Sonoco Releases Corporate Responsibility Report

Rhea-AI Summary

Sonoco (NYSE: SON) released its 2020-21 Corporate Responsibility Report, outlining 2030 commitments to enhance sustainability by reducing energy, greenhouse gas emissions, water usage, and waste. The report emphasizes ambitious emissions reduction targets approved by the Science Based Targets initiative. Key initiatives include an investment of $115 million in Project Horizon, aimed at becoming the lowest-cost producer of uncoated recycled paperboard with a capacity of 180,000 tons and significant environmental benefits. Elizabeth Rhue will lead sustainability initiatives.

Positive

• Commitment to 2030 sustainability goals in energy and emissions reductions.
• Investment of $115 million in Project Horizon will enhance production capacity and environmental benefits.
• Promotion of Elizabeth Rhue to lead sustainability initiatives.
• Company recognized in Fortune’s World’s Most Admired Companies and Barron’s 100 Most Sustainable Companies.

Negative

• None.

Committed to Our Purpose, Our People and Our Planet

HARTSVILLE, S.C., July 28, 2021 (GLOBE NEWSWIRE) -- Sonoco (NYSE: SON), one of the largest diversified global packaging companies, today released its 2020-21 Corporate Responsibility Report, highlighting the Company’s new 2030 commitments to reduce energy usage, greenhouse gas emissions, water usage and wastes along with ongoing efforts to achieve greater packaging sustainability and recycling. The full report, Committed to our Purpose, Our People and Our Planet, is available here.

The report highlights several key environmental milestones, notably a commitment to ambitious 2030 greenhouse gas reduction goals in line with the Paris Climate Agreement to limit global temperatures to warming to well-below -2 degrees C above pre-industrial levels. Sonoco’s emission reduction targets were recently approved by the Science Based Targets initiative (SBTi).

“Packaging plays a fundamental role in providing sustainable, safe and hygienic delivery systems for food, medicines and other essential products. As a global leader in the production of uncoated recycled paperboard as well as a diverse mix of consumer and industrial packaging, it is of utmost importance to Sonoco to address environmental challenges, such as climate change, based on data-driven scientific criteria,” said Howard Coker, president and CEO. “Over the next decade, we will dedicate each of our more than 300 operations globally to fully participate in reducing greenhouse gas emissions by investing in energy efficiency and renewable energy projects, purchasing power from certified green energy sources and implementing our operational excellence processes to continuously reduce energy usage.”

To further strengthen its recycled paperboard mill system, Sonoco is investing $115 million in Project Horizon, a project designed with the goal of being the lowest cost producer of URB in the world with annual production capacity of 180,000 tons. Expected to be operational by the second quarter of 2022, Project Horizon will also generate important environmental benefits, including reducing electricity consumption by 16%, which in turn will drive a 16% reduction in greenhouse gas emissions as well as total water use by 25%.

To champion Sonoco’s sustainability efforts, Elizabeth Rhue has been promoted to lead the organization’s sustainability initiatives. Rhue will work closely with customers and Sonoco business units to identify opportunities to meet changing product needs and develop robust, comprehensive roadmaps to help the Company achieve its sustainability goals.

“We are also focused on further developing our EnviroSense® line of more sustainable packaging that incorporates increased recycled content and improved recyclability,” said Rhue, adding that EnviroSense is represented across the Company’s packaging portfolio from rigid plastics, to flexibles, to Sonoco’s iconic rigid paper containers.

About Sonoco
Founded in 1899, Sonoco (NYSE: SON) is a global provider of consumer, industrial, healthcare and protective packaging. With annual net sales of approximately $5.2 billion, the Company has 19,000 employees working in approximately 300 operations in 34 countries, serving some of the world’s best-known brands in some 85 nations. Sonoco is committed to creating sustainable products, services and programs for our customers, employees and communities that support our corporate purpose of Better Packaging. Better Life. The Company was listed as one of Fortune’s World’s Most Admired Companies for 2021 as well as being included in Barron’s 100 Most Sustainable Companies for the third consecutive year. For more information, visit www.sonoco.com.

FAQ

What are Sonoco's 2030 sustainability commitments?

Sonoco's 2030 commitments focus on reducing energy, greenhouse gas emissions, water usage, and waste in alignment with the Paris Climate Agreement.

How much is Sonoco investing in Project Horizon?

Sonoco is investing $115 million in Project Horizon, aimed at enhancing its recycled paperboard production.

When is Project Horizon expected to be operational?

Project Horizon is expected to be operational by the second quarter of 2022.

Who is leading Sonoco's sustainability initiatives?

Elizabeth Rhue has been promoted to lead Sonoco's sustainability initiatives.

What is Sonoco's annual net sales figure?

Sonoco has annual net sales of approximately $5.2 billion.