Outlines Progress and Future Ambitions Across
its Sustainability Priorities
HERSHEY,
Pa., June 4, 2024 /PRNewswire/ -- Hershey
(NYSE: HSY) today announced the release of its 2023 Environmental,
Social and Governance (ESG) Report, sharing progress towards
business resilience and impact in its material priorities.
The report outlines how the company is implementing its
global sustainability strategy across its six priority areas –
cocoa, responsible sourcing and human rights, environment, people,
youth and community. Hershey is working toward its vision to become
a Leading Snacking Powerhouse, and the company's responsible and
sustainable practices play an integral role in its business.
"Hershey remains focused on strengthening our business and
making the biggest impact in our focus areas," said Michele Buck, CEO of The Hershey Company. "While
we have more to do on this journey, the collective efforts of our
team, in partnership with leading organizations and key
stakeholders, will continue to propel us forward. Our actions and
progress are aimed at driving long-term resiliency for our
business, sustainability for our planet and the well-being of our
people."
Building more resilient and sustainable supply
chains
Hershey's Cocoa For Good strategy, underpinned with a
$500 million investment, includes
initiatives to create a supply chain where farmers, and their
children and families, can prosper. Today, Hershey has invested 51%
of that commitment. Achievements include:
- Improving farmer income and livelihoods: The Hershey
Income Accelerator Program (HIAP) was launched in spring of 2023,
and the company has reached 1,850 cocoa farmers with first cash
transfers for the adoption of sustainable farming practices.
- Investing in children's well-being: Hershey made
investments to improve education infrastructure, provide school
nutrition, deliver school supplies and help children obtain birth
certificates. As part of an agreement with the Côte d'Ivoire's CNS
(National Oversight Committee of Actions Against Child Trafficking,
Exploitation and Child Labor) and the International Cocoa
Initiative (ICI), Hershey is funding construction of 12 primary
schools in cocoa-producing communities. The first school opened in
Drissapé, Côte d'Ivoire in December
2023.
- Launching a new human rights framework: Hershey's new
human rights framework, the Human Rights Impact Pathway, was
developed to guide the company's future programming to address the
most complex issues and drive systemic improvements that remove
barriers to basic human rights.
Acting on climate change and reducing waste for
business resiliency
Across its global operations, Hershey
took actions to safeguard the planet, expanding efforts to reduce
emissions in its value chain while advancing nature-based projects
to combat climate change. Progress updates from 2023 include:
- Minimizing greenhouse gas emissions: The company
achieved a 43% reduction in Scope 1 and 2 emissions against a 2018
baseline and is on track to achieve a 50% absolute reduction by
2030.
- Eliminating packaging waste and improving circularity:
Hershey phased out more than 1.7 million pounds of material by
eliminating, redesigning and reducing packaging in 2023.
- Accelerating deforestation commitments: Recognizing the
immediacy of climate change, the company accelerated the end date
for its deforestation and conversion-free commitment from 2030 to
2025.
- Reducing water usage: The company achieved a 20%
absolute reduction in combined water use across all facilities
since 2022, which includes a 46% reduction at corporate
headquarters.
Fostering togetherness in the workplace to advance innovation
and business growth
Hershey's people-focused programs help
advance innovation, business growth and create a strong and fair
company culture. Such initiatives include:
- Strengthening the talent pipeline: Hershey developed a
new leadership development pilot program called the LSP Leader
Accelerator to further improve how the company feeds the talent
pipeline and develops talent from within.
- Providing transparency on pay: The company implemented
pay transparency procedures for each salaried employee's Annual
Compensation Statement including metrics to illustrate how base
salary is positioned in the external marketplace and earning
potential for their current job.
- Hiring veterans: As part of their Pathways to JOIN,
REACH OUT and GROW framework to draw a wider range of people to
work with Hershey, the company exceeded their target to recruit
more veterans and expanded data disclosed on recruitment.
About The Hershey Company
The Hershey Company is an industry-leading snacks company known
for making more moments of goodness through its iconic brands,
remarkable people and enduring commitment to doing the right thing
for its people, planet, and communities. Hershey has more than
20,000 employees in the U.S. and worldwide who work daily to
deliver delicious, high-quality products. The company has more than
90 brand names in approximately 80 countries that drive more than
$11.2 billion in annual revenues,
including Hershey's, Reese's, Kisses, Kit
Kat®, Jolly Rancher, Twizzlers and Ice Breakers,
and salty snacks including SkinnyPop, Pirate's Booty
and Dot's Homestyle Pretzels.
For 130 years, Hershey has been committed to operating fairly,
ethically and sustainably. The candy and snack maker's founder,
Milton Hershey, created Milton Hershey School in 1909, and since then,
the company has focused on helping children succeed through
equitable access to education.
To learn more visit www.thehersheycompany.com.
Follow:
http://www.twitter.com/hersheycompany
https://www.linkedin.com/company/the-hershey-company
http://www.facebook.com/hersheycompany
http://www.youtube.com/hersheycompany
http://www.instagram.com/hersheycompany
View original content to download
multimedia:https://www.prnewswire.com/news-releases/hershey-releases-2023-esg-report-302162798.html
SOURCE The Hershey Company