Bunzl has reached a key milestone of our commitment to the Taking action on climate change pillar of our sustainability strategy. Our emissions reduction targets have been approved by the Science Based Targets initiative (SBTi) as being consistent with levels required to meet the goals of the Paris Agreement.
When we signed up for the Business Ambition for 1.5°C last year, we committed to obtaining SBTi validation of our existing scope 1 and 2 emissions reduction targets, as well as a long-term goal of achieving a science-based net zero target by 2050 including our scope 3 emissions.
Having our emissions reduction targets approved by the SBTi meets the commitment we set out to achieve ‘Today’ as part of our sustainability strategy, and in doing so we have become one of the top 20 FTSE listed companies by market cap to have gained SBTi approval, and one of the first in our sector.
New long-term targets and net zero ambition
Bunzl’s historic strategic focus on operational efficiency, as well as the consolidation element of our service offering, has meant that our scope 1 and 2 emissions are already relatively low compared to similar businesses to ours. Over the last 11 years, we have managed to keep our scope 1 and 2 emissions stable, despite the business growing substantially over this period. This means that our carbon efficiency has already improved by around 60% in that time and we will continue to focus on further improving our efficiency to meet our commitments.
A Bunzl truck running on biofuel, helping to reduce the scope 1 emissions of our vehicle fleet
Solar panels on the roof of Bunzl Retail & Industry, Arnhem, The Netherlands, helping achieve our target of 100% renewable energy use across the Group by 2030
We have a vast supply chain comprised of over 10,000 suppliers and our scope 3 emissions account for around 98% of our total emissions. Reducing these is imperative to achieving our ultimate net zero goal. Gaining approval for our first scope 3 emissions reduction target is our initial step towards achieving this ambitious long term goal.
Our scope 3 target will see us engage with our suppliers to ensure that they set their own Science Based Targets for reducing their emissions. Our goal is for 79% of our suppliers (by emissions) to have set their own SBTs by 2027.
Our roadmap and emission reduction targets consider technology that is currently available, although we actively trial new technologies across the Group in support of our carbon reduction ambitions. As suitable new technologies develop, we will revisit our roadmap accordingly to ensure our targets to address the major challenge of climate change remain ambitious.
We are also pleased to note that many of our key customers globally have their own SBTi approved targets. Bunzl’s sustainability offering is a key competitive advantage, and having our own ambitious emissions reductions approved by the SBTi will help bolster our sustainability credentials and further demonstrate our underlying commitment to helping customers achieve their own sustainability targets.
We look forward to working with both our customers and suppliers, continuing to take further action on climate change together, in order to help build a better world.