Part of the plan includes reducing emissions across its value chain by half until 2030, from a 2020 baseline, with the aim of reaching net zero by 2050. The publication of the plan follows receiving approval of its 1.5ºC-aligned trajectory last July, from the Science Based Targets initiative (SBTi).
BAT’s Chief Growth Officer, Kingsley Wheaton, said that this latest plan is part of the tobacco company’s commitment to demonstrate that it wants to contribute to a sustainable future. “We’re proud to take this latest step in our sustainability journey. By outlining the measures we will take to live up to our Net Zero targets through our Low-Carbon Transition Plan, we’re demonstrating our continuing commitment to building A Better Tomorrow. As a global company, we know minimising impacts across our value chain is the right thing to do, as well as making sound business sense. That is why we have set stretching science-based climate-related targets and continue to embed sustainability across our business.”
Discussing the plans to reduce emissions in a recent press release, BAT summarised ways in which it plans to achieve this:
- “Partnering with suppliers, especially those contributing the most emissions, to ensure sustainability progress.
- Progressively transitioning from air to sea freight as a lower-carbon mode of transport, on the occasions that products go by air[iii].
- Collaborating with farmers on carbon-smart tobacco leaf farming and other projects.
- Fostering circularity throughout R&D, designing for end-of-life processes, and promoting eco-design principles.”
Investing in a Cannabis Startup
Meanwhile in other news, the tobacco company has recently invested in German cannabis startup Sanity Group. Along with rapper Snoop Dogg’s Casa Verde Capital, BAT has invested in the Berlin-based Sanity Group GmbH. Securing $37.6 million in the deal, it is believed that the cannabis startup will use half the amount towards strengthening Sanity’s medical business, while the rest will be spent on preparing for the potential legalization of recreational marijuana in Germany.
“This funding is an important milestone for us and a strong signal towards the future of cannabis in Germany and Europe,” said Max Narr, chief investment officer at Sanity Group. “Against the backdrop of a challenging global economy, we are proud to have achieved a funding round of this magnitude.”
BAT’s Revenue Rises Thanks to Sales of Alternative Nicotine Products
