This first-of-its-kind analysis of corporate disclosures shows that the food sector is making progress on reducing direct emissions but is slow to address supply chain emissions.
Notably, our analysis reveals that food companies with science-based emissions targets covering their total emissions are more likely to report that they are lowering their overall emissions.
That important takeaway for the food sector is one of the key findings outlined in the report, which is based on a pioneering analysis by Ceres into the climate-related information disclosed by 50 of the largest North American food companies engaged by investors through its Food Emissions 50 initiative.
Through the analysis, Ceres sought to answer two big questions: now that food companies are reporting emissions and setting targets, are companies genuinely reducing their emissions? And how can disclosures be improved to not only increase transparency but also spur meaningful action in on climate?
Ceres found:
60% of companies are making progress on scope 1 and scope 2 emissions from their direct operations.
Slower progress on addressing scope 3 emissions rom their supply chains is holding companies back from reducing total emissions.
Companies with full scope emissions reduction targets are more likely to be reducing emissions.
Companies are beginning to clarify their emissions disclosures, but there is room for improvement to enhance comparability and the ability to assess progress over time.