At COP 28 in Dubai, the company announced a voluntary commitment to achieve net zero emissions by 2040 instead of 2050, thanks to the work advanced in recent years.
In 2019 our business committed to the Science Based Target initiative to reduce its absolute Scope 1, 2 and 3 emissions (direct and indirect) by 55% by 2030, and reach net zero emissions by 2050. Four years later, thanks to the progress made in this period, we have announced that we have cut this target by 10 years: 2040 is now set to be the year when the company will have no net emissions.
The announcement was made at COP28 in Dubai, where we are present as a sponsor of the Chilean pavilion.
This goal, incorporated in our sustainability strategy "Uncork a Better Future", is aligned with the Science Based Targets Initiative (SBTi) and the level of decarbonisation necessary to avoid global warming above 1.5°C. VCT also adheres to the Business Ambition for 1.5ºC and Race to Zero, an initiative born out of COP25.
We have reduced our own emissions by 35% in five years to the end of 2022, the latest verified measurement available. Data for 2023 will be available next year.
Thus, the holding company's carbon footprint is 53% lower than the global industry average (IWCA, 2022).
“This performance allowed us to visualize that we can make a greater contribution to climate change mitigation”, explained Valentina Lira, Sustainability Manager. "After 5 years of progress with SBT, we thought it was a good time to renew our commitment to reduce our emissions, with the aim of contributing to a more sustainable future. This anticipation of the goal is fully aligned with the company's strategy. As a B Company, our charter incorporates the goal of generating positive and regenerative impacts for our society and our planet".
The management to reduce emissions started several years ago with a focus on the company’s own emissions as well as those of its suppliers. On this path, for example, the transformation of its energy matrix, which today for the holding company is 100% renewable energy, has been fundamental. It has also been important to work with some of Concha y Toro’s main suppliers and thus reduce indirect emissions, for example, by addressing packaging or reducing the weight of the bottles.
Find out more about Concha y Toro's Sustainability strategy and the work we are doing here.