CFO at Nestlé UK and Ireland Discusses ESG Investment
Even though it was a "difficult and turbulent year," the chief financial officer of Nestlé UK and Ireland looked at the company's ESG (environmental, social, and governance) initiative.
Nestlé has over 2,000 brands and is present in 187 countries. It has manufacturing sites in the UK and Ireland.
Matthieu Weber, the chief financial officer of Nestlé UK and Ireland, said that 2022 had been a "challenging and turbulent year," but that investments had continued to help the company reach its ESG goals.
"The devastating war in Ukraine has had ramifications across the world, driving inflation and exacerbating the cost-of-living crisis, as well as restricting commodity supply in certain areas," he said. "Throughout these challenges, our business has demonstrated strong resilience as we remained focused on delivering the best products to our customers and our consumers.
"We’ve also not let the economic challenges undermine our work to deliver on our ESG commitments. Earlier this year, Nestlé unveiled a €1.25bn plan to support ethical cocoa growers, while in the UK, we kicked off a 'wheat plan' with Shreddies suppliers to promote regenerative agricultural practices. These are supported by numerous actions, such as switching to low-emission delivery vehicles in our owned fleet to cut our carbon footprint and introducing 100 per cent recyclable paper wrapping for our iconic Quality Street chocolates.
"We plan to continue to generate value for shareholders and society, using innovation and digitalisation to build ever closer relationships with our customers and the consumer. We know that the economic outlook will remain challenging, but we remain committed to ongoing investment in our sustainability programmes, with a focus on climate action, packaging, and sourcing."
Weber said the challenging economic conditions were set to continue into 2023, but Nestlé was committed to ensuring its products remained affordable.
He said: "We know that the difficult economic climate in 2022 will, unfortunately, continue into 2023, with further commodity and energy inflationary pressures forecast. Our main goal will be to make sure that people can buy the products and brands they know and love at prices they can afford, while still paying fair prices to our suppliers, like farmers and small businesses. We are committed to working with all of our food industry partners to reach this goal. Before we raise prices, we will always look for ways to cut costs and improve efficiency.
"Crucially, these cost pressures facing businesses cannot be allowed to impact the work required to do business more sustainably. For our part, we will continue to invest in measures to halve our emissions by 2030 and reach net zero by 2050 at the latest."
Source: Insider Media