Integrated Annual Report FY24

Chapter 5: Good times from a good place

Our climate targets

Scenarios help us consider how the future might look if certain trends continue or specific conditions are met. By combining information on future GHG emissions and corresponding atmospheric concentrations - as well as factors including economic activities, emission reduction policies and technological changes - we develop scenarios to assess the impact of climate on the availability of natural ingredients, water and other natural resources, as well as on communities and working conditions.

In 2024, our near- and long-term science-based GHG emissions reduction targets - defined in line with a 1.5°C trajectory - were validated by the Science Based Targets initiative (SBTi). This validation is a major step for the organisation, giving us a clear path to follow and recognising our teams’ efforts to build strong carbon reduction roadmaps across our operations and throughout our value chain.

Our net-zero science-based targets give us the right ambition and drive to further the progress we have made so far and play our part as a wine and spirits leader in addressing the challenge of climate change.”

MARIA PIA DE CARO,EVP INTEGRATED OPERATIONS AND S&R

Climate impact scenarios

Scenarios help us consider how the future might look if certain trends continue or specific conditions are met. By combining information on future GHG emissions and corresponding atmospheric concentrations - as well as factors including economic activities, emission reduction policies and technological changes - we develop scenarios to assess the impact of climate on the availability of natural ingredients, water and other natural resources, as well as on communities and working conditions.

While we assess a range of scenarios, our core goal is to play our role in limiting global warming. In 2021 we joined the Business Ambition for 1.5°C to align our climate mitigation objectives with the Paris Agreement: to achieve net-zero global emissions by 2050 at the latest, to limit global warming to 1.5°C.

-12%Reduction in water consumption intensity since FY18 

74%Watersheds in high-risk areas replenished in FY24 

The River Within is a new long-term programme between Chivas Brothers, the River Trusts and the Spey Catchment Initiative to help protect and restore some of Scotland’s iconic waterways. Projects will focus on direct activity along riverbanks and waterways designed to help increase biodiversity and overall health of the river ecosystem. This in turn will help limit the rise of water temperatures, preserve floodplain resilience and increase river security.