Aramark Commits to Setting Science-based Targets for Emissions Reduction

Rhea-AI Summary

Aramark (NYSE: ARMK) has announced its commitment to establish enterprise-wide science-based targets for reducing greenhouse gas (GHG) emissions, aligning with the Science Based Targets initiative (SBTi). The company aims to decrease emissions by 15% from its 2019 baseline by the end of 2025 and achieve net-zero GHG emissions by 2050. This initiative reflects Aramark's broader sustainability strategy, highlighted in its forthcoming 2021 Impact Report, set for release in January 2022. The plan underlines Aramark's role in addressing climate change and meeting stakeholder expectations.

Positive

• Commitment to reduce GHG emissions by 15% from 2019 baseline by 2025.
• Long-term goal to achieve net-zero GHG emissions by 2050.
• Alignment with the Science Based Targets initiative's Net-Zero Standard.
• Upcoming 2021 Impact Report will detail progress on sustainability efforts.

Negative

• None.

PHILADELPHIA--(BUSINESS WIRE)-- Aramark (NYSE: ARMK) a global leader in food, facilities, and uniform services, today announced its commitment to set enterprise-wide science-based targets, to reduce greenhouse gas (GHG) emissions, in line with the Science Based Targets initiative (SBTi). This commitment follows the company's announcement earlier this year, of its goal to reduce GHG emissions by 15%, from its 2019 baseline, by the end of 2025 (in the U.S.), and will align the company with the Science Based Target initiative’s new Net-Zero Standard.

Aramark today announced its commitment to set enterprise-wide science-based targets, to reduce greenhouse gas emissions. Today’s announcement further commits and focuses the comapny's efforts around positively impacting people and the planet, and raises its ambition on climate. (Photo: Business Wire)

Today’s announcement affirms Aramark’s commitment to set a near-term science-based target to significantly reduce greenhouse gas emissions within 5-10 years and a long-term science-based target to reach net-zero value chain GHG emissions by no later than 2050. Within 24-months, Aramark will develop its science-based targets in line with the SBTi Net-Zero Standard, which was released in October.

“We are proud of our climate goal and the progress we have made in reducing emissions. We are excited to raise our ambition on climate, to align with the latest climate science, and meet stakeholder expectations,” said Ash Hanson, Aramark’s Chief Diversity and Sustainability Officer. “We recognize the crucial role that businesses play in minimizing the risk climate change poses to our planet, and we are excited to join the growing group of leading companies setting emissions reduction targets in line with climate science.”

Aramark’s climate goal is a core pillar of the company’s Be Well. Do Well. sustainability plan, focused on positively impacting people and the planet. The company’s 2021 Be Well. Do Well. Impact Report, to be released in January 2022, will report on progress toward its environmental, social, and governance (ESG) commitments.

For more information on Be Well. Do Well., visit www.aramark.com/sustainability.

About Science Based Targets initiative
The Science Based Targets initiative (SBTi) is a global body enabling businesses to set ambitious emissions reductions targets in line with the latest climate science. It is focused on accelerating companies across the world to halve emissions before 2030 and achieve net-zero emissions before 2050.
The initiative is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF) and one of the We Mean Business Coalition commitments. The SBTi defines and promotes best practice in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies’ targets. www.sciencebasedtargets.org @sciencetargets

About Aramark
Aramark (NYSE: ARMK) proudly serves the world’s leading educational institutions, Fortune 500 companies, world champion sports teams, prominent healthcare providers, iconic destinations and cultural attractions, and numerous municipalities in 19 countries around the world with food, facilities, and uniform services. Because our culture is rooted in service, our employees strive to do great things for each other, our partners, our communities, and our planet. Aramark has been named to DiversityInc’s “Top 50 Companies for Diversity” list, the Forbes list of “America’s Best Employers for Diversity,” the Human Rights Campaign Foundation’s “Best Place to Work for LGBTQ Equality” and scored 100% on the Disability Equality Index. Learn more at www.aramark.com and connect with us on Facebook, Twitter, and LinkedIn.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect our current expectations as to future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. In this press release these statements include, but are not limited to, statements related to net zero commitments and broader emissions reduction targets and initiatives, and reporting of progress on these targets and initiatives. In some cases forward-looking statements can be identified by words such as "outlook," "aim," "anticipate," "are or remain or continue to be confident," "have confidence," "estimate," "expect," "will be," "will continue," "will likely result," "project," "intend," "plan," "believe," "see," "look to" and other words and terms of similar meaning or the negative versions of such words. These forward-looking statements are subject to risks and uncertainties that may change at any time, and actual results or outcomes may differ materially from those that we expected. Certain of these risks and uncertainties are set forth under the headings Item 1A "Risk Factors” and other sections of our Annual Report on Form 10-K, filed with the SEC on November 24, 2020 as such factors may be updated from time to time in our other periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov and which may be obtained by contacting Aramark's investor relations department via its website at www.aramark.com. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and in our other filings with the SEC. As a result of these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements included herein or that may be made elsewhere from time to time by, or on behalf of, us. Forward-looking statements speak only as of the date made. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, changes in our expectations, or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211117005240/en/

Erin Noss

(215) 409-7403

noss-erin@aramark.com

Source: Aramark

FAQ

What is Aramark's greenhouse gas emissions reduction target for 2025?

Aramark aims to reduce greenhouse gas emissions by 15% from its 2019 baseline by the end of 2025.

When does Aramark plan to achieve net-zero greenhouse gas emissions?

Aramark intends to reach net-zero greenhouse gas emissions by no later than 2050.

What sustainability initiative is Aramark aligning with?

Aramark is aligning its emissions reduction targets with the Science Based Targets initiative (SBTi).

When will Aramark's 2021 Impact Report be released?

Aramark's 2021 Impact Report is scheduled for release in January 2022.

What are the key components of Aramark's sustainability strategy?

Key components include reducing greenhouse gas emissions and positively impacting people and the planet.