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French cosmetics producer L’Oréal [OR:FP] signed two new green electricity procurement contracts with electric utility company EDF [EDF:FP], in a move to advance Loreal’s commitment to reaching carbon neutral for all its sites by 2025, as reported by Reuters on February 21. Under the Corporate Power Purchase Agreement (C-PPA) between the two parties, L’Oréal will receive the entire production of two new solar power plants for 15 years. EDF Renewables will construct the two solar farms, which will start operation in 3Q24 and 2Q25, with a combined installed capacity of 27 megawatt-peak (MWp). The renewable power generated from the two solar farms would account for 25% of Loreal’s total electricity consumption in France.
L’Oréal is pushing forward its 2025 carbon-neutral target by optimizing energy efficiency in manufacturing facilities, investing in direct renewable energy projects, buying locally sourced renewable energy certificates (RECs), and using renewable natural gas. Through innovation, the firm aims to enable consumers to reduce the carbon emissions resulting from the use of its products by 25% on 2016 levels by 2030. It also set emission targets for its strategic suppliers, asking them to abate their direct emissions (scope 1 and 2) by 50% in absolute terms by 2030, compared to 2016. Similarly, Swedish furniture maker IKEA recently expanded its program to support its suppliers switching to 100% renewable energy. The program will be introduced to ten additional markets including Germany, Italy, and Vietnam, after it doubled the share of renewable power in electricity consumption for production in China in 2022.
Sources:
https://www.loreal.com/en/commitments-and-responsibilities/for-the-planet/fighting-climate-change/
