Coca-Cola HBC Commits to Net Zero Emissions by 2040

Coca-Cola HBC (CCH) today announced a commitment to achieving net-zero emissions across its entire value chain by 2040. 

Via an existing, approved science-based target, by 2030 the company will reduce its value chain emissions in scopes 1,2, and 3 by 25%, with a further 50% reduction in the following decade.  To address the 90% of emissions in scope 3 resulting from third-party actions, CCH will broaden its existing partnership approach with suppliers.  Wherever emissions cannot be eliminated entirely, the business will mitigate these by investing in other climate protection measures.

A Robust Plan

To achieve its goal Coca-Cola HBC will: 

• Invest €250 million in emissions reduction initiatives by 2025
  

• Decarbonize further direct operations by switching to 100% renewable electricity and low carbon energy sources through continuous improvements and innovations in energy efficiency  

• Accelerate its journey to a more circular, lower carbon packaging approach by increasing rPET use, adopting packageless and refillable options, removing plastics in secondary packaging. The total reduction in the use of packaging materials is of strategic importance for Coca-Cola HBC Cyprus.  In 2021, the company invested €4 million for the removal of the plastic film in aluminium packaging by beginning to use the new KeelClip™. This initiative was implemented for the first time in the non-alcoholic beverages sector this year, but also in our country and is equivalent to a reduction of almost 287 tons of plastic per year.

• Provide energy-efficient and eco-friendly coolers to customers . In the Cyprus market 44.4% of the Company's coolers are already energy efficient with the goal of reaching 50% by 2025. 

• Reduce emissions from agricultural ingredients  

• Implement a “Green Fleet” program to switch to low and no-carbon alternatives , an action that is already being implemented in Cyprus by replacing the fleet with hybrid and electric vehicles that have a lower carbon footprint.

In addition, Coca-Cola HBC has introduced CO2 emission reduction targets as one of the elements in its long-term management incentive plans.

A Strong Track Record

Coca-Cola HBC was one of the first companies to commit to and deliver science-based targets.  In the last decade, the company has halved its direct emissions and the CO2 reduction plan to 2030 is already endorsed and approved on the 1.5 degree pathway.  In March 2021, Coca-Cola HBC was rated the world’s most sustainable beverage company by the Dow Jones Sustainability Index for the 5th time in the last 7 years, achieving its highest ever score. It is also ranked among the top sustainability performers in ESG benchmarks such as CDP, MSCI ESG and FTSE4Good.  

A Partnership Approach