VF Corporation Announces New Science-Based Targets to Accelerate Social and Environmental Responsibility Programs
December 05 2019 - 6:55AM
Business Wire
New goals are part of the latest Made for
Change Sustainability & Responsibility Report
VF Corporation (NYSE: VFC), one of the world’s largest apparel,
footwear and accessories companies, today published the latest
iteration of its Made for Change Sustainability &
Responsibility report, including the announcement of
industry-leading science-based targets (SBTs) and a bold vision for
sustainable materials.
VF’s Made for Change report details the company’s aspirations
for advancing environmental and social improvements across its
business, portfolio of brands, global supply chain and communities
worldwide. The report also highlights achievements from the last
reporting year, which was 2018.
“Our workforce of 50,000 performance-driven people share a
commitment to be more than just an apparel and footwear company. We
strive to be a purpose-led enterprise that leverages the strength
of our business to deliver positive impacts for people and the
planet we share,” said Steve Rendle, VF’s Chairman, President and
CEO. “We're proud of our progress but know there is so much more we
can do. Our Made for Change strategy outlines our forward-looking
priorities and provides us with a renewed focus to push ourselves
harder and farther as we address some of our industry’s most
challenging issues.”
VF’s Made for Change strategy focuses on three areas:
- Circular Business Models: The commercialization of
circular business models to reduce VF’s environmental impact while
creating new growth opportunities;
- Scale for Good: Leveraging VF’s global scale and
influence to drive impact reduction across the business and broader
industry; and,
- Movement Makers: Enabling VF and its brands to serve as
a catalyst for powering movements of sustainable and active
lifestyles for the betterment of people and our planet.
Made for Change Report Highlights
As outlined in the report, and in alignment with the UN
Sustainable Development Goals, VF has made measurable progress
against its targets. Highlights include:
- 50 percent of VF’s distribution centers around the world are
zero-waste facilities;
- 16 of VF’s owned buildings are LEED certified;
- The launch of a bold sustainable materials vision focusing on
three key concepts: regenerative, responsibly sourced renewable,
and recycled materials; and,
- The improvement of worker livelihoods in Bangladesh, Cambodia,
India, the Dominican Republic, Vietnam, China, Kenya and Lesotho
through VF’s Worker and Community Development (WCD) Program.
VF’s Science-Based Targets Approved by the Science Based
Targets initiative
VF’s new science-based targets (SBTs) are among the most
ambitious in the industry and are aligned with the ideology of
using its global scale for good. SBTs are greenhouse gas emission
reduction targets that are in line with meeting the goals of the
Paris Agreement.
“VF is the largest company in the textiles, apparel, and luxury
goods sector to set a 1.5-degree target for its Scope 1 and Scope 2
emissions, and a well-below 2-degree target for its product-related
Scope 3 emissions,” stated Ben Peel, Consultant, the Carbon
Trust.
VF underwent an intensive, two-year long collaborative process
to develop its new SBTs. The company partnered with global
consultancy, the Carbon Trust, to model data across its owned and
operated facilities as well as its entire operations from farm to
retail store; and engaged deeply with its entire value chain.
Primary data was gathered from VF’s 1,400 owned facilities,
distribution centers and global logistics as well as more than 100
Tier 1 and Tier 2 suppliers, strengthening its ability to identify
and implement reduction strategies.
VF’s science-based carbon emissions targets include:
- An absolute reduction of Scope 1 and 2 greenhouse gas emissions
55 percent by 2030, from a 2017 baseline year; and,
- An absolute reduction of Scope 3 greenhouse gas emissions 30
percent by 2030, from a 2017 baseline year focusing on
farm-to-retail materials, sourcing operations and logistics.
The Science Based Targets initiative champions science-based
target setting as a powerful way of boosting companies’ competitive
advantage in the transition to the low-carbon economy. It is a
collaboration between CDP, the United Nations Global Compact
(UNGC), World Resources Institute (WRI), and the World Wide Fund
for Nature (WWF) and one of the We Mean Business Coalition
commitments.
“This is the most comprehensive strategic advice we have
delivered to an organization on how it can achieve its SBTs across
its own operations and its value chain,” said Tom Delay, Chief
Executive, the Carbon Trust. “This work sends a strong signal to
the apparel sector about the degree of transformation needed to
truly address emissions across global supply and distribution
chains and multiple brands. The collaborative development process
and focus on influencing others is what true corporate leadership
looks like. We are excited to see VF achieve its ambitious
goals.”
A New Vision for Sustainable Materials
Also announced today, VF’s new sustainable materials vision is
key to achieving its SBTs. Extraction, production and manufacturing
of raw materials account for the largest portion of VF’s carbon
emissions globally. The innovative vision establishes a clear path
for reduction through yet another bold commitment:
By 2030, VF commits that 100 percent of its top nine materials,
which account for approximately 90 percent of its materials-related
carbon emissions, will originate from regenerative, responsibly
sourced renewable, or recycled sources.
Using tools such as the Sustainable Apparel Coalition’s
Materials Sustainability Index and Life Cycle Analysis
methodologies, VF is assessing its materials choices within these
three areas to identify the greatest opportunities for
environmental impact reduction, and to understand how accelerating
against these choices will contribute to achieving its
science-based targets.
More information about VF and its Made for Change Sustainability
& Responsibility report can be found at www.vfc.com.
About VF Corporation
Founded in 1899, VF Corporation is one of the world’s largest
apparel, footwear and accessories companies connecting people to
the lifestyles, activities and experiences they cherish most
through a family of iconic outdoor, active and workwear brands
including Vans®, The North Face®, Timberland® and Dickies®. Our
purpose is to power movements of sustainable and active lifestyles
for the betterment of people and our planet. We connect this
purpose with a relentless drive to succeed to create value for all
stakeholders and use our company as a force for good. For more
information, please visit vfc.com.
About the Carbon Trust
The Carbon Trust is an independent, expert partner of leading
organisations around the world, helping them contribute to and
benefit from a more sustainable future.
- We advise businesses, governments and the public sector on
their opportunities in a sustainable, low carbon world.
- We measure and certify the environmental footprint of
organisations, supply chains and products.
- We develop and deploy low carbon technologies and solutions,
from energy efficiency to renewable power.
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version on businesswire.com: https://www.businesswire.com/news/home/20191205005251/en/
Molly Cuffe Director, Corporate Responsibility Communications
Molly_Cuffe@vfc.com
VF (NYSE:VFC)
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