These targets are aligned to the delivery of Tate & Lyle’s purpose, Improving Lives for Generations, a key pillar of which is to care for our planet and protect its natural resources for the benefit of future generations.
Tate & Lyle’s new environmental targets are, by 2030, to deliver:
- 30% absolute reduction in Scope 1 and 2 CO2e emissions, with an ambition to reach 20% reduction by 2025.
- 15% absolute reduction in Scope 3 CO2e emissions.
- 100% of its waste to be beneficially used, with an ambition to reach 75% by 2025.
- 15% 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.
To demonstrate its commitment to the new environmental targets, Tate & Lyle has linked the pricing of its US$800 million 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.
Nick Hampton, Chief Executive at Tate & Lyle, said: “There has never been a greater need for businesses to address the climate change crisis. 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.”
Anna Pierce, Director of Sustainability at Tate & Lyle, added: “These stretching new targets demonstrate our steadfast commitment to integrate sustainability into our day-to-day business activities, processes and culture.”