The company said it recognises the next decade represents a “critical window” for the world to accelerate progress on climate change and that it will go beyond its existing target of reducing greenhouse gas (GHG) emissions by 50% by additionally advancing a portfolio of natural climate solutions.
P&G’s efforts will deliver a carbon benefit that balances any remaining emissions over the next 10 years, allowing its operations to be carbon neutral for the decade. Based on current estimates, the firm will need to balance approximately 30 million tonnes of carbon from 2020 to 2030.
In 2019, P&G reached its 2020 renewable energy goal of purchasing 100% renewable energy in the US and Canada early and exceeded its original goal by extending the purchase of 100% renewables to western Europe. The firm’s existing goal is to purchase 100% renewable energy across the board – pursuing wind, solar and geothermal projects - by 2030 and is on track to deliver these commitments.
“Climate change is happening and action is needed now,” said David Taylor, president and CEO of P&G. “By reducing our carbon footprint and investing in natural climate solutions, we will be carbon neutral for the decade across our operations and help protect vulnerable ecosystems and communities around the world.”
P&G will partner with Conservation International and the World Wildlife Fund (WWF) to identify and fund a range of projects. The firm is developing a project portfolio and projects already identified include:
- Philippines Palawan Protection Project with Conservation International – to protect, improve and restore Palawan’s mangroves and critical ecosystems. Palawan is the world’s fourth most “irreplaceable” area for unique and threatened wildlife.
- Atlantic Forest Restoration Planning with WWF – in the Atlantic Forest on Brazil’s east coast, laying the groundwork for forest landscape restoration with meaningful impacts on biodiversity, water, food security and other co-benefits for local communities.
- Evergreen Alliance with Arbor Day Foundation – bringing corporations, communities and citizens together to take critical action to preserve the necessities of life affected by climate change, including planting trees to restore areas devastated by wildfires in northern California and enhance forests in Germany.
“We’ve worked with P&G to drive climate progress and safeguard our forests for over a decade,” said Carter Roberts, US President and CEO of WWF, “because the scope of their business means they can deliver results at a scale that matters.
“Importantly, that progress hasn’t been limited to its own corporate footprint. P&G was an early partner in the Renewable Energy Buyers Alliance, which has helped expand corporate renewable energy procurements across the US.
“Today’s announcement marks further progress by putting a greater focus on the role that preserving nature can play – not just in absorbing carbon emissions, but in providing the services and resources that sustain life on earth. We look forward to working with P&G to achieve these new commitments over the next decade.”