At the end of 2022, Telefónica not only managed to post results that exceeded some of the analysts’ forecasts but also beat many of the ESG objectives set as a goal until that date.
This, at least, is what the sustainability report published by the telecommunications company during the last weeks of March indicated, in which the company pointed out that “the group met its goals in 2022”, thanks to the culmination of objectives such as the reduction of emissions.
And is that, according to this report published by the company, Telefónica reduced its direct CO2 emissions by 80 percent from 2015 to 2022.
A decrease in the amount of greenhouse gases discharged into the atmosphere is explained “by the introduction of more efficient technologies, as well as the use of renewable energies in 100 percent of its facilities in Europe, Brazil, Chile, and Peru”, and that, in addition, allowed them to reach a target set for 2030, 8 years in advance.
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Telefónica’s main advances in ESG matters
As Telefónica indicated in its sustainability report, the company’s ESG objectives are mainly focused on achieving the goal of being carbon neutral by 2040.
With this goal in mind, the company led by José María Álvarez-Pallete set a first checkpoint in 2030, which they would have to reach with certain parameters met, as explained above.
The fact is that, apart from the 80 percent emissions reduction target that Telefónica expected to meet by then, the company also exceeded other targets in social and governance matters.
This was the case, for example, with the company’s idea of leading the industry in terms of digital rights, achieving first place in these rankings prepared by the RDR institution.
Telefónica, likewise, also managed to move the goal of adjusting its gender pay gap to below 1 percent to the file cabinet of goals met before 2030.
The achievement of this goal, in fact, came after the indicator fell from 1.18 percent in 2021 to 0.74 percent in 2022.
The targets that Telefónica still needs to meet by 2030
Despite all this great progress, the IBEX 35 listed company also pointed out in its report that some of the targets set for 2030 will require more work on its part.
This is the case, for example, of the company’s intention to use 100 percent renewable energy in its facilities.
At the end of 2022, Telefónica managed to make progress with respect to the 79 percent use of renewables that it had achieved in 2021, but it remained at 82 percent, which will force it to continue rowing in this direction over the next few years.
In relation to indirect emissions produced by its suppliers and partners, meanwhile, Telefónica will have to work even harder, as its target of reducing these to 56 percent by 2030 is still some way off.
In 2022, the company closed this section with a 32 percent decrease from 2015. A figure that represented a good progression from the 27 percent recorded in 2021, but which showed that there is still some way to go to reach the target set for 2030.
Finally, another area for the telecommunications company to improve is the diversity of its Board of Directors, since the 33.3 percent female representation at the end of 2022 was the same as in 2021, and implies that the company will have to improve in order to achieve parity in its top management.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
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First published in Social Investor, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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