The world’s leading manufacturer of confectionery, snacks, and pet food has published its net-zero roadmap to tackle climate change.
Mars, the US-based snacks and pet food company, has unveiled its Net-Zero roadmap to expedite efforts toward achieving Net Zero emissions by 2050. The company has also obtained approval for its interim 2030 goal, which aims to reduce emissions across all scopes by half compared to a 2015 baseline, in alignment with the 1.5C trajectory set by the Science-Based Targets initiative (SBTi).
Additionally, Mars recognizes the necessity of boosting investments in low-carbon solutions in the short term to meet this new 2030 target. They will commit a minimum of $1 billion to decarbonization efforts over the next three years and are committed to allocating financial resources as required across their value chains in the future.
Poul Weihrauch, the CEO of Mars, emphasized the urgency of action, stating, “We cannot afford to wait for economic conditions to improve; we must actively invest in strategies that safeguard our business both today and in the future. As I have previously emphasized, profit and purpose are not mutually exclusive. Investing in climate initiatives does not entail a trade-off between the well-being of our planet and productivity or between environmental responsibility and employment. Both our consumers and our associates demand both aspects and so do we. Investing in emissions reduction is not only a prudent business strategy but also an attainable, cost-effective, and absolutely essential one.”
It’s worth highlighting that back in 2017, Mars pledged $1 billion towards environmental sustainability efforts through 2025. Therefore, this new commitment represents a notable acceleration of their efforts.
Goals of the roadmap
The roadmap outlines various areas where Mars intends to expedite its investments. These initiatives encompass a shift towards renewable energy, not only within their own operations but also throughout their supply chains.
Furthermore, the company’s strategic priorities encompass optimizing logistics, investing in zero-emission transportation, collaborating with farmers to combat deforestation, and providing training on low-carbon and climate-resilient practices. In some instances, they may need to redesign supply chains and modify product ingredients. Notably, agriculture and land use were responsible for 65% of Mars’s carbon emissions in its value chain last year.
Mars has also introduced enhancements in climate-related governance. Net-zero objectives will now be listed as a shareholder priority, and a net-zero stress test will be incorporated into all future investment planning processes. A similar test will apply to future mergers and acquisitions.
Moreover, the company commits to publishing new climate targets with five-year milestones, with the next one slated for 2035, followed by goals for 2040 and 2045.
Conclusion
However, the roadmap acknowledges that achieving decarbonization beyond 2030 poses considerable challenges for the company due to ‘significant barriers,’ which include technology costs and the necessity to reassess policy and regulations. The document acknowledges that there will likely be both breakthroughs and setbacks in the pursuit of these goals.
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