In February this year, Danone chief executive Emmanuel Faber did something unusual. He unveiled to investors for the first time a “carbon-adjusted” earnings target for Danone to take into account the estimated financial cost of the absolute greenhouse gas (GHG) emissions within its entire value chain.

Making the announcement, Faber said Danone couldn’t “wait one moment longer” to build climate resilience into its business and that he was dedicating a €2bn climate acceleration fund to transform Danone’s agriculture, energy and operations, packaging and digital capabilities over the next three years.