Meat and Dairy Giants Failing to Reduce Emissions, With Increase of Over 3% Ahead of COP28

New investor data from Coller FAIRR Protein Producer Index reveals emissions of its 20 largest meat and dairy companies have risen in 2023.

• 3.28% rise in year-on-year emissions disclosed by 20 of the largest listed meat and dairy producers – including suppliers to household names such as McDonald’s and Walmart.
• Investors praise improving levels of disclosure however, with 40% of the 20 largest meat and dairy firms now disclosing ‘Scope 3’ emissions.
• Full findings from the Coller FAIRR Protein Producer Index are available here.
• “The failure of leading meat and dairy companies to reduce emissions underlines the urgent need for more policy focus on the food and agriculture sector,” says Jeremy Coller, Chair and Founder of the $70 trillion-backed FAIRR network.

LONDON--(BUSINESS WIRE)--As global leaders prepare to gather for COP28 in Dubai, new analysis of emissions data from 20 of the largest listed meat and dairy firms shows that disclosed emissions are still rising year-on-year. Livestock is estimated to be responsible for around 14.5% of global greenhouse gas emissions.

The analysis from the $70 trillion-backed FAIRR investor network shows absolute emissions disclosed by 20 of the world’s largest (by value) meat and dairy producers rose 3.28% between 2022 and 2023. This group includes firms like Hormel Foods (US) and New Hope Liuhe (China), suppliers to household names such as Walmart and McDonald’s respectively.

Some of the 20 firms saw disclosed emissions fall this year, including Tyson Foods (US) and Danone (FR), but progress was negated by rises from other meat and dairy giants.

The analysis of the 20 firms shows varying levels of climate commitments and disclosure. In total, 4 of the 20 firms have set net zero targets approved by the Science-Based Targets initiative (SBTi).

On disclosure, 40% of the 20 companies (8 firms) now publicly report Scope 3 emissions, (i.e., emissions from the supply chain such as those from animal feed production), with US-operating Tyson Foods and WH Group (owners of Smithfield Foods) disclosing all scopes for the first time this year. [Note that Scope 3 emissions are only included in year-on-year comparison figures where they have been disclosed since 2022].

The data comes from the release of the sixth annual Coller FAIRR Protein Producer Index (the Index) which assesses a total of 60 publicly-listed animal protein producers worth a combined $364 billion (as of March 1^st 2023) against ten environmental, social and governance (ESG)-related factors. It is a tool used extensively by FAIRR investor members. Full report available upon request.