We believe that purposeful businesses can catalyse positive change and address the urgent challenges that face our world. This is essential to the continued success of companies – as those which compromise the ability of future generations to meet their needs risk becoming less relevant and competitive.
As a privately held family business, we take a long-term perspective and try to be at the forefront of the transition to a fair, sustainable, climate-positive economy.
Exploring new ways to use business for positive impact is an opportunity to stand out and strive to be better. The challenge isn’t just essential, it’s exciting.
In each of their industries, COFRA's businesses aim to set a benchmark in the way they operate, whether that’s through responsible investment or enabling the transition to renewable energy. This creates the platform and inspiration for instigating long-term transformation. COFRA sets the strategic path and provides flexible capital to hit demanding targets.
You can find reports on our progress here:
We recognise the broad and profound commitment and cooperation that is needed to make meaningful progress on the issues the world faces.
Our response is both structural and discerning, inward and outward looking. By establishing an Impact Committee - that advises the COFRA Board on all impact-related matters - and a Sustainable Impact team, we emphasise that impact is core to governance and strategy at COFRA while bringing in external expertise to advise us. By focusing on those priorities that maximise our potential for positive impact, we strive to be as effective as possible in our efforts.
We have determined our group’s sustainable impact priorities and focus of our efforts based on an independent double materiality assessment: how do our businesses materially impact society and the environment, and how are our businesses affected. As a result, we’re shaping our impact efforts as a group around these four priorities:
1. Climate change
2. Nature and biodiversity
3. Inclusion, diversity and equity
4. Human rights and labour practices
We recognise that proper implementation to achieve our goals requires significant operational efforts across the organisation, and that different businesses contribute in different ways at different times. As we embed structures and capabilities to deliver impact on these goals, our initial focus has been on climate – an issue we know has significant effect on nature and biodiversity, the dignity of the most vulnerable people, and the foundations of society.
Given the scale and urgency of the climate crisis, COFRA has adopted a group-wide climate strategy. Each of our businesses is responding to the threat with substantive and concrete steps to reduce emissions in line with the science, which identifies a maximum rise in global temperatures of 1.5°C as a critical threshold that should not be crossed. This is a big challenge. By evolving our businesses, partnering with others, investing in new companies and solutions, and pooling expertise, we aspire to play our part.
Our activities are heavily focused on reducing emissions through validated science-based targets. For our holding organisation, these include a 50% reduction in Scope 1 and 2 emissions and directly controlled Scope 3 emissions by 2030 from a 2019 baseline. By 2025, all our current and new businesses must either have validated or committed to science-based targets. We are well on our way with Sunrock, Bregal Investments, Dalsem and C&A Europe having approved science-based targets. Redevco is in the validation process while Ontario Plants Propagation is measuring its emissions baseline.
As we implement these reductions, we offset any residual emissions through verified high-quality offset projects that maximise climate, socio-economic and ecological benefits for local communities and ecosystems. In addition, we look to mitigate climate risk caused by climatic events and transition to a low carbon economy, enabling adaptation to a changing world.