Coty releases sustainability plan and Kering commits to net-zero GHG
Coty’s FY24 Sustainability Report indicates a commitment to create a more sustainable beauty industry by “exceeding” targets set for 2030 ahead of schedule. The beauty company also releases its quarterly earnings report later today.
Some Wall Street analysts anticipate Coty will announce earnings per share of US$0.19.
Coty CEO Sue Nabi says: “In FY24, Coty made extraordinary progress toward our environmental, social and governance goals, from achieving gender balance in leadership to setting ambitious new packaging and water use targets. Sustainability remains central to Coty’s success as we continue to make progress in areas critical to the future of beauty.”
Meanwhile, Kering committed to reaching net-zero GHG emissions across its value chain by 2050.
Beauty that lasts
Coty’s Beauty that Lasts strategy allowed it to surpass its 2030 scope 1 and 2 emissions targets, achieving an 82% reduction since 2019. It says it uses 100% Roundtable on Sustainable Palm Oil-sourced palm oil in production sites.
The American multinational company reports a 65% reduction in air freight emissions (compared to 2019) and introduces its first water target to reduce water withdrawal by 25% by 2030 and a new commitment for 90% certification of all fiber-based materials by 2030.
Coty uses sustainable packaging materials.Coty also rejoins the Ellen MacArthur Foundation as a network member, pledging to reduce virgin plastic use by 60% by 2030 and enhance packaging transparency. It is also updating heritage product packaging, such as CoverGirl Clean Invisible Foundation and Max Factor Facefinity Compact, with more sustainable packaging profiles.
Coty also launches Infiniment Coty Paris — its first complete collection manufactured with 100% alcohol from recycled carbon emissions.
The owner of Burberry recycles 85% of factory and distribution center waste, surpassing its 80% goal. Its factories and distribution centers are powered by 100% renewable electricity, and eight sites are carbon neutral for Scope 1 and 2 emissions.
Coty achieves gender balance in leadership (senior director, VP and above) ahead of its 2025 goal and shares that the majority of named Coty patent inventors are women.
Coty US achieves a perfect score on the HRC’s Corporate Equality Index while Coty UK&I is named among Stonewall’s Top 100 Employers and receives Disability Confident Committed certification.
Kering adjusts targets
Kering sets near- and long-term emissions reduction targets in line with climate science and the Science Based Targets initiative (SBTi) net-zero criteria.
The near-term targets include reducing absolute-scope 1, 2 and 3 GHG emissions by 54.6% by 2033 from a 2022 base year. The target boundary includes land-related emissions and removals from bioenergy feedstocks. As a long-term target, it commits to reducing absolute-scope 1, 2 and 3 GHG emissions by 90% by 2050 from a 2022 base year.
Kering also commits to maintaining no deforestation across its primary deforestation-linked commodities.
