The Italian luxury brand plans to reduce greenhouse gas emissions through two significant goals approved by the Science Based Targets initiative (SBTi)
September 12, 2020: With the goal of creating a sustainable future, Italian luxury brand Salvatore Ferragamo has set science-based targets to reduce its greenhouse gas emissions. To prevent the most damaging effects of climate change, the brand aims to achieve two significant goals by 2029.
The goals set by the company, in line with the latest climate science, are:
- Reduce absolute scope 1 and scope 2 GHG emissions 42% by 2029 from a 2019 base year;
- Reduce absolute scope 3 GHG emissions from purchased goods and services and downstream transportation and distribution 42% by 2029 from a 2019 base year.
These have been approved by the Science Based Targets initiative, who deemed them as consistent with levels required to meet the ambitious goal of the Paris Agreement: to limit warming to 1.5°C.
The Science Based Target initiative (SBTi) is formed by CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). This joint initiative promotes science-based, meaningful target setting to reduce GHG emissions among corporates and also independently assesses their goals.
Ferruccio Ferragamo, Chairman of Salvatore Ferragamo, commented, “For Salvatore Ferragamo, operating responsibly translates into being aware of its impact, while looking for creative, innovative, and serious solutions to mitigate it. Setting quantitative targets to reduce our climate impact is a challenging commitment; however, it makes us factual and proud to have started this journey.”
The approval by the SBTi bolsters the company’s previous efforts towards sustainability, which includes programs like the Sustainable Thinking project, the joining of the Fashion Pact, and the SI Rating Silver Certification.