Tate & Lyle has announced a set of ambitious environmental targets including a commitment to cut CO2 emissions 20% by 2025 and 30% by 2030.
It also plans a 15% absolute reduction in Scope 3 CO2e emissions (other indirect emissions from its supply chain) by 2020, along with a 15% drop in water use. In addition, it is targeting 100% of its waste to be ‘beneficially’ used in 10 years, with an ambition to reach 75% by 2025.
The ingredients supplier said the new targets build on the steps already taken to enhance Tate & Lyle’s sustainability across its entire value chain.
To demonstrate its commitment to the new environmental targets, Tate & Lyle has linked the pricing of its USD800m revolving credit facility, extended in May 2020, to the delivery of its new CO2e emissions, beneficial waste and water reduction targets. CEO Nick Hampton said the goals demonstrated how the company’s ‘sense of purpose’ was allowing it to grow their business and make a positive impact on society at the same time.
“The targets we’ve set out today are an acceleration of the good performance we’ve seen in the last 10 years,” he said. “We’ve reduced our greenhouse gas emission by just over 20% in the last 12 years. We’re committing to another 30% reduction by 2030. Importantly, they are science-based targets that will allow us to align with the goals of the Paris Agreement, so we do our part to deal with the challenges of climate change. Alongside that, we’re committing to support sustainable agriculture in the US, equivalent to all the corn we buy each year and that’s an industry first.” The company has made other new commitments as part of its sense of purpose. Through its low/no calorie sweeteners and fibers, for instance, it intends to help remove nine million tons of sugar from people’s diets, equivalent to 36 trillion calories, by 2025.
The commitments came as Tate & Lyle posted a 2% rise in revenue and 4% increase in profits last year, led by a strong performance in its food and beverage division, which reported a 10% rise in profit, and 5% rise in revenue in 2019.