Tate & Lyle announces new green targets
May 22, 2020, London, U.K. – Tate & Lyle PLC, a leading supplier of food and beverage ingredients and solutions, has announced a set of ambitious new environmental targets and commitments.
The targets are aligned to the delivery of the company’s purpose, 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.
These new targets and commitments build on the steps already taken to enhance Tate & Lyle’s sustainability across its entire value chain.
The new environmental targets are, by 2030, to deliver:
- A 30-per-cent absolute reduction in Scope 1 and 2 carbon dioxide equivalent (CO2e) emissions, with an ambition to reach 20-per-cent reduction by 2025.
- A 15-per-cent absolute reduction in Scope 3 CO2e emissions.
- One hundred per cent of its waste to be beneficially used, with an ambition to reach 75 per cent by 2025.
- A 15-per-cent reduction in water use.
In adopting these targets, Tate & Lyle commits to:
- Eliminate use of coal from its operations by 2025.
- Establish its Scope 1, 2 and 3 CO2e emissions reductions as science-based targets.
- Maintain sustainable acreage equivalent to the volume of corn Tate & Lyle buys globally each year, currently 1.5 million acres, and through partnerships accelerate the adoption of conservation practices.
In September, Tate & Lyle announced a landmark sustainable agriculture program in partnership with TruterraTM to help growers in the U.S. Midwest understand the impact sustainable practices can have on their crops and their profitability, and to adopt them.
To demonstrate its commitment to the new environmental targets, Tate & Lyle has linked the pricing of its $800 million (U.S.) 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.
“There has never been a greater need for businesses to address the climate change crisis,” said company chief executive Nick Hampton. “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.”