San Francisco, August 7, 2024 – 3Degrees, a leading global climate solutions firm, announced today a game-changing product designed to help food and apparel companies address a critical challenge: Scope 3 emission reductions in their North American agricultural supply chains. This new solution, named the Supply Chain Emission Reduction Agreement, decreases complexity in investing in reductions through a pay-for-performance contract that aligns directly with companies’ purchasing requirements.
As food and apparel companies face mounting pressure to hit Science Based Targets initiative goals, the pressure on Scope 3 emissions—those indirectly generated through the supply chain—has never been greater. Frequently comprising the majority of a company’s carbon footprint, these emissions are tough to address because agricultural supply chains are complex. This new product from 3Degrees is designed to help companies overcome those barriers by delivering one-stop, highly scalable value in achieving their climate commitments.
The Supply Chain Emission Reduction Agreement will let food and apparel companies collaborate with upstream suppliers—those providing raw materials and initial products—to finance and develop lower-emission projects. This is particularly of value to companies that do not possess the internal resources or know-how to conduct such projects independently. Going extra miles to assume responsibility for sourcing, financing, and development for the execution of such a project, 3Degrees does not only de-risk it for the clients but also ensures that the resulting products will meet the companies’ criteria of sustainability.
John Bourne, Senior Director of Carbon Markets and Agriculture at 3Degrees, emphasized the criticality of this new approach: “Our close collaboration with food and apparel brands has highlighted a pressing need to make upstream emissions interventions much easier and less risky. Our new service delivers customization so that clients looking to drive greater adoption of sustainable practices can actually achieve it.”
The new service is part of 3Degrees’ broader commitment to deliver meaningful, exponential climate solutions. Over the last 15 years, the company has completed more than 100 agriculture projects in North America, which, all combined, account for over 33% of all carbon credits issued from livestock projects. Years of experience back the company’s commitment to driving real change, especially for leading food and apparel brands exposed to specific challenges and opportunities in their supply chains.
The innovation that 3Degrees is bringing to the table with this precedent-setting approach will have deep implications for the food and apparel industries. By providing an opportunity for companies to better address Scope 3 emissions, the Supply Chain Emission Reduction Agreement sets a predefined standard through which not only companies’ long-term sustainability goals are met but also collective industry goals regarding climate change.
This comes at the right time; for some time now, the importance of sustainable supply chains has been recognized by consumers and investors alike. With the introduction of the Supply Chain Emission Reduction Agreement, 3Degrees continues to be at the forefront of climate solutions by offering companies intending to evolve in the arena of sustainable business practices with the relevant tools and knowledge.
In that direction, with companies still wrestling with the challenge of reducing carbon footprints, the product from 3Degrees couldn’t have been timely. With vast experience and a tremendous record, 3Degrees works to ensure a greener path for food and apparel industries.