COFCO International
released its Sustainable Development Report for 2023, focusing on environmental, social, and corporate governance issues. The company aims to create a green global food supply chain, directly source soybeans from
Brazil
, and reduce carbon emissions. COFCO's ESG performance ranked highest in the food industry, contributing to global food security and hunger eradication.
Key Highlights:
*COFCO developed a new sustainable development strategy for a green global food supply chain
* COFCO aims to directly source 100% of Brazils soybeans from farms in 2023
* COFCO submitted a carbon reduction target for 2023 to the Science-Based Carbon Target Initiative
Original Press Release:
June 21
--
COFCO Corp
issued the following news release:
Recently,
COFCO International
released its 2023 Sustainability Report at its headquarters in
Geneva, Switzerland
. The report, titled "Towards More Ambitious Sustainable Development Goals," details the company's progress in ESG issues such as the environment, society and corporate governance over the past year.
The report points out that, at present, multiple challenges such as climate change, biodiversity loss and resource shortages are intertwined, bringing unprecedented pressure to food and agricultural production. To this end,
COFCO International
, a specialized company under
COFCO Group
that operates overseas bulk agricultural products, has formulated a new sustainable development strategy and put forward more ambitious goals to build a green, low-carbon, safe and smooth global food supply chain.
In order to protect the Brazilian rainforest and Cerrado grasslands and curb deforestation caused by the expansion of local agricultural production,
COFCO International
continues to build a Brazilian soybean traceability system to ensure that the purchased soybeans do not involve deforestation. In 2023,
COFCO International
will achieve 100% traceability of soybeans directly purchased from
Brazil
to farms, and will sign
China's
first "zero deforestation" Brazilian soybean order with
Mengniu Group
. In
May 2024
,
COFCO Group's
first ship of "zero deforestation" Brazilian soybeans arrived at Tianjin Port.
In order to reduce carbon emissions in global business operations and respond to climate change,
COFCO International
has accelerated the implementation of its climate strategy and submitted its carbon reduction targets to the Science Based Targets Initiative (SBTi), an international authoritative organization, in 2023, which was approved. After review, the organization confirmed that
COFCO International's
emission reduction targets are in line with the global 1.5°C temperature control target stipulated in the Paris Agreement. This makes
COFCO International
the first major international grain trader to pass the standard review.
In terms of ESG risk management, according to a report released by Sustainalytics, a rating agency under Morningstar,
COFCO International's
ESG rating result in 2023 was the "highest level in the industry", ranking second among more than 100 companies participating in the agricultural group worldwide, and first among the world's major multinational grain traders.
Dong Wei
, CEO of
COFCO International
, said: "
COFCO International's
mission is to meet the world's food needs in a responsible way. As a major international grain trader, we can help the green transformation of the food system by developing sustainable agriculture, protecting the environment and improving farmers' livelihoods. Therefore, sustainable development is at the core of our work, which also contributes to promoting global food security and eliminating hunger."
COFCO International's
2023 Sustainability Report is compiled in accordance with the standards of the
Global Reporting Initiative
(GRI). The report is published in four languages: English, Chinese, Spanish and Portuguese and can be downloaded from the company's website at https://www.cofcointernational.com/sustainability/.
Disclaimer: The Above Content is Auto-Translated
Source:
COFCO Corp
[Category: Chemicals, Fertilizers & Agricultural Chemicals, ESG]
