and resources that sustain life on earth. We look forward to working with P&G to achieve these new commitments over the next decade.”
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