Coca-Cola European Partners (CCEP) has announced a €250 million investment to help meet its commitment of net zero emissions by 2040.

The company aims to accelerate the decarbonisation of its business by reducing greenhouse gas emissions across its entire supply chain by 30% by 2030 (vs 2019). The new targets are in line with a 1.5°C pathway and the Paris Climate Agreement.

CCEP says it will reduce greenhouse gas emissions across all five areas of its value chain: ingredients, packaging, operations, transportation and refrigeration.

CCEP’s immediate action plan is supported by a three-year €250 million investment, which includes sustainable packaging initiatives such as the progression of its 100% rPET roadmap and investing in the scaling of depolymerisation technology. Earlier this year, CCEP transitioned to 100% rPET bottles in the Netherlands and Norway and invested in recycling start-up Cure Technology, to support the commercialisation of its ‘polyester rejuvenation’ technology.

In order to meet its goals, CCEP has also set targets for 100% of its strategic suppliers –including key ingredients and packaging suppliers – to set their own science-based targets and use 100% renewable electricity.

María Mendiluce, CEO of the We Mean Business coalition, said: “By engaging key suppliers in the shared objective of aligning with science and investing in renewable energy, not only will they [CCEP] tackle the biggest emission reduction challenges but also contribute to the green recovery.”

The commitments build on the work undertaken over the last decade to reduce emissions across the chain by 30.5% (vs 2010) as part of This is Forward, its joint sustainability plan with Coca-Cola in Western Europe.

As part of its move to net zero, CCEP will also invest in projects which remove carbon from the atmosphere or verified carbon offset projects.

Damian Gammell, CEO of Coca-Cola European Partners, said: “Our vision has always been to deliver loved brands, done sustainably, and today we recognise the even greater urgency to address climate change, one of the most serious and complex challenges facing society and our planet.

“We have developed an ambitious plan to reduce greenhouse gas emissions which uses absolute science-based carbon reduction targets to underpin our ambition and chart our progress.”