Burberry’s net-zero target validated by the Science Based Targets initiative
Luxury fashion giant Burberry has today (11 August) revealed that its carbon reduction targets to reach net-zero emissions by 2040 have been approved by the Science Based Targets initiative (SBTi).
Burberry’s climate targets have been approved under the SBTi’s Net-Zero Standard, the world’s first science-based certification of companies’ net-zero targets.
The fashion giant’s net-zero ambition for 2040 features targets across Scope 1, 2 and 3 emissions. Burberry is aiming to reduce Scope 1 and 2 emissions by 95% by 2023, compared to 2017 levels. Scope 3 emissions will be reduced by 46.2% by 2030 from a 2019 baseline.
These targets, if met will put the company on course for net-zero by 2040, with the Scope 3 target to be increased to a 90% reduction in that timeframe.
Burberry’s vice president of corporate responsibility Caroline Laurie said: “The SBTi plays a critical role in ensuring ambitions set by businesses are in line with the latest climate science and will contribute to tackling the climate emergency. Rooting our commitments in science has always been a priority at Burberry, so we can ensure the steps we are taking will have the necessary impact and bring about lasting change.
“We continue to challenge ourselves to drive measurement, improvement and transparency across our operations and we are committed to continue working with our suppliers and partners to accelerate the adoption of more sustainable practices. We hope this encourages others to do the same.”
Last year, the company updated its science-based targets in a bid to become “climate positive” by 2040, a move that will aim to decarbonise the value chain and utilise a bespoke carbon insetting fund.
At the start of 2022, Burberry agreed to refinance its Revolving Credit Facility (RCF) to link a £300m loan to the performance of its sustainability targets. The company agreed with Lloyds Bank to refinance its RCF to cover a £300m Sustainability Linked Loan. The facility will be linked to performance against a host of sustainability initiatives, including the science-based targets.
In 2019, Burberry set a science-based target aligned to the 1.5C trajectory of the Paris Agreement, committing to reducing its operational emissions by 95% by 2022. The company has revealed it is on track to meet this commitment, which is tracked against a 2016 baseline, having achieved a 92% reduction in emissions since 2016. Burberry believes it will be carbon neutral across its operations and will source 100% renewable electricity this year.
Burberry has also established a “regeneration fund” to support a new portfolio of “carbon insetting projects” and carbon removal projects that aim to deliver regenerative agriculture practices across its supply chain.
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