Glanbia plc has provided an update on its sustainability strategy, which sets out environment, social and governance (ESG) goals.
In its financial results for the first half of 2021 this morning (August 12) – which saw the group deliver a performance “ahead of expectations” and surpass revenues of €2 billion – Glanbia said:
“In January 2021 the board approved a new long-term sustainability strategy across all dimensions of ESG which sets out Glanbia’s commitment to positive change.”
Glanbia added it has mapped the relevant UN Sustainable Development Goals to this strategy and will follow a systems’ approach that focuses on areas which can be influenced.
“On the environmental pillar with the ‘Pure Food + Pure Planet’ strategy, Glanbia has committed to a 31% reduction in carbon emissions at all manufacturing sites under operational control by 2030,” the group said, noting this environment strategy covers owned emissions and energy/electricity emissions.
In terms of indirect emissions from purchased goods and services a reduction of 25% per tonne of dairy product produced by 2030 from a 2018 base year has been set.
The plc’s targets under this strategy have now been validated by the Science Based Targets initiative (SBTi), the most ambitious global standard for best practice in emissions reduction.
On the social agenda, the group says it has accelerated its commitment to having a more diverse and inclusive working culture, with the development of a new group-wide diversity and inclusion strategy.
This is “to ensure that everyone has equal opportunities regardless of gender, religious belief, ethnicity, nationality or sexual orientation”.
Finally, governance changes have been implemented to support delivery and oversight of this ambitious sustainability strategy including the addition of ESG metrics for executive remuneration.
During the period a new Board ESG Committee was established and a member of the Executive Leadership Team (ELT) was nominated to oversee the delivery of the ESG strategy.
Michael Patten, group HR and corporate affairs director, took on the new role of chief ESG and corporate affairs officer in June 2021. This role is a member of the Group Environmental Leadership Team (ELT) and reports to the group managing director.
The group will report on progress towards meeting the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) at full year 2021.