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Vodafone Group Plc Task Force on Climate-related Financial Disclosures Report 2023
Overview
Risk Management
Metrics and Targets
Governance
Strategy
Committed to reaching net zero Our progress on climate strategy continued
We are committed to reaching net zero for our own operations (Scope 1 and 2) by 2030, and for our full value chain (Scope 1, 2 and 3) by 2040. Our 2030 carbon reduction targets have been approved by the Science Based Targets initiative as in line with the reductions required to keep global warming to 1.5°C, the most ambitious aim of the Paris Agreement. By 2030, we aim to make an absolute reduction in carbon emissions from our own operations (Scope 1 and 2 emissions) of 95% compared to 2020, and neutralise any remaining emissions with high quality carbon offsets.
In the same timeframe, we also aim to halve the carbon emissions generated from our value chain (Scope 3 emissions). This includes emissions generated by upstream activities (in our supply chain), downstream activities (through use of our products), and activities that we help finance through our investments. Beyond 2030, we will continue driving down our Scope 3 emissions and, by 2040, we aim to achieve net zero emissions across our full value chain. 1
1. This year we amended our terminology from ‘fully abate’ to net zero to align with the definitions in the SBTi’s Corporate Net Zero Standard. Going forward we will seek to align our 2030 and 2040 net zero targets with the SBTi definition of net zero, which means that we will reduce our carbon emissions in absolute terms by 90-95% by our target year (in line with a science-based 1.5 degree pathway), and neutralise any residual emissions through high quality carbon offsetting.
2021
2025
2030
2040
Our path to
Electrify our fleet
Net zero emissions from our operations (Scope 1 & 2), including:
100% of the electricity powering our global operations purchased from renewable sources
Net Zero emissions across our full value chain (Scope 1, 2 & 3) – Reduction in our total emissions in absolute terms by at least 90%, and neutralising of any residual emissions with high quality carbon offsets
100% of the electricity powering our European network purchased from renewable sources
– Our buildings and fleet – Purchased electricity – Certified carbon offsets covering maximum 10% of own emissions Emissions from our value chain (Scope 3) halved, including: – Our supply chain – Use of products we sell – Our investments Read more about Scope 3
All network waste reused, resold or recycled
Enable our business customers to reduce their carbon emissions by a cumulative total of 350m tonnes globally between 2020 and 2030
categories in our ESG Addendum
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