GlobalData offers a comprehensive analysis of PRADA SpA, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of climate change and associated ESG keywords, GlobalData delivers valuable information on PRADA SpA’s ESG performance. GlobalData’s company profile on PRADA SpA offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
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PRADA SpA, a leading luxury fashion company, has committed to achieving net-zero greenhouse gas (GHG) emissions by 2050. Pioneering decarbonization efforts, the Group seeks to inspire positive change in the fashion industry's environmental impact. Since 2014, PRADA has invested in energy efficiency projects, effectively lowering both energy consumption and greenhouse gas emissions, aligning with global efforts to combat climate change. The company has established interim targets and ongoing measures to persist in its investment in emission reduction initiatives.
In 2022, PRADA SpA's greenhouse gas (GHG) inventory reported Scope 1 emissions at 7,475 tCO2e. The combined total of Scope 1 and 2 using the location-based method was 36,920 tCO2e, while the total using the market-based method was 18,380 tCO2e. Scope 3 emissions amounted to 310,671 tCO2e. Scope 1 emissions included natural gas use at various sites, while Scope 2 emissions were tied to global electricity purchases. In 2022, key sources of Scope 3 emissions included the purchase of goods and services (69%), upstream logistics and distribution (19%), upstream leased assets (5%), and employee commuting (3%). Committed to concrete actions, the Group aims to actively reduce Scope 3 emissions in the short and medium term through direct engagement with the supply chain.
The company has achieved considerable progress in 2022 concerning GHG emissions. Notably, Scope 1 demonstrated an 11% decrease compared to the 2019 baseline, while Scope 2 emissions, associated with electricity purchase, saw a reduction of 24% using the location-based method and 44% using the market-based method compared to 2019. The PRADA Group has set a target to achieve a 29.4% reduction in combined Scope 1 and 2 emissions by 2026, and to reduce absolute Scope 3 Greenhouse Gas emissions by 42% by 2029, both against the 2019 baseline. Through various initiatives, the Group successfully reduced Scope 1 and 2 emissions by 34% compared to the 2019 baseline, aligning with SBTi targets. As of 2021, the PRADA Group has achieved Carbon Neutrality for its own operations (Scope 1 and 2).
PRADA SpA is committed to reducing its emissions and has taken several steps towards this goal. The company has invested in renewable energy sources and is purchasing electricity from suppliers that use renewable energy. They are also focusing on waste management and have implemented measures to reduce waste and promote recycling. Additionally, PRADA SpA is working on improving the efficiency of its operations and supply chain to minimize emissions.
In summary, PRADA SpA is steadfast in its pursuit of net-zero targets, actively undertaking substantial measures to curtail GHG emissions. The company has achieved notable progress in emission reduction, channeling investments into renewable energy, implementing effective waste management strategies, and enhancing operational efficiency. PRADA SpA's resolute commitment to sustainability and emission reduction is clearly evident in its proactive initiatives.
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