Climate Risk Strategy
Being one of the supporters of the TCFD, we have an integrated approach which enables us to monitor, measure and manage the environmental, social, governance (ESG) risks and the impact on the financials.
The Board of Directors (BoD) has the overall accountability of managing the Group’s sustainability topics. A Sustainability Board Member was appointed by BoD to oversight the relevant climate and other ESG-related events. Sustainability, as a business model, has fully integrated into the Group’s corporate strategy. The climate related and other ESG risks and opportunities are governed by the Sustainability Council that is chaired by the CFO and includes members from senior management. A number of working groups reports to the Council which meets quarterly.
Arçelik has a solid ESG risk management structure thanks to the mutual efforts of the Sustainability and Enterprise Risk Management teams. Additionally, Arçelik has received a third-party service to apply a physical and transition risk scenario analysis to identify the long-term potential impacts of the climate crisis. The outcome of the analysis is embedded in the Enterprise Risk Management system’s financial risks reporting structure.
Our ambition is to further develop our business towards achieving a low-carbon future and ensuring our business is resilient and adaptable for climate and other ESG-related risks and opportunities. By supporting TCFD, we strive to strengthen the link between climate change and its financial impacts on our business and operations.
Arçelik’s climate risk strategy consists of three pillars:
Carbon Neutrality:
Our aim is to keep being carbon-neutral company in Scope 1 and 2 emissions.
We have already become carbon-neutral in our global manufacturing operations* (Scope 1 and Scope 2) in 2019 and 2020, with our own carbon credits generated by the Energy Efficient Refrigerators Carbon Financing Project.
* Singer operations and joint ventures are not included.
Approved Science Based Targets:
Our targets to reduce GHG emissions were approved by the Science Based Targets initiative, in line with the Paris Agreement’s goal of limiting global temperature increase to "well-below 2°C". As of 2030, we will reduce the Scope 1 and 2 emissions by 30% and the Scope 3 emissions from the use of sold products by 15% compared to 2018 baseline.
Net-Zero Target in the Value Chain:
We are committed to reach net zero emissions in the value chain by 2050.
Arçelik's Climate Change Strategy
TCFD Reporting And Other
Esg-Related Risks & Opportunities
By supporting the Taskforce on Climate-related Financial Disclosures (TCFD), we aim to strengthen the link between climate change and the resulting financial impacts on our business.
Science Based Targets
Our targets to reduce GHG emissions were approved by the Science Based Targets initiative
These are set in line with the Paris Agreement’s goal of limiting global temperature increase to "well-below 2°C" for Scope 1 and 2 emissions and position us among the 700+ companies worldwide. We have made a commitment to reduce our absolute Scope 1 and 2 GHG emissions by 30% and our absolute Scope 3 emissions from the use of our sold products by 15% by 2030 from a 2018 base year. To achieve our goals and retain our position as a leader, we will continue investing in energy efficiency, green electricity purchases and renewable energy systems.
We became Carbon-Neutral
We became carbon-neutral in our global manufacturing plants (Scope 1 and Scope 2) in 2019 and 2020 with our own carbon credit generated through the Energy Efficient Refrigerators Carbon Financing Project implemented in Turkey, which was verified by a third party in compliance with the Verified Carbon Standard.
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