GSK, Kering and Holcim lead the charge on water and land targets
Trio become first SBTN adopters, investors assess progress made on nature by 100 key companies
Pharma giant GSK, Gucci owner Kering and building materials producer Holcim have become the first companies to adopt science-based targets to safeguard the natural world.
The trio have chosen to work with the Science-based Targets Network (SBTN), which provides guidance and verification for firms wanting to formalise their commitment to natural resources, biodiversity and ecosystems.
Kering has set a target for freshwater usage in its direct operations, committing to reduce withdrawals from the Italian drainage basin, Arno, where most of its tanneries are located.
It has committed to a 21% reduction by 2030, compared with its average baseline between 2018 and 2022.
The firm has also promised not to convert any notably important land, and will remediate any conversion to have taken place until 2025.
It will ensure all its European cattle is sourced from deforestation-free areas by next year, expanding that beyond Europe by 2027. By the same deadline, it will make sure it’s not sourcing anything from areas that SBTN has identified as ‘hotspots’ for land conversion.
Kering has committed to the same goals for the wood, rubber and cotton it buys, all by 2030.
GSK plans to reduce its freshwater withdrawals from India’s Upper Godavari basin by 100% by the end of the decade, making it “water neutral in its operations in water-stressed regions”.
Holcim’s commitment focuses on Mexico, where is says it will reduce the freshwater it withdraws in its direct operations by 39% by 2030, compared with 2022/23.
It is already engaging with its suppliers to collect geolocation data and improve traceability so it can set more science-based targets.
The three firms are expected to make much of their progress on freshwater by recycling more water and reducing leaks.
Other companies that have piloted SBTN’s targets over the past 18 months have until January to publicly adopt them. The initiative will begin tracking targets on its website shortly after that deadline, to promote transparency.
Investors frustrated at slow progress
Earlier this week, a group of some of the world’s largest investors published analysis of how key companies were progressing on nature-related issues, concluding that, while many had expressed ambitions, few had set serious targets.
Nature Action 100, a 230-strong network of pension funds, endowments, insurers and asset managers, released the first annual evaluation of the 100 firms its members are seeking to influence on the topic.
It found that 69 had disclosed a commitment to protect nature, with 45 including their value chains in the pledge.
However, just 47 have any targets, falling to 37 who have explained how they plan to meet such targets.
35 of the targets cover the avoidance and reduction of drivers of nature loss, just four of which also include targets linked to restoring or regenerating nature.
“No companies disclose evidence that their targets stem from assessments of material nature-related dependencies, impacts, risks and opportunities,” noted the investor body, describing this as “a key area for improvement”.
