Alongside their Annual Report publication, the company is updating a few of their sustainability goals, with some important adjustments to their carbon and packaging goals to give them a stronger, more credible path forward. As their most strategic climate risk, their water goals remain the same.
Diageo revised carbon targets now have an extended timeline, a fiscal 2022 baseline and they have been validated by the Science Based Targets initiative (SBTi) for the near and long-term. They cover the firms net-zero journey in greater detail, they remain data driven and are still aligned to a 1.5 degree warming pathway.
Diageo's revised targets include:
- Reducing their scope 1 and 2 emissions by 50% by 2030, reaching net zero in direct operations by 2040.
- Reducing their scope 3 emissions by 26% by 2030 and achieving net zero across scopes 1, 2 and 3 by 2050.
- Increasing the percentage of recycled content in their packaging to 50 % by 2030.
- Implementing 10 regenerative agriculture programmes by 2030.
To simplify the company's reporting and bring greater focus to their delivery, they are also retiring a few of their goals:
- With their updated SBTi targets across carbon, their 100% renewable energy by 2030 goal will be superseded by those new requirements. Diageo remains committed to their target of 100% renewable electricity by 2030 through their RE100 target.
- They are also retiring their 10% reduction packaging weight goal as the absolute nature of the packaging weight competes with volume growth.
