We're making decarbonization and climate action a major part of what we do.
Respecting sensitive ecosystems and promoting biodiversity have always been measures we’ve taken. But the realities of our changing climate are putting significant pressure on global food systems and communities around the globe.
That’s why we’re leveling up our efforts and striving to be a climate leader. We fight climate change with carbon-focused decision making across our organization. We are constantly working to minimize our environmental footprint and take action to reduce greenhouse gas emissions.
Our carbon-focused approach is not only driving down emissions, but also unlocking new opportunities for growth and low-carbon alternatives including plantbased proteins and renewable fuels.
Science Based Targets
Having a climate-focused mindset unlocks major new opportunities for Bunge. That's why we were able to take a big leap forward by establishing science-based targets for our operations and our supply chain. Our SBTs are a natural outcome of the work we're already doing, but will also raise our level of ambition for the years ahead.
The targets, validated by the Science Based Targets initiative, call for a 25% reduction in Scope 1 and Scope 2 emissions, and a 12% reduction in Scope 3 emissions, to be achieved by 2030 from a 2020 baseline.
Over the coming years, we will make significant enhancements across our global operations, promote regenerative farming practices, and emphasize decarbonization in shipping and logistics. A substantial portion of the emissions reduction within our supply chains will be driven by our commitment to achieve deforestation-free supply chains in 2025. These ambitious targets are supported by our decades-long history of enhancements to our operations, investments in low-carbon and carbon-free energy sources, and our strong relationships with value chain partners.
Bunge remains focused on creating clear and measurable paths to achieving our sustainability goals and supporting the decarbonization of the industry. The new science-based targets demonstrate our commitment to providing low-carbon and deforestation-free products to our customers, supporting the development of next-generation renewable fuels and deepening our approach to sustainability in our operations and across our value chain.
Since 2008, Bunge has set targets to reduce the company’s environmental footprint. We have exceeded these targets and, in 2016, set a 10-year goal to further reduce water, waste and energy intensity by 10% per metric ton of production, which we are on track to achieve. This is being done through the deployment our Bunge Production System (BPS) in all regions where we operate, the implementation of technology at our facilities, and continuous improvement processes. It is also the result of the creation of our energy working group, which is successfully finding ways to optimize energy consumption in our plants.
Climate Risks and Opportunities
Bunge has developed enhancements to its enterprise risk management process by incorporating more detailed sustainability risks and opportunities. These include risks emanating from changing climate and weather patterns, water scarcity, deforestation, human rights, farmer productivity and increasing taxation and regulation on GHG emissions. The enhanced process provide Bunge with greater oversight and management of climate-related risks and the potential financial implications, and will help ensure continued short-, medium- and long-term resilience.
Climate risks are overseen at the Board of Directors level by the Enterprise Risk Management Committee which has responsibility for supervising the quality and integrity of our risk management practices. Enterprise risk management is overseen at the executive level by the Chief Risk Officer with input from relevant teams and functions, and reported regularly to Bunge’s leadership and the Board of Directors.