Marico’s defines its long-term sustainability goals until 2030

Marico unveils Sustainability 2.0 report; defines its long-term sustainability goals until 2030 on the 50th anniversary of World Environment Day 2022. The company has taken eight commitments in the decade of action to lead with impact and purpose

23 Jun 2023 | By Abhay Avadhani

Saugata Gupta, MD and CEO: As a responsible corporate, we aim to integrate sustainable practices into our core business strategy

Out of 50 key performance indicators across environmental, social and governance related
materiality themes that constitute Marico’s Sustainability 2.0 framework, the company has taken eight commitments in the decade of action to lead with impact and purpose.

Marico’s sustainability 2.0 framework is not only applicable to the India headquartered operations but encompasses the global business landscape. The material ESG goals are applicable across business units with targets set for 2030.

Covering over 50 KPIs across the environmental, social and governance pillars, the initiative defines Marico’s long-term sustainability goals that the company aims to achieve by 2030. The announcement maps a detailed framework for the deployment of various high impact initiatives. Saugata Gupta, MD and CEO, Marico, said, “Organisations today face multiple ESG challenges, from climate crisis to business ethics and human rights, none of which can be deferred or delayed any longer. The need to shift to more sustainable business operations is urgent and critical. The launch of our Sustainability 2.0 initiative reaffirms our commitment to becoming a future-ready organisation that creates value for all stakeholders, from its employees and business partners to the communities in which it operates.”

He added that the initiative will help us to reduce our environmental impact, balance profitability with sustainability, and implement a more transparent, efficient, and effective corporate governance framework.

As part of the deployment, Marico has outlined an eight-point commitment to effect change around the following key focus areas:

Net zero emissions in operations
Marico’s net zero emissions’ target in global operations has been set for 2040. In India, it intends to achieve net zero in operations by 2030. Transition to renewables, investments in low-carbon technology options, carbon forestry and 100% phase-out of fossil fuels from Marico’s operations are the key enablers for the company to transcend into its net zero, carbon neutral and climate resilient future.

Water stewardship
The company aims to achieve certified water-neutral operations across all its manufacturing
facilities by offsetting 100% of its consumption volume with capacity created for community use. Marico has estimated the water stress potential of its facilities in 2022 and created long term plans (up to 2030).

Additionally, operational measures will be adopted in each unit to optimise surface water consumption intensity by implementing water efficiency-based systems, rainwater usage for process cooling purposes and deploying zero liquid discharge (ZLD) principles to reduce consumption.

Recycling and circular economy initiatives
Marico aims to achieve 100% recyclable packaging by 2025, with a focus on sustainable packaging interventions and promoting circularity to reduce its carbon footprint. During this period, it plans to phase out hazardous substances such as PVCs while introducing at least 30% r-PCR in its packaging portfolio.

Responsible sourcing (Samyut)
Marico’s Responsible Sourcing Framework (Samyut) is anchored on three themes - Environmental stewardship, ethical responsibilities and social empowerment. The framework is instituted by a three-part roadmap that imbibes the company’s value chain partners into its philosophy and purpose of creating sustainable impact across its value chain.

By 2030, the company plans to roll out level 1 (capacity building and voluntary declaration of commitments) across 100% of its critical suppliers, and level 2 (Independent risk-based external audits to validate voluntary commitments) to 50% of its suppliers who have completed level 1. Additionally, annual reporting of metrics such as traceability, indigenous materials’ procurement share, and sustainable materials share will be part of Marico’s 2030 goals on responsible sourcing.

Sustainable coconut farming and boosting farmers’ livelihoods
Marico aims to empower around more than one lakh farmers about sustainable practices and develop a sustainable coconut standard that provides recommendations to offset the crop’s carbon footprint across its entire lifecycle. These measures are aimed at improving productivity and enhancing climate resilience, as well as offsetting carbon impact through afforestation programs, across coconut plantations. The program aims to enrol 4 + lakh acres of coconut plantation by 2025 and achieve a cumulative productivity improvement rate of 16%.

Responsible brands
By virtue of the organisation’s value systems, sustainable value creation is ingrained in every brand’s existence and purpose. By 2030, Marico aims to cohere the purpose, messaging, and impact-based actions of its top five brands by revenue with the goals and targets outlined by the United Nations Sustainable Development Goals (UN-SDG).

Each of the top five brands will annually quantify and disclose on the sustainable impacts created year-on-year in adherence to the relevant UN-SDGs alongwith its targets and indicators.

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