MEXICO CITY — Grupo Bimbo SAB de CV has announced a commitment to achieving net zero carbon emissions by 2050 and also offered updates on progress toward its sustainability goals.
The 2050 target, announced with the company’s third-quarter financial results, was developed following Science Based Targets initiative’s (SBTi) framework, and then validated by the group. SBTi is a partnership between CDP (an environmental non-profit), the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature.
“By doing this, Grupo Bimbo has committed to Business Ambition for 1.5°C and joined the United Nation’s Race to Zero Campaign, the first coordinated attempt to reduce carbon emissions on time,” the company said.
Bimbo said the objective reflects a strong commitment to make its business more sustainable and is part of a sustainability strategy focused on three principal objectives:
- promoting health and well-being through plant-based diets and nutritional diversity;
- becoming a net zero-carbon and zero waste business, advancing regenerative agriculture;
- and strengthening its communities.
Additionally, the company renewed its $1.75 billion revolving credit facility of (RCF) as sustainability-linked debt, marking the company’s debut in sustainable financing.
Diego Gaxiola, chief financial officer, said the RCF “perfectly aligns with our philosophy of building aa sustainable, highly productive and deeply humane company.”
“Grupo Bimbo’s decision to commit to achieve ambitious results in the use of renewable energy and water resources is aligned with the company’s business strategy, where sustainability plays an increasingly predominant role,” said Rafael Pamias, executive vice president and chief sustainability officer. “At Grupo Bimbo, we believe our business model must be sustainable by design, so we are building on our accomplishments by establishing new objectives to further strengthen the recovery of the health of the planet and the well-being of people, for example our commitment of Net Zero Carbon Emissions to 2050.”
Mr. Pamias said the two key performance indicators related to the RCF are the company’s sustainability strategy together with commitments to consume 100% of its electricity from renewable sources by 2025 and that all treated water will be reused.
Updating on its progress toward sustainability goals, Bimbo said its operations in France, Italy, Russia and Turkey now operate with renewable electricity.