in the carbon footprint of per-liter ingredients, 2019 - 2020



in revenue since 2018


Fewer Carbon Emissions

Producing 1 liter of Oatly milk emits 80% fewer carbon emissions, uses 60% less energy and 79% less land than milk from cows

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The Path to Drawdown: Plant-based Diet

The meat-centric Western diet is responsible for one-fifth of global emissions. Land clearing, fertilizer use, and methane from burping cattle combined take an enormous toll on the environment and the climate.

Shifting to a diet rich in plants is a demand-side solution that reduces emissions and tends to be healthier. If the world adopted a vegan diet, business-as-usual emissions could be reduced by as much as 70%, and a vegetarian diet could reduce emissions by 63%. On top of this, adopting a plant-based diet could help save $1 trillion in annual health-care costs and lost productivity.

Meat-, fish-, and dairy-based dietary preferences are deeply ingrained in Western cultures, as well as in lower-income countries as they develop. Bringing about dietary change requires plant-based options that are widely available, visible, and enticing, including high-quality meat substitutes.

Project Drawdown estimates that, if 75% of the global population adopts a plant-rich diet by 2050, this dietary change can reduce GHG emissions by up to 91.72 gigatons: 68.32 gigatons from diverted agricultural production, 23.16 gigatons from avoided land conversion, and 0.24 gigatons from sequestration from ecosystem protection.

What We Want to See Improve

Reduce GHG Emissions

It’s very clear from their sustainability report that Oatly is poised to be a leader among sustainability-oriented companies. Their disclosure of their climate and environmental metrics also signals that they pay close attention to their carbon footprint and environmental impact. Yet, as they also lament (p. 8), Oatly’s emissions have gone up significantly in the last two years (111% increase) as they’ve grown their production and distribution. We agree with Oatly that it’s critical for them to reduce their absolute emissions as soon as possible even while they open new production facilities, and urge them to do so as soon as possible.

Increase Renewable Energy

While their overall energy consumption went down, Oatly admits (p. 12) that the climate impact of their energy use went up by 35%. This was because their share of renewable energy use declined as they expanded into regions without easy access to these sources of energy. We would like Oatly to re-up the proportion of renewables in their energy use until ultimately they operate on 100% renewable energy.

Adhere to Climate Disclosure Standards

We commend Oatly for their detailed climate disclosure in their sustainability metrics. But to make it easier for investors to compare Oatly’s disclosures with those of other companies, we want to see them adhere to widely-used reporting standards like the SASB and TCFD. These standards encourage a methodologically rigorous breakdown of total emissions by scope, which would allow stakeholders to more transparently evaluate Oatly’s carbon footprint and to hold them accountable to their commitments.

Related Plant-Based Diet Stocks in the Climate Index

View All Climate Index Stocks →

Allocated Company Description


Oatly Group AB (OTLY)

Oatley makes alternatives to dairy products from oats like milk, frozen desserts, and yogurt. Plant-based food can greatly cut emissions from agriculture


Beyond Meat (BYND)

Beyond Meat makes burgers, sausages, beef, and meatballs from plant-based sources. Plant-based diet can massively cut emissions from agriculture


The Hain Celestial Group, Inc. (HAIN)

HAIN sells meat alternative and plant-based food made from soy, rice, oats, almonds and coconut. Plant-based food is a key Drawdown solution


SunOpta Inc. (STKL)

SunOpta makes plant-based and fruit-based food and beverage products. Plant-based diet can cut emissions from agriculture


Burcon NutraScience Corp. (BRCN)

BRCN makes plant proteins and ingredients that go into food and beverage products. Plant-based food can massively cut emissions from agriculture


Laird Superfood, Inc. (LSF)

Laird Superfood makes plant-based and functional foods for optimal well-being and high-performance. Plant-based diet is a key Drawdown solution


MeaTech 3D Ltd. (MITC)

MeaTech makes lab-grown meat that’s 3D printed using stem cells. Their process doesn’t harm animals. Meat-free diet can massively cut agriculture emissions

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