Global branded food company sets ambitious targets for reducing greenhouse gas emissions across its value chain over next 7 years
AUSTIN, MN / ACCESSWIRE / October 6, 2023 / Hormel Foods Corporation (NYSE:HRL), a Fortune 500 global branded food company known for its commitment to sustainability, recently had its greenhouse gas (GHG) reduction targets validated by the Science Based Targets initiative (SBTi). The company has committed to reduce absolute GHG emissions from its operations 50% by 2030 from a 2019 base year. Hormel Foods also commits to reduce absolute GHG emissions within its supply chain 27.5% within the same timeframe.
The company's ambitious targets are in line with the trajectory established during the Paris Climate Agreement to limit average temperatures rising by more than 1.5 degrees Celsius above pre-industrial levels.
"We are proud to announce these ambitious targets to help fight climate change," said Tom Raymond, director of environmental sustainability at Hormel Foods. "It is going to require all team members, partners and supply-chain members to reach these goals and continue to decarbonize every part of our value chain."
The company has already taken a variety of measures to reduce greenhouse gas emissions, including its energy efficiency and reduction efforts. In 2022, Hormel Foods increased its procurement of domestic renewable electricity from less than 10% to 100% through Power-Purchase Agreements that generate over 936 million kWh hours during 2022. For these efforts, the company has received awards from the Environmental Protection Agency and the Center for Resource Solutions.
Additionally, Hormel Foods received a ProFood World Sustainability Excellence in Manufacturing Award for its efforts to reduce water and energy at its progressive processing plant.
For more information about the company's 20 By 30 Challenge and environmental stewardship efforts, please visit the 2022 global impact report here.
ABOUT HORMEL FOODS - INSPIRED PEOPLE. INSPIRED FOOD.
Hormel Foods Corporation, based in Austin, Minn., is a global branded food company with over $12 billion in annual revenue across more than 80 countries worldwide. Its brands include Planters®, SKIPPY®, SPAM®, Hormel® Natural Choice®, Applegate®, Justin's®, Wholly®, Hormel® Black Label®, Columbus®, Jennie-O® and more than 30 other beloved brands. The company is a member of the S&P 500 Index and the S&P 500 Dividend Aristocrats, was named on the "Global 2000 World's Best Employers" list by Forbes magazine for three years, is one of Fortune magazine's most admired companies, has appeared on the "100 Best Corporate Citizens" list by 3BL Media 13 times, and has received numerous other awards and accolades for its corporate responsibility and community service efforts. The company lives by its purpose statement - Inspired People. Inspired Food. - to bring some of the world's most trusted and iconic brands to tables across the globe. For more information, visit www.hormelfoods.com and https://csr.hormelfoods.com/.
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SOURCE: Hormel Foods Corporation
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