Tate & Lyle commits to ambitious new environmental targets for 2030
According to Tate & Lyle, the targets are aligned to the delivery of its purpose of ‘Improving Lives for Generations’, a key pillar of which is to care for the planet and protect its natural resources for the benefit of future generations.
The new targets include a 30% absolute reduction in Scope 1 and 2 CO2e emissions by 2030 – with an ambition to reach 20% reduction by 2025 – and a 15% absolute reduction in Scope 3 CO2e emissions. The company also pledges to ensuring 100% of its waste is beneficially used by 2030, with an ambition to reach 75% by 2025; as well as a 15% reduction in water use.
Scope 1: Direct emissions from owned or controlled sources
Scope 2: Indirect emissions from the generation of purchased energy
Scope 3: Other indirect emissions such as the growing and production of purchased materials, including corn, and transportation of purchased fuels and other goods.
In adopting these targets, Tate & Lyle aims to eliminate use of coal from its operations by 2025 and establish its Scope 1, 2 and 3 CO2e emissions reductions as Science-Based Targets (to limit global warming to well-below 2°C above pre-industrial levels and pursue efforts to limit warming to 1.5°C, aligned to the Paris Agreement goal).
It also commits to maintaining sustainable acreage equivalent to the volume of corn it buys globally each year – currently 1.5 million acres – and to accelerate the adoption of conservation practices through partnerships.
The new commitment builds on steps Tate & Lyle has already taken, including partnering with Truterra (formerly Land O’Lakes Sustain) to launch a sustainable agriculture programme to help growers in the US Midwest adopt sustainable practices that will benefit their crops and their profitability.
“There has never been a greater need for businesses to address the climate change crisis,” said Nick Hampton, CEO of Tate & Lyle.
“One of the key pillars of our purpose of Improving Lives for Generations is to care for our planet and with our new environmental targets and commitments we are taking decisive action to protect our planet’s natural resources for the benefit of future generations.”
To demonstrate its commitment to the new targets, Tate & Lyle has linked the pricing of its $800m revolving credit facility, extended in May 2020, to the delivery of its new Scope 1 and 2 CO2e emissions, beneficial waste and water reduction targets.
“These stretching new targets demonstrate our steadfast commitment to integrate sustainability into our day-to-day business activities, processes and culture,” said Anna Pierce, director of Sustainability at Tate & Lyle.
Progress against these targets will be measured and published in Tate & Lyle’s Annual Report each year.