Hershey Company Publishes 2022 ESG Report
The Hershey Company
The Hershey Company has released its 2022 Environmental, Social, and Governance (ESG) Report, which highlights the progress made towards its sustainability priorities and goals.
The report reflects Hershey's commitment to its global sustainability strategy, known as the Shared Goodness Promise, which integrates responsible and sustainable practices throughout its operations to foster long-term business resilience and growth.
Through its inaugural double materiality assessment and an update on key human rights issues, Hershey has reaffirmed its most significant concerns in 2022. The company remains dedicated to enhancing cocoa farming communities, upholding human rights throughout its value chain, mitigating its environmental footprint, and building a more robust and resilient workforce.
Embedding responsible and sustainable practices into its business transformation strategy, Hershey is on its journey to becoming a leading snacking powerhouse, delivering its beloved brands to consumers while prioritising sustainability.
Michele Buck, CEO of The Hershey Company, expressed gratitude to the employees, farmers, partners, and stakeholders who contribute to the company's progress in key focus areas such as responsible sourcing, carbon footprint reduction, and inclusivity. Their collective commitment drives Hershey's vision for a more sustainable and equitable future as they continue the journey together.
Supporting cocoa communities and farmer livelihoods is a key focus for Hershey through its Cocoa For Good strategy, which aims to invest $500 million by 2030. The company recently launched the Income Accelerator programme in Côte d'Ivoire, providing cash transfers and investments in Village Savings and Loan Associations to supplement farmer income and combat poverty.
Noteworthy cocoa-related achievements in 2022 include increasing cocoa sourcing visibility and implementing Child Labor Monitoring and Remediation Systems (CLMRS) to address child labour concerns.
Acting on climate change, Hershey is committed to reducing its environmental impact. The company aims to achieve a 50% absolute reduction in Scope 1 and 2 greenhouse gas (GHG) emissions by 2030.
It has made investments in reporting systems to monitor utility usage, transitioning to biofuel sources, and improving energy and water conservation. Hershey has seen positive results in reducing energy and water intensity at its manufacturing sites, and it continues to make progress in these areas.
Investing in a resilient supply chain and workforce is another priority for Hershey. The company values diversity, equity, and inclusion and has implemented initiatives, such as The Pathways Project, a five-year DEI framework. Hershey's efforts have been recognised by being named to DiversityInc's 'Top Companies for Diversity' list.
Initiatives like the 'Say Hola' programme have successfully integrated Spanish and English-speaking employees, leading to improved hiring and retention. Hershey is also committed to hiring veterans, with plans to expand partnerships with military hiring organisations and increase veteran hiring by 4%.
These accomplishments demonstrate Hershey's dedication to responsible and sustainable practices as it strives to become a leader in the snacking industry, making a positive impact on cocoa communities, the environment, and its diverse workforce.
To view and compare company ESG Ratings and Sustainability Reports across sectors, follow our Company ESG Profiles page.
For more investor-related news
Source: The Hershey Company