Global agribusiness giant Bunge has announced a new climate action commitment which includes science-based targets to reduce greenhouse gas emissions (GHGs).
The company’s 18 November announcement followed a joint statement by Bunge and other leading agricultural companies at the United Nations Climate Change Conference (COP26) to accelerate industry action towards fighting climate change.
“This [announcement] not only reinforces our focus on making real progress toward climate action in our operations and across our value chains, it also further enables growth opportunities into new markets for our company,” Bunge CEO Greg Heckman said.
As part of its new commitment, the company said it would make significant enhancements across its global operations, promote decarbonisation through regenerative farming practices, and enhance shipping and logistics to achieve these targets.
A substantial portion of the emissions reduction within its supply chains was expected to be driven by Bunge’s commitment to achieve deforestation-free supply chains by 2025, the company said.
Bunge’s new science-based carbon emissions (SBTs) targets include an absolute reduction of Scope 1 and 2 GHGs of 25% by 2030, from a 2020 baseline year, and an absolute reduction of Scope 3 GHGs of 12% by 2030, from a 2020 baseline year.
“Our new science-based targets… demonstrate our commitment to providing low-carbon and deforestation-free products to our customers, supporting the development of next-generation renewable fuels and deepening our approach to sustainability in our operations and across our value chains,” Bunge chief sustainability and government affairs officer Rob Coviello said.
The company said its new climate targets had been validated by the Science Based Targets initiative, a global organisation which helps companies transition to a lower carbon economy.
Missouri-based Bunge operates across approximately 300 facilities in more than 40 countries.