- Bunge’s 2022 Global Sustainability Report highlights success of program targeted at traceability of indirect suppliers in South America
- The company launched a financial incentive mechanism, with commercial benefits for resellers as they make progress toward their suppliers’ traceability
- Global Sustainability Report demonstrates Bunge’s climate action plans and science-based emissions reduction targets with growing need for more sustainable food and fuel systems globally
Bunge (NYSE:BG) announced today that it has exceeded its non-deforestation targets for monitoring and traceability of soybean crops from its indirect supply chain in the Brazilian Cerrado. Through the Bunge Sustainable Partnership program, the company is now able to monitor at least 64% of indirect volumes in the priority regions, surpassing the 50% target set for 2022. In its Global Sustainability Report, the Company highlights this success which is an important achievement as company draws closer to achieving deforestation free supply chains in 2025. The Bunge Sustainable Partnership Program is one of the many efforts that allowed Bunge to reach over 95% deforestation free soybean supply chain in the priority regions of Brazil.
“Our commitment to integrate sustainability into daily decisions we make as a company requires deep engagement with all our partners. For Bunge and the entire agriculture and food supply chains, we believe achieving real progress on non-deforestation means reaching new heights in the implementation of our approach and technology. The progress we have made in the past year is a testament to our collaborative efforts with farmers and customers and is evidence of the sustained impact we can provide,” said Greg Heckman, Bunge’s Chief Executive Officer.
The Bunge Sustainable Partnership program, launched in 2021, was designed to help grain resellers assess suppliers’ social-environmental performance, including farm-scale satellite monitoring. Bunge was the first company to foster a large-scale effort in the Cerrado to track indirect purchases by sharing knowledge, methodologies and tools with resellers. The program is raising the standards for transparency and traceability for the indirect soy supply chain.
Bunge also launched a financial incentive mechanism, with commercial benefits for resellers as they make progress toward their suppliers’ traceability. The company will also add other incentives for participating resellers, including increased access to digital monitoring tools and data.
Bunge’s commitment to be free of deforestation and native vegetation conversion in its value chains in 2025 is a central part of the company’s business strategy and planning – and is a crucial element to its climate and emissions reduction goals. Detailed progress toward its core deforestation metrics, emissions reduction targets and other sustainability progress measures were also released today as part of Bunge’s 2022 Global Sustainability Report.
“Our business strategy is built around the growing need from our customers and partners to provide low-carbon solutions for the world. Bunge remains in a strong position to deliver as a sustainability leader and global connector for a better tomorrow,” said Rob Coviello, Bunge’s Chief Sustainability Officer and Government Affairs.
Additional highlights from Bunge’s 2022 Global Sustainability Report include:
- Action on Climate: Bunge is reinforcing its commitment to climate action through the implementation of science-based targets (SBTs) to reduce greenhouse gas emissions within the company’s operations and throughout its supply chains.
- Responsible Supply Chains: Bunge is publishing its 2022 Global Non-Deforestation Progress Report, highlighting that it has achieved 100% traceability data for our direct-to-farm purchases for priority areas in Brazil, Argentina and Paraguay.
- Accountability: Bunge is continuing to share key milestones, recognitions and programs with stakeholders regarding the most relevant commitments and time-bound targets.
To read Bunge’s Global Sustainability Report and detailed progress toward its non-deforestation commitment, visit bunge.com/sustainability.
At Bunge (NYSE: BG), our purpose is to connect farmers to consumers to deliver essential food, feed and fuel to the world. With more than two centuries of experience, unmatched global scale and deeply rooted relationships, we work to put quality food on the table, increase sustainability where we operate, strengthen global food security, and help communities prosper. As the world’s leader in oilseed processing and a leading producer and supplier of specialty plant-based oils and fats, we value our partnerships with farmers to improve the productivity and environmental efficiency of agriculture across our value chains and to bring quality products from where they’re grown to where they’re consumed. At the same time, we collaborate with our customers to create and reimagine the future of food, developing tailored and innovative solutions to meet evolving dietary needs and trends in every part of the world. Our Company is headquartered in St. Louis, Missouri, and we have almost 23,000 dedicated employees working across approximately 300 facilities located in more than 40 countries.
We routinely post important information for investors on our website, www.bunge.com, in the "Investors" section. We may use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.
Cautionary Statement Concerning Forward-Looking Statements
This Bunge press release contains both historical and forward-looking statements. All statements, other than statements of historical fact are, or may be deemed to be, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are not based on historical facts, but rather reflect our current expectations and projections about our future results, performance, prospects and opportunities. We have tried to identify these forward-looking statements by using words including “may,” “will,” “should,” “could,” “expect,” “anticipate,” “believe,” “plan,” “intend,” “estimate,” “continue” and similar expressions. These forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. The following important factors, among others, could cause actual results to differ from these forward-looking statements: the impacts of the COVID-19 pandemic and other potential pandemic outbreaks; the effect of weather conditions and the impact of crop and animal disease on our business; the impact of global and regional economic, agricultural, financial and commodities market, political, social and health conditions; changes in governmental policies and laws affecting our business, including agricultural and trade policies, financial markets regulation and environmental, tax and biofuels regulation; the impact of seasonality; the impact of government policies and regulations; the outcome of pending regulatory and legal proceedings; our ability to complete, integrate and benefit from acquisitions, divestitures, joint ventures and strategic alliances; the impact of industry conditions, including fluctuations in supply, demand and prices for agricultural commodities and other raw materials and products that we sell and use in our business, fluctuations in energy and freight costs and competitive developments in our industries; the effectiveness of our capital allocation plans, funding needs and financing sources; the effectiveness of our risk management strategies; operational risks, including industrial accidents, natural disasters and cybersecurity incidents; changes in foreign exchange policy or rates; the impact of our dependence on third parties; our ability to attract and retain executive management and key personnel; other factors affecting our business generally; and the risks and uncertainties described in our Securities and Exchange Commission filings, including those set forth in the Risk Factors section and under the heading “Cautionary Statement Regarding Forward Looking Statements” in our most recently filed Annual Report on Form 10-K. The forward-looking statements included in this release are made only as of the date of this release, and except as otherwise required by federal securities law, we do not have any obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances.