BAT's low-carbon transition plan is the latest milestone in its journey to address climate change and build a better tomorrow. The plan demonstrates their commitment to achieving "zero competition" in meeting climate change reduction targets. The targets and actions are aligned with BAT's ambitious 1.5ºC goal, which was approved by the Science Based Targets initiative (SBTi) in July 2022. The company has released a detailed plan outlining the actions it will take to achieve its climate goals, including halving absolute emissions in its value chain by 2030 and achieving net-zero emissions by no later than 2050.
Kingsley Wheaton, Chief Growth Officer of BAT, stated that the company is proud to take the latest step in its sustainability journey. By outlining measures to achieve its net zero goal through its low-carbon transformation plan, they demonstrate their ongoing commitment to building a better tomorrow. As a global company, they understand that reducing their impact on their value chain is both the right thing to do and makes good business sense. This is why they have set science-based extended climate-related goals and continue to integrate sustainability into their operations.
Through risk assessment analysis and scenario planning, BAT has identified the risks and opportunities throughout the entire value chain.
BAT has committed to reducing its absolute scope 1 and scope 2 greenhouse gas (GHG) emissions by 50% from their 2020 baseline by the year 2030.
In addition, addressing Scope 3 emissions, or the indirect emissions throughout the BAT (Best Available Techniques) value chain, will be the most crucial and challenging aspect for this industry, as it accounts for the majority of the BAT's overall carbon footprint.
BAT has pledged to reduce its Scope 3 emissions by 50% from its 2020 baseline by 2030, using the following methods:
Collaborate with suppliers, particularly those with the highest emissions, to ensure progress towards sustainability. Transition gradually from air shipping to ocean shipping as a low-carbon transportation method. Work with farmers to implement carbon-smart tobacco farming and other projects. Promote circularity and design for disposal throughout the entire research and development process while promoting principles of eco-design.
British American Tobacco (BAT) has been recognized for its sustainability performance and was named a climate leader for 2022 by the Financial Times due to its successful reduction of emissions. The company also received the highest gold award in the 2021 S&P Global Sustainability Yearbook. In addition, BAT has been included in the Dow Jones Sustainability Index (DJSI) for the 20th consecutive year in 2021, making it the only tobacco company to be included in the DJSI World Index for that year.
In 2021, BAT (Baidu, Alibaba, and Tencent) signed up for the United Nations-backed "Race to Zero" campaign aimed at achieving net-zero carbon emissions by 2050. As part of the campaign, signatory companies were required to submit detailed plans outlining how they will achieve these goals within a year. The Paris Agreement of 2015 set a framework to limit the global average temperature rise to within 1.5ºC above pre-industrial levels. Accordingly, BAT has readjusted its emissions reduction strategy to align with this 1.5ºC target, which was approved by SBTi in July 2022.
This will be accomplished through the following actions:
Invest in energy-saving projects, systems, and technology. Over 70 initiatives of this kind were implemented in 2021, resulting in a reduction of almost 19,000 metric tons of CO2 equivalent emissions. Sign long-term power purchase agreements and invest in on-site renewable energy generation projects. By expanding global renewable energy procurement in 2021, BAT reduced their CO2 equivalent emissions by 16,000 metric tons. Introduce electric and hybrid vehicles into BAT's fleet, use fuels with high biofuel content, and implement route optimization processes. Between 2017 and 2021, BAT reduced their fleet emissions by 30%. More information is available in the full roadmap. Currently, most of iii's production is shipped by sea.
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Investing in a cannabis start-up, meanwhile in other news, a tobacco company has recently invested in German cannabis start-up, Sanity Group. BAT, along with rapper Snoop Dogg's Casa Verde Capital, invested in the Berlin-based Sanity Group GmbH, gaining a reported $37.6 million in the deal. It is believed that half of the funds will be used to strengthen Sanity's medical business, while the remaining funds will be used to prepare for the potential legalization of recreational cannabis in Germany.
Max Narr, the Chief Investment Officer of Sanity Group, has stated that this funding is an important milestone for the company and a strong signal for the future of cannabis in Germany and Europe. He also expressed pride in being able to complete such a large financing round in the midst of global economic challenges.
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