What Does Vodafone’s 1st Climate Transition Plan Promise?
In a bid to drive action against its sustainability goals, Vodafone has published its first Climate Transition Plan (CTP).
“It's important to publish and validate credible, stretching goals. But we must match our ambition with action, backed by a clearly defined plan that will keep us on a pathway to net zero,” explains Joakim Reiter, Vodafone Group Chief External & Corporate Affairs Officer.
The CTP sets out the tangible actions that Vodafone will engage in to drive progress towards net zero up to 2027, as well as how the company will manage climate-related risks and opportunities, building climate resilience into the business.
“Our plan sets out the concrete actions we will take to make our climate goals a reality,” says Bobbie Mellor, Global Head of Sustainability and Transparency. She sums it up into three key benefits:
- Transparency: “The plan provides transparency on our pathway to net zero. Detailing the 17 workstreams we will undertake to achieve our near- and long-term Science-Based targets, and our progress to date, including a 59% reduction in our Scope 1&2 emissions since 2020 (our baseline year).”
- Specificity: “The plan enables us to set more specific goals. Thanks to the work under our CTP, we have brought forward our Europe Scope 1 and 2 net zero goal to 2028.”
- Unity: “The CTP has enabled a whole-of-company approach to climate action; bringing together colleagues and creating ownership amongst all the business units critical to delivering net zero. From finance to sales to supply chain – it's clear what we need to deliver and who will take responsibility.”
“In preparing this, alongside the plethora of other ESG reporting, it is clear that a Climate Transition Plan is a disclosure that actually helps companies on their journeys to become more sustainable,” she continues.
“There is a lot that other regulators can learn from the Transition Plan Taskforce (TPT) in this regard.”
Vodafone’s sustainability goals
Under the umbrella of a net zero 2040 target, Vodafone’s environmental strategy, known as Protecting the Planet, centres on three key areas: net zero, enablement and circularity.
Energy plays a key part in the company sustainability strategy – this year it has invested €31m (US$33.7m) in energy efficiency and onsite renewable projects. In Europe, around 24% of grid electricity comes from PPPs with renewable generators in Germany, Greece, Portugal and the UK.
Vodafone’s targets are validated by the Science Based Targets Initiative (SBTi).
Developing regional net zero goals
The development of the CTP has allowed Vodafone to create regional goals for net zero with the specific understanding of localised energy supply and the availability of renewals taken into account.
Company wide, the organisation is working towards net zero by 2040, but in operational Scope 1 & 2 emissions Europe is now working towards a 2028 goal, and Africa 2035.
What next?
“We can only achieve our ambitions by collaborating with our suppliers and customers, our telecoms industry peers, and with governments and citizens in our markets,” says Joakim.
“We will share lessons learned with our partners and stakeholders so we can continue the journey together.”
We can expect to see the next iteration of Vodafone’s Climate Transition Plan in 2027 – by which time we will also see the results from this one.
******
Make sure you check out the latest edition of Sustainability Magazine and also sign up to our global conference series - Sustainability LIVE 2024
******
Sustainability Magazine is a BizClik brand
******