Sonoco Commits to Ambitious 2030 Goals to Further Reduce Environmental Footprint

Rhea-AI Summary

Sonoco (NYSE: SON) has announced its commitment to reduce greenhouse gas emissions as part of its environmental initiative, aligning with the Paris Climate Agreement. The company aims to cut absolute scope 1 and 2 emissions by 25% by 2030 from a 2020 base year and scope 3 emissions by 13.5% from a 2019 base year. Sonoco is also pursuing a goal of achieving net-zero emissions by 2050. The initiative is backed by the Science Based Targets initiative (SBTi) and will involve sustainability metrics integrated into business strategies.

Positive

• Commitment to reduce absolute scope 1 and 2 greenhouse gas emissions by 25% by 2030.
• Plan to reduce absolute scope 3 emissions by 13.5% by 2030.
• Goal of achieving net-zero emissions by 2050.
• Investment in energy efficiency and renewable energy projects to enhance sustainability.

Negative

• None.

Company Sets Science-Based Targets to Reduce Greenhouse Gas Emissions

HARTSVILLE, S.C., July 08, 2021 (GLOBE NEWSWIRE) -- Sonoco (NYSE: SON), one of the largest diversified global packaging companies, today announced new commitments to advance its environmental progress by setting ambitious goals to reduce its global greenhouse gas emissions in line with the Paris Climate Agreement – to limit global temperatures to warming to well-below 2° C above pre-industrial levels. These emission reduction targets have recently been approved by the Science Based Targets initiative (SBTi).

Sonoco has committed to reduce absolute scope 1 and 2 greenhouse gas emissions by 25 percent by 2030 from a 2020 base year. The Company has also committed to reduce absolute scope 3 greenhouse gas emissions by 13.5 percent from a 2019 base year by working with its customer and suppliers to develop innovative packaging solutions that reduce packaging waste and improve recyclability. In addition, the Company is actively studying necessary operational changes, technology developments and market changes that would be required to achieve net-zero greenhouse gas emission by 2050.

“Sonoco has been dedicated to reducing its environmental footprint for many years. In order to continue delivering on our purpose of Better Packaging. Better Life., we must operate with sustainability at the forefront and commit to doing our part to address climate change,” said Howard Coker, Sonoco President and Chief Executive Officer. “Over the next decade, we will dedicate each of our 300 global operations to fully participate in reducing greenhouse gas emissions by investing in energy efficiency and renewable energy projects, purchasing power from certified green energy sources and continuously identifying opportunities to reduce energy usage.”

According to Elizabeth Rhue, Staff Vice President of Sustainability, Sonoco will drive commitments to its greenhouse gas reduction goals by incorporating sustainability and environmental metrics into business unit goals and management incentives. In addition, the Company will continue working with its customers and suppliers to further build out Sonoco’s EnviroSense® line of more sustainable packaging.

“Our environmental commitments are critical to Sonoco’s long-term sustainability,” Rhue said. “We have and are developing sustainability champions in each of our business units who will regularly track and report on our progress. This work will become interconnected across our supply chain as we work to meet the changing needs of our customers.”

About Sonoco
Founded in 1899, Sonoco (NYSE: SON) is a global provider of consumer, industrial, healthcare and protective packaging. With annual net sales of approximately $5.2 billion, the Company has 19,000 employees working in approximately 300 operations in 34 countries, serving some of the world’s best-known brands in some 85 nations. Sonoco is committed to creating sustainable products, services and programs for our customers, employees and communities that support our corporate purpose of Better Packaging. Better Life. The Company was listed as one of Fortune’s World’s Most Admired Companies for 2021 as well as being included in Barron’s 100 Most Sustainable Companies for the third year in a row. For more information, visit www.sonoco.com.

About SBTi
The Science Based Targets initiative (SBTi) is a collaboration between CDP, the United Nations Global Compact, World Resources Institute and the World Wide Fund for Nature and is one of the We Mean Business Coalition commitments. The initiative champions science-based targets setting as a powerful way of boosting companies’ competitive advantage in the transition to the low-carbon economy. Science-based targets are greenhouse gas emission reduction targets that are in line with the level of decarbonization required to meet the goals of the Paris Agreement – to limit global warming to well-below 2° C above pre-industrial levels and pursue effort to limit warming to 1.5° C.

FAQ

What are Sonoco's greenhouse gas emission reduction targets?

Sonoco aims to reduce absolute scope 1 and 2 emissions by 25% by 2030 and scope 3 emissions by 13.5%.

When did Sonoco announce its sustainability goals?

Sonoco announced its sustainability goals on July 8, 2021.

What is the target year for Sonoco to achieve net-zero emissions?

Sonoco aims to achieve net-zero emissions by the year 2050.

Which organization approved Sonoco's emission reduction targets?

Sonoco's emission reduction targets were approved by the Science Based Targets initiative (SBTi).

How does Sonoco plan to meet its sustainability goals?

Sonoco plans to meet its sustainability goals by investing in energy efficiency, renewable energy projects, and incorporating sustainability metrics into its business strategies.