Givaudan makes huge commitment to sustainability with 2020 goal
Global scent and flavor industry market leader Givaudan, which is responsible for an enormous portion of the aromas and tastes we come into contact with every day, has made a huge commitment to sustainability. The company, which buys around 10,000 different raw materials each year to create its products, has promised to source 90% of them sustainably. This is a big commitment for any company, but a company with so varied and ubiquitous a footprint as Givaudan is especially noteworthy – as is the fact that they are the first movers in their industry.
Givaudan’s share price is up 21% so far this year
SOURCE: Yahoo Finance
The Tree Forest Trust, a non-profit organization which aims to improve global supply chains for people and the planet, is amongst the first bodies to officially congratulate Givaudan. CEO Bastien Sachet said that the goal was “a real step forward for the flavours and fragrances industry.” He added:
“We haven’t yet seen similar commitments made by any other player, and I commend them for it. I hope this will be the start of a chain reaction in the industry, where others will look to Givaudan’s example and want to be involved.”
Givaudan itself wouldn’t comment on a planned timeline for the initiative. Nor would it reveal how many of its raw materials are currently sourced sustainably. However, a company spokesperson made the following comment:
“We are in the starting phase of the programme where the focus is on creating supply chain transparency first through assessments. In due course we will report progress on volumes of responsibly sourced materials. We are working with third parties for the supply chain assessments and to provide guidance on improvement actions where needed. We may include auditors for tracking progress on improvement actions depending on our findings.”
Dominion holds Givaudan in its Global Trends Managed Fund.
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