Avery Dennison

Containers & Packaging

AVY

$ 168 1.8

Share price

$ 14 bn

Market Cap

$ 17 bn

Enterprise Value

Carbon footprint

GHG emissions per $ 1 mln investment

0.81x the weighted average for S&P 500

FY2020

Primary Climate Goal

Proj. YOY change in GHG emissions (Scope 1 + 2)

In line with the -5.1% weighted average for S&P 500

FY2021

Avery Dennison aims to reduce Scope 1 + 2 by 70% by 2030 from a base year 2015

1.5°C

Secondary Climate Goal

Proj. YOY change in GHG emissions (all Scopes)

Weaker than the -6.9% weighted average for S&P 500

FY2020

Avery Dennison aims to achieve net zero for all Scopes by 2050

This target has not been verified as science based according to SBTi

GHG emissions and Carbon intensity

Avery Dennison reported Total CO2e Emissions - Market-Based Scope 1 + Scope 2 for the twelve months ending 31 December 2020 at 402 Kt (-72 /-15.2% y-o-y). Also positively, carbon intensity declined to 58 t (-9.3 /-13.9% y-o-y).

Avery Dennison's Scope 3 emissions soared to 3,322 Kt (+2,819/+560% y-o-y). The time series has been volatile over the last few periods.

The company is committed to reducing Scope 1 + 2 by 70% by 2030 from a base year 2015, which translates into the estimated reduction of -19 Kt per annum over the period of FY2021 - FY2030. This science-based target is aligned with Paris Agreement to limit global warming to 1.5°C above pre-industrial levels.

Also, the company commits to achieving net zero for all Scopes by 2050, which translates into the estimated reduction of -122 Kt per annum over the period of FY2020 - FY2050. This target, however, has not been recognised as science-based (and as aligned with Paris Agreement) by the SBTi.

Date	Total CO2e emissions (market-based Scope 1 & 2) (Kt)	Scope 1	Scope 2	Scope 3	Revenue (USDm)	Carbon intensity (tons of CO2e) / (USDm)
2020Q4	402				6,972	58
2019Q4	474	282	192	3,322	7,070	67
2018Q4	503	307	196	503	7,159	70
2017Q4	537	244	302	546	6,614	81
2015Q4	692	296	396	692	5,967	116