P&G Accelerates Action on Climate Change Toward Net Zero GHG Emissions by 2040
Procter & Gamble (NYSE:PG) is announcing a comprehensive plan to accelerate action related to climate change. P&G has also set a new ambition to achieve net zero greenhouse gas (GHG) emissions across its operations and supply chain, from raw material to retailer, by 2040 as well as interim 2030 goals to make meaningful progress this decade.
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P&G's Ambition to Net Zero Roadmap (Graphic: Business Wire).
The climate crisis affects every home and family, everywhere in the world. The majority of consumers globally now want brands they buy to help them live a more environmentally conscious lifestyle and the latest science has made it clear that urgent, decisive action must be taken to avoid the worst impacts of climate change.
"We are fully committed to use P&G's innovation and ingenuity to unlock new solutions to address climate change," said David S. Taylor, Chairman, P&G President and Chief Executive Officer. "The task ahead of us is urgent, difficult and much bigger than any single company or country. P&G is tackling these challenges head-on by reducing our footprint and leveraging our scale to foster unprecedented collaboration across our value chain."
P&G's actions on climate began over a decade ago, and we know there is more work to do. Our science-based plan to net zero will prioritize cutting most of our emissions across our operations and supply chain, from raw material to retailer. For residual emissions in these categories that cannot be eliminated, we will use natural or technical solutions that remove and store carbon.
Our 2030 goals to pace our progress toward net zero were submitted to The Science Based Targets initiative (SBTi):
We have joined the UN's Race to Zero and the Business Ambition for 1.5°C campaigns and are also sharing our new Climate Transition Action Plan, which outlines a comprehensive approach to accelerating climate action and the key challenges ahead. More perspective is available here. We will continue to communicate our successes and setbacks along the way so others can learn with us and advance collective progress.
"While no one has all of the answers on how to bring a net zero future into focus, we will not let uncertainty hold us back," said Virginie Helias, P&G Chief Sustainability Officer. "To achieve these goals, we will leverage existing solutions and seek transformative new ones that are not available in the marketplace today. This will require partnership across the private, nonprofit, and public sectors and involve every aspect of our business, from the very beginning of our products' lifecycle to the very end."
Acting with Urgency to Reduce Emissions
Our top priority is to significantly reduce GHG emissions as quickly as possible with solutions that exist today.
We know there are some operational emissions we cannot eliminate yet and our teams are working hard to develop the next generation of low-carbon technologies and materials. Our efforts in this area include:
Creating a Decarbonized Future Through Transformative Collaboration
We are going beyond our net zero ambition and doing more to make a collective impact - partnering with consumers to reduce GHG emissions from the use phase of products, creating alliances for carbon-efficient homes, and advocating for policy solutions to decarbonize energy infrastructure. Our efforts here include:
"Caring for our consumers and our planet is core to all of us at P&G," Taylor added. "There is no action too small, and no vision too big, as we all work together to preserve our shared home for generations to come."
For more detailed information about P&G's commitments and progress, please see P&G's Climate Transition Action Plan and blog. To learn more about P&G's ESG efforts, visit the ESG website or read the 2020 Citizenship Report.
About Procter & Gamble
P&G serves consumers around the world with one of the strongest portfolios of trusted, quality, leadership brands, including Always®, Ambi Pur®, Ariel®, Bounty®, Charmin®, Crest®, Dawn®, Downy®, Fairy®, Febreze®, Gain®, Gillette®, Head & Shoulders®, Lenor®, Olay®, Oral-B®, Pampers®, Pantene®, SK-II®, Tide®, Vicks®, and Whisper®. The P&G community includes operations in approximately 70 countries worldwide. Please visit http://www.pg.com for the latest news and information about P&G and its brands. For other P&G news, visit us at www.pg.com/news.
Certain statements in this release, including statements relating to our climate and related ESG targets, estimates, projections, goals, commitments, and expected results, and the assumptions upon which those statements are based, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally are identified by the words "believe" "project" "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," "goal," "target," "objective," and similar expressions. Forward-looking statements speak only as of the date they are made and are based on current expectations and assumptions, which are subject to risks and uncertainties that may cause results and outcomes to differ materially from those expressed or implied in the forward-looking statements. Some of these uncertainties are summarized in the section of our Climate Transition Action Plan titled, "Sources of Uncertainty." For additional information concerning factors that could cause actual results and events to differ materially from those projected herein, please refer to our most recent 10-K, 10-Q and 8-K reports. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise, except to the extent required by law.
1 Our Scope 3 2030 goals, submitted to SBTi, are as follows:
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