MILAN — Sustainability is in the spotlight and fashion and luxury companies are taking note. Salvatore Ferragamo SpA said Thursday it has set precise targets to reduce the company’s greenhouse gas emissions, or GHG, by 2029.
The Florence-based luxury house has pledged to reduce Scope 1 and Scope 2 GHG emissions by 42 percent by 2029 compared to 2019 levels and Scope 3 GHG emission derived from purchased materials and services, as well as transportation and distribution, by the same amount in the 10-year timeframe.
“For Salvatore Ferragamo, operating responsibly translates into being aware of its impact, while looking for creative, innovative and serious solutions to mitigate it,” Ferruccio Ferragamo, the company’s chairman, said in a statement.
The goals set by the company meet the standards promoted by the Science Based Targets, which define best practices. The initiative is backed by the Carbon Disclosure Project, a nonprofit running the global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts; the UN’s Global Compact; the World Resources Institute, and the WWF.
“Setting quantitative targets to reduce our climate impact is a challenging commitment, but it makes us factual and proud to have started this journey,” Ferragamo noted.
According to the Science Based Targets assessment, the strategy and goals the fashion company set will help combat global warming and help limit the increase in temperatures worldwide to under 1.5 Celsius degrees, as required by the Paris Agreement.
In recent years, the Italian company has been spearheading a number of sustainable and environmental initiatives.
In August, Ferragamo was the first fashion firm to obtain the SI Rating Silver certificate, a sign of its focus on sustainability in several environmental, social and governance areas, while earlier this year, the company signed a financing credit line granted by Intesa Sanpaolo SpA for a maximum amount of 250 million euros that is linked to the luxury brand hitting certain sustainability targets.
Ferragamo is a signatory of the Fashion Pact and in 2014 it created an in-house Green Team focused on the development of eco-friendly activities, while in 2016 the company certified its sustainability report.
In addition, in 2017 Ferragamo unveiled a three-year Sustainability Plan, which included significant investments to reduce the impact of its manufacturing activities. In 2018, Ferragamo obtained certifications and also joined the United Nations’ Global Compact, a voluntary initiative based on chief executive officer commitments to implement universal sustainability principles.