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P&G Commits to Go Beyond its Existing Goal of Reducing GHG Emissions by 50 percent
The Procter & Gamble Company has announced a new commitment to have its global operations be carbon neutral for the decade through a series of interventions that protect, improve and restore nature. Recognizing the next decade represents a critical window for the world to accelerate progress on climate change, P&G will go beyond its existing Science Based Target of reducing greenhouse gas emissions by 50 percent by additionally advancing a portfolio of natural climate solutions. These efforts will deliver a carbon benefit that balances any remaining emissions over the next 10 years, allowing P&G operations to be carbon neutral for the decade. Based on current estimates, the Company will need to balance ~30 million tonnes of carbon from 2020 to 2030. P&G’s priority continues to be reducing emissions. P&G has an existing goal of reducing greenhouse gas emissions by 50 percent and purchasing 100 percent renewable electricity by 2030 and is on track to deliver on its 2030 commitments. In addition, P&G will continue pursuing new wind, solar and geothermal projects to further accelerate the transition to renewables. These efforts are aligned with what climate science says is needed to help ensure the company does its part to limit global temperature increase and will continue well beyond 2030. However, based on today’s technologies, there are some emissions that cannot be eliminated by 2030. By investing in natural climate solutions, the Company will accelerate its impact over the next 10 years. Recent reports have highlighted that the world is falling short of the greenhouse gas emission reductions needed and that the next decade represents a critical window to reduce emissions and be on a path to limiting temperature increase to 1.5°C. That task will get much harder if society doesn't start curbing emissions before the decade ends. By 2050, carbon emissions must fall to zero, or close to it. Failure to act now will put future generations at greater risk from climate change impacts and make achieving the global targets of the Paris Accord more difficult. "Climate change is happening, and action is needed now,” said David Taylor, P&G chairman, president and CEO. “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 World Wildlife Fund (WWF) to identify and fund a range of projects designed to protect, improve and restore critical ecosystems like forests, wetlands, grasslands and peatlands. In addition to sequestering more carbon, an important aspect of natural climate solutions is the potential to deliver meaningful environmental and socioeconomic co-benefits that serve to protect and enhance nature and improve the livelihoods of local communities. As P&G moves forward, the company will seek to identify, measure and communicate relevant co-benefits from its investment in nature. P&G is developing a detailed project portfolio and investing in projects across the globe. Projects already identified include:
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