IFF Details Sustainability Leadership in 2023 Do More Good Report

Rhea-AI Summary

IFF has released its 2023 Do More Good Report, detailing its progress in environmental, social, governance, and sustainability (ESG+) strategies. Key accomplishments include helping avoid 24.6 million tonnes of CO2e emissions, achieving ESG leadership recognition, and reducing Scope 1 and 2 GHG emissions by 21% from 2021 levels. The report highlights the company's four strategic pillars: Sustainable Solutions, Climate & Planetary Health, Equity & Wellbeing, and Transparency & Accountability. Additional achievements include completing nine human rights impact assessments, obtaining zero waste to landfill verification for ten new facilities, and achieving no statistically relevant gender pay gap in 27 countries. IFF continues to support sustainable innovation, emphasizing its role in driving industry-wide change.

Positive

• Avoided 24.6 million tonnes of CO2e emissions using IFF innovations.
• Achieved ESG leadership recognition, included in Dow Jones Sustainability Indices for North America for the fourth consecutive year.
• Reduced Scope 1 and 2 GHG emissions by 21% from 2021 levels.
• Ten new facilities achieved zero waste to landfill verification, totaling 51 facilities.
• No statistically relevant gender pay gap in 27 countries assessed.
• 100% employee completion rate on annual business ethics training.
• Nine in-person human rights impact assessments completed in six countries.

Negative

• The financial implications of implementing these sustainability initiatives are not disclosed and might impact profitability.
• The report relies on self-reported data, which may carry a risk of bias.
• Details on how the sustainability initiatives translate into financial performance for shareholders are unclear.

Last year, more than 90% of all new IFF innovations included a sustainability value proposition that supports people and the planet.

NEW YORK--(BUSINESS WIRE)-- IFF (NYSE:IFF) today released its 2023 Do More Good Report, describing how the Company is progressing against its environmental, social, governance, and sustainable solutions (or ESG+) strategy across the organization. The report showcases that IFF enabled customers and consumers to avoid approximately 24.6 million tonnes of CO₂e emissions using IFF innovations, amongst other achievements. The new report can be experienced by visiting iff.com/domoregoodreport.

“Sustainability for us at IFF is more than just a cost of doing business today – it drives everything we do,” said Erik Fyrwald, IFF CEO. “Our passion for sustainable innovation, coupled with ambitious target-setting is vital in helping our customers achieve their sustainability goals and targets.”

This new report marks the third year following the 2021 launch of the Company’s Do More Good™ Plan, which strategically positions IFF to amplify industry-wide and societal change toward sustainable development. The Plan is built upon four pillars: Sustainable Solutions, Climate & Planetary Health, Equity & Wellbeing, and Transparency & Accountability. The Do More Good Report lays out IFF’s achievements in each respective pillar. Furthermore, the most recent disclosures are organized according to the results of a double materiality¹ assessment commissioned by IFF to understand and identify the most important ESG topics impacting its business, along with the factors where IFF may also have an impact on society and the environment.

Key accomplishments from 2023 include:

• ESG leadership recognition, such as qualifying as a constituent of the Dow Jones Sustainability Indices, North America, for the fourth consecutive year
• Nine in-person human rights impact assessments completed for strategic supply chains in six countries
• 21% reduction in Scope 1 and 2 GHG emissions below 2021 baseline levels
• Ten new IFF facilities achieved internal zero waste to landfill (ZWL) verification, totaling 51 ZWL major manufacturing facilities to date
• No statistically relevant gender pay gap in 27 countries assessed through EDGE Move level global certification
• 100% employee completion rate on annual business ethics training

The new report also includes examples of innovations led by sustainable thinking. For instance, IFF is one of the largest global buyers and harvesters of seaweed for hydrocolloids, which are essential ingredients in many foods, pharmaceuticals, fertilizers, and cosmetics. As part of its commitment to support members of the seaweed value-chain, IFF partnered with Bellona, an environmental NGO, to restore seaweed forests in northern Norway overtaken by more than 300 invasive species of sea urchins. Returning about 5,000 km² of urchin barrens back into vibrant kelp forests has inspired the visual graphics displayed in the 2023 report.

IFF retained an independent third party to assess whether the report presents a complete and balanced presentation of its sustainability activities and performance in accordance with the GRI Standards, and whether the 2023 information and data for specified indicators are fairly presented in accordance with the reporting criteria. IFF has annually issued a standards-adherent sustainability report since 2010. To learn more about past sustainability reporting at IFF, visit its report library. Also, use #DoMoreGoodxIFF to follow the conversation on social channels.

Welcome to IFF

At IFF (NYSE: IFF), an industry leader in food, beverage, health, biosciences and scent, science and creativity meet to create essential solutions for a better world – from global icons to unexpected innovations and experiences. With the beauty of art and the precision of science, we are an international collective of thinkers who partners with customers to bring scents, tastes, experiences, ingredients, and solutions for products the world craves. Together, we will do more good for people and planet. Learn more at iff.com, Twitter, Facebook, Instagram, and LinkedIn.

© 2024 by International Flavors & Fragrances Inc. IFF is a Registered Trademark. All Rights Reserved.

Regarding Forward Looking Statements

Statements in this annual ESG+ Report that are not historical facts or information are “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These forward-looking statements should be evaluated with consideration given to the many risks and uncertainties inherent in the Company’s business that could cause actual results and events to differ materially from those in the forward-looking statements. Certain of such forward-looking information may be identified by such terms as “expect,” “anticipate,” “believe,” “outlook,” “may,” “estimate,” “should” and “predict” or similar terms or variations thereof. Such forward-looking statements are based on a series of expectations, assumptions, estimates and projections about the Company, are not guarantees of future results or performance, and involve significant risks, uncertainties, and other factors, including assumptions and projections, for all forward periods. Actual results of the Company may differ materially from any future results expressed or implied by such forward-looking statements. The Company intends its forward-looking statements to speak only as of the time of such statements and does not undertake or plan to update or revise them as more information becomes available or to reflect changes in expectations, assumptions, or results. The Company can give no assurance that such expectations or forward-looking statements will prove to be correct. Any public statements or disclosures by IFF following this report that modify or impact any of the forward-looking statements contained in or accompanying this report will be deemed to modify or supersede such outlook or other forward-looking statements in or accompanying this report.

¹ As further explained in its report, "materiality" used in IFF’s ESG reporting does not correspond to the concept of materiality used under U.S. securities law or other applicable laws and does not represent any determination by the Company that any of the content contained in this report is “material” for purposes of U.S. securities law or in the context of financial reporting or its financial results. 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240529118764/en/

Media Relations:

Paulina Heinkel 332.877.5339

media.request@iff.com

Investor Relations:

Michael Bender 212.708.7263

Investor.Relations@iff.com

Source: IFF

FAQ

What are the key achievements mentioned in IFF's 2023 Do More Good Report?

Key achievements include avoiding 24.6 million tonnes of CO2e emissions, ESG leadership recognition, and a 21% reduction in Scope 1 and 2 GHG emissions from 2021 levels.

How has IFF performed in terms of reducing greenhouse gas emissions?

IFF has reduced Scope 1 and 2 GHG emissions by 21% from 2021 baseline levels.

What sustainability pillars are highlighted in IFF's 2023 report?

The report focuses on four pillars: Sustainable Solutions, Climate & Planetary Health, Equity & Wellbeing, and Transparency & Accountability.

How many IFF facilities have achieved zero waste to landfill verification?

A total of 51 IFF facilities have achieved zero waste to landfill verification, with ten new facilities verified in the recent report.

Does IFF have a gender pay gap?

According to the report, there is no statistically relevant gender pay gap in 27 countries assessed.

What is the Scope 1 and 2 GHG emissions reduction achieved by IFF?

IFF achieved a 21% reduction in Scope 1 and 2 GHG emissions compared to the 2021 baseline.

Did IFF complete any human rights impact assessments in 2023?

Yes, IFF completed nine in-person human rights impact assessments in six countries.