The Climate Action 100+ coalition says food and beverage companies are ‘not on track’ for an 85% cut in emissions by 2050.
An influential institutional investor group has stepped up pressure on the food and beverage industry over its failure to make progress on reaching climate change goals.
The Climate Action 100+ coalition, which consists of more than 615 investors with $55 trillion in assets, said the food and beverage sector accounts for about a third of global greenhouse gas emissions, with most coming from company supply chains.
The group said that scope 3 land-based emissions from the sector, or those not part of operations or under direct control, must be reduced by 85% in order to align with the International Energy Agency (IEA)’s Net Zero by 2050 report launched in May (proposals which were subsequently matched by the European Union).
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