This week CEW’s partner L’Oréal has been recognised for its leadership in corporate transparency and environmental performances, for tackling climate change as well as acting to protect forests and water security, by global environmental non-profit CDP, securing a place on its annual ‘A List’. L’Oréal is the only business in the world to receive this recognition for the seventh consecutive year.
Based on data reported through CDP’s 2022 Climate Change, Forests and Water Security questionnaires, L’Oréal is one of only 12 companies that achieved a triple ‘A’ – out of nearly 15,000 companies scored.
In 2017, L’Oréal were among the first hundred companies to set Science-Based Targets (SBT) approved objectives on. Their overarching climate change objective for 2030 is to align our greenhouse gas emissions to the +1.5°C scenario, meaning they will reduce by 50% per finished product all our greenhouse gas emissions over the entire value chain, compared to 2016. This is just one example of many numerical targets set by L’Oréal for every aspect of their activities to include not only production and distribution facilities but also the raw material supply chain and the indirect impacts associated with the use of L’Oréal products by their final consumers.
CDP’s annual environmental disclosure and scoring process is widely recognized as the gold standard of corporate environmental transparency. In 2022, over 680 investors with over $130 trillion in assets and 280 major purchasers with $6.4 trillion in procurement spend requested companies to disclose data on environmental impacts, risks and opportunities through CDP’s platform. A record-breaking 18,700 companies responded.
A detailed and independent methodology is used by CDP to assess these companies, allocating a score of A to D- based on the comprehensiveness of disclosure, awareness and management of environmental risks and demonstration of best practices associated with environmental leadership, such as setting ambitious and meaningful targets. Those that don’t disclose or provided insufficient information are scored an F.
Nicolas Hieronimus, CEO of L’Oréal, commented: “We are very honored to be the only company receiving the CDP triple A rating for the seventh year in a row. This is a testimony of L’Oréal’s long-term commitment and to our ambition that our activities will be respectful of the planetary boundaries by 2030. As the world’s leading beauty company, I believe that we have a duty to lead by example. We want to leverage our scale to become a catalyst of change and mobilize all parts of our ecosystem to address the pressing climate and environmental challenges we all face. By working together, we can create the beauty that moves the world.”
The L’Oréal Group has set ambitious targets towards 2030, as part of its program L’Oréal For The Future. This program covers three pillars: transforming ourselves, empowering our business ecosystem and contributing to solving the challenges of the world.