Coty is a leading American beauty company that operates in the cosmetics sector. The company was founded in 1904 by François Coty, a French perfumer, and has since grown to become a global leader in the beauty industry. Coty's portfolio includes some of the most iconic brands in the world, such as Calvin Klein, CoverGirl, Hugo Boss, and Gucci.
In recent years, Coty has made a commitment to decarbonisation and reducing its carbon footprint. The company has set ambitious targets to reduce its greenhouse gas emissions by 30% by 2030, and to achieve net-zero emissions by 2050. Coty is also committed to sourcing 100% of its electricity from renewable sources by 2030.
To achieve these goals, Coty has implemented a range of initiatives focused on corporate energy and renewable energy. One of the key initiatives is the use of corporate power purchase agreements (PPAs) to source renewable energy. PPAs allow companies to purchase renewable energy directly from renewable energy generators, such as wind or solar farms. This approach provides a stable, long-term source of renewable energy, while also supporting the development of new renewable energy projects.
Coty has signed several corporate PPAs in recent years, including a 10-year agreement to purchase 100% of the electricity generated by a 130 MW solar project in Texas. The project is expected to generate over 350,000 MWh of electricity each year, which is enough to power over 30,000 homes. Coty has also signed a PPA for a 10 MW wind project in Oklahoma, which is expected to generate over 30,000 MWh of electricity each year.
In addition to corporate PPAs, Coty has also invested in on-site renewable energy projects. The company has installed solar panels at several of its facilities, including its manufacturing plant in Spain and its distribution center in the Netherlands. These projects have helped to reduce the company's reliance on grid electricity and have contributed to its overall renewable energy goals.
Coty has also implemented a range of energy efficiency measures across its operations. The company has conducted energy audits at its facilities to identify areas where energy consumption can be reduced. It has also implemented energy-saving measures, such as LED lighting, motion sensors, and energy-efficient HVAC systems.
Coty's commitment to decarbonisation and renewable energy has been recognized by several organizations. In 2020, the company was named to the CDP's A List for Climate Change, which recognizes companies that are leading the way in environmental stewardship. Coty was also recognized by the RE100 initiative for its commitment to sourcing 100% of its electricity from renewable sources.
Overall, Coty is a leading beauty company that is committed to reducing its carbon footprint and transitioning to renewable energy. The company's use of corporate PPAs and on-site renewable energy projects demonstrates its commitment to decarbonisation and its leadership in the beauty industry. With its ambitious targets and ongoing initiatives, Coty is well-positioned to continue driving progress towards a more sustainable future.