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illuminem summarizes for you the essential news of the day. Read the full piece on Financial Times or enjoy below
🗞️ Driving the news: Mars has committed to a $1bn investment over the coming three years to pursue a net-zero target by 2050, acknowledging that their progress towards previous emissions targets has been limited
🔭 The context: The company, known for products like Snickers and Skittles, and whose carbon footprint is comparable to Finland's, had initially aimed for a 27% emissions reduction by 2025
• As of now, they've achieved only an 8% cut based on a 2015 benchmark
🌎 Why does it matter for the planet: Mars, as a major global brand, sets a precedent in corporate responsibility towards climate change
⏭️ What's next: Mars's renewed commitment involves transitioning to 100% renewable energy, enhancing supply chain traceability, implementing climate-smart agriculture, recipe modifications, and optimizing logistics
• While aiming to reduce 80% of emissions within its value chain, Mars acknowledges that the remainder will be offset using the carbon credit market
💬 One quote: “The financial performance and the greenhouse gas performance are equally important” (Barry Parkin, Mars’s chief sustainability and procurement officer)
📈 One stat: Over 80% of total emissions are associated with the goods and services that Mars procures
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