Fonterra shaves 50c off forecast milk price
Fonterra has dropped its forecast milk price mid-point by 50c as a surge in global milk production is putting downward pressure on commodity prices.
After previously committing to a 30% carbon emissions reduction by 2030, last month that target was increased to 50% carbon emission reduction by 2030.
Speaking of the commitment, Jack Holden, general manager sustainability, Fonterra Global Markets, says that Fonterra Australia had made great progress towards the 30% reduction target previously set, and it was a good time to lift its ambition.
"In Australia, Fonterra reached a 30% reduction in carbon emissions in FY22, and we are on track to hold this performance for FY23. We have great confidence in our ability to reduce our carbon emissions further and have increased our target to a 50% reduction by 2030," Holden says.
Fonterra Australia remains committed to making a positive, sustainable difference to reducing its impact on climate change, he adds.
"We know we have more to do to decarbonise our business and delivering on our targets. This will make us a stronger business and it is consistent with what customers are asking of us," Holden says.
Fonterra is using the Science Based Target Initiative (SBTI) as the framework to set its emission reduction targets. Fonterra Australia is also supportive of the Australian Dairy Industry Framework's overall target of 30% intensity reduction by 2030 across the whole supply chain of farms and factories.
