BUSINESS WIRE: IFF Launches ESG 2030 ‘Do More Good Plan’
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NEW YORK --(BUSINESS WIRE)-- 13.12.2021 --
IFF (NYSE:IFF) today announced its environmental, social and governance (ESG) roadmap for the combined Company. The 2030 ‘Do More Good Plan’ (the Plan) includes ambitious targets that are aligned with IFF’s purpose of applying science and creativity for a better world.
“With our Do More Good Plan, we are taking another bold step in our aspirations to do more for people, planet and product,” said Andreas Fibig, IFF Chairman & CEO. “Ten years ago, when we formalized our sustainability program, we knew the journey would lead us to being even better partners with our customers, communities and stakeholders. To date, our efforts have achieved ratings above industry standards and have had real impact throughout our value chain. Today, we are going further. With this Plan, we are embedding even more ambitious targets, in our operations and partnerships, to address the urgent issues that affect our world.”
The Plan comprises four key areas:
To support environmental stewardship across its operations, IFF will accelerate its commitment to climate action by setting new science-based ambitions to reduce greenhouse gas emissions (GHGs) by 50% below 2021 levels by 2030; to achieve net zero GHGs by 2040; and to be net positive by 2050.1 By 2030, IFF will also verify zero waste to landfill, including plastics minimization, for all major manufacturing facilities, and champion water stewardship solutions within its operations. Additionally, the Company commits to accelerating its responsible sourcing practices by promoting regenerative ecosystems and achieving zero deforestation for strategic raw material supply chains by 2030, beginning with palm, soy and wood.
Aligned with its social responsibility targets, IFF is advancing its commitment to people and communities. Milestones include strengthening diversity, equity & inclusion within its workforce by having 40% people of color in management roles in the United States by 2030, with equitable representation in other markets globally; and aiming for greater gender balance with women holding 50% of all management roles, companywide. IFF is also committed to continuously improving its safety program by striving for an injury-free workplace, and achieving world-class safety performance. Within its responsible sourcing program, the Company will continue to promote human rights and animal welfare, while supporting farmers’ livelihoods and ensuring prosperous and equitable value chains.
To enhance accountability in line with evolving stakeholder expectations, the Company will launch ESG metrics tied to executive compensation and will expand oversight for ESG at the Board of Directors level. IFF remains on track to increase its transparency in disclosures and key performance indicators.
4. Sustainable Solutions
IFF will assist its customers in achieving their own ESG goals by delivering an expanded suite of sustainable solutions for the market. With this focus on sustainable growth, IFF intends for all new innovations to have a sustainability value proposition that supports people and planet with health & wellbeing products, solutions for sustainable food systems and circular economy strategies. As one of its climate action aspirations, the Company aims to enable customers and consumers to save at least 50 times more CO2e than generated at IFF’s own manufacturing sites by providing innovation solutions such as sustainable proteins as well as enzymes solutions which enable food waste reduction and energy savings.
“Our purpose is inextricably tied to securing a better, more sustainable world,” said Dr. Greg Yep, EVP, Chief Research & Development, Global Integrated Solutions and Sustainability Officer. “This Plan is designed to build on our long-standing commitments to people and planet while showcasing our strengths in science, technology and innovation. As a next step, we are operationalizing these ambitions and their action plans across our divisions and functions so that, together, we will achieve our goals and hold ourselves accountable in meaningful and measurable ways.”
Today’s announcement builds on IFF’s track record of ESG accomplishments, including the following:
- CDP “A” list designation for climate change, water security and forests.
- Dow Jones Sustainability Indices placement, 2nd consecutive year.
- Best Place to Work for LGBTQ Equality award, 3rd consecutive year.
- Best Place to Work for Disability Inclusion award, 2nd consecutive year.
- Economic Dividend for Gender Equality (EDGE) recognition for being the first company to earn Move level certification, globally.
To learn more about IFF’s Do More Good Plan, please visit iff.com/responsibilities/strategy-reporting and refer to IFF’s forthcoming 2021 sustainability report.
Welcome to IFF
At IFF (NYSE: IFF), an industry leader in food, beverage, scent, health and biosciences, science and creativity meet to create essential solutions for a better world – from global icons to unexpected innovations and experiences. With the beauty of art and the precision of science, we are an international collective of thinkers who partners with customers to bring scents, tastes, experiences, ingredients and solutions for products the world craves. Together, we will do more good for people and planet. Learn more at iff.com, Twitter, Facebook, Instagram, and LinkedIn.
1 Pending finalization and approval by the Science Based Targets Initiative
Chief Investor Relations & Communications Officer