SUSTAINABLE FUTURE 2030
The biggest sustainability challenges facing the beverages industry, and Finlays’ approach to solving them
Words: Joe Yalley-Ogunro
Photography: Giulio Mazzarini
THE NATURAL BEVERAGES INDUSTRY IS FACING MANY CHALLENGES. CLIMATE CHANGE, SUPPLY CHAIN COMPLEXITY, AND SOCIAL ISSUES HAVE BECOME URGENT AND DEFINING GLOBAL THEMES – BOTH FOR OUR INDUSTRY AND FOR CONSUMERS – AND WILL ONLY CONTINUE TO GROW IN IMPORTANCE. THIS MAKES SUSTAINABILITY AT FINLAYS MORE IMPORTANT THAN EVER.
It’s a about joining forces with the wider industry and turning challenges into opportunities. Having absorbed the lessons from Sustainable Future 2018-2022, we’ve embarked on an ambitious sustainability agenda spanning three key pillars of sustainability, under the umbrella of Sustainable Future 2030.
These pillars are aligned to the biggest challenges facing our industry, and where we think we can have the greatest impact.
On the right you can see an overview of our new strategy, and on the following pages is more detail.
THE CHALLENGE: Scientific consensus is aligned that continued warming of the planet to above 1.5 degrees from pre-industrial levels will mean the resulting impacts are difficult to adapt to and irreversible. Already, we experience prolonged heatwaves, intensification of storm events and food and water insecurity. In May 2023, the UN indicated it’s more likely than not that 1.5 degrees will be reached by 2027. For agriculture, tea and coffee production which thrive in predictable weather conditions this poses significant challenges.
OUR APPROACH: Addressing climate change effectively requires a new level of ambition. At Finlays, we are committed to reducing our impact on the climate in line with science. The Science Based Targets initiative (SBTi) defines and promotes best practice in emissions reductions and target setting in line with climate science. More businesses are developing SBTi aligned targets and action plans to dramatically reduce emissions to net-zero by 2050. A key point of note is that, internationally, governments are not universally aligned behind achieving net zero by 2050.
Finlays commitment to SBTi will mean taking actions such as increasing use of renewable energy, innovating use of water and tackling emissions embedded in agriculture. Perhaps most importantly influencing our supply chain to be more sustainable is probably our greatest challenge. Fortunately, Finlays is priming our supplier relationship management approach to support us in achieving necessary progress.
THE CHALLENGE: In recent decades improved supply chain management processes have led to faster and more efficient production and distribution of goods globally. The challenges for supply chain sustainability are also subsequently greater. Environmental and social impacts, such as resource depletion and labour rights require complex solutions to understand the associated risks and to mitigate them. Key to positive outcomes will be collaboration and supplier engagement beyond the traditional compliance defined boundaries.
Organisations that take an ‘end to end’ approach to a sustainable supply-chain are being viewed as future proofing themselves
OUR APPROACH: In any strategy there are overlaps between key areas. Along with Finlays net zero ambitions, working with suppliers on traceability, due diligence and human rights will be a key part of a sustainable future by 2030. Incorporating economic, environmental and social challenges into a Sustainable Supply ambition is the second pillar of Finlays approach.
The business world is undergoing a bit of a revolution in supply chain management. Organisations that take an ‘end to end’ approach to a sustainable supply-chain are being viewed as future proofing themselves. Actions taken to embed continuous improvement in supplier relationships and performance are key to demonstrating a more responsible and sustainable supply chain. In this scenario it will be vital to engage, support and learn from suppliers to ultimately make Finlays’ supply chain more sustainable.
THE CHALLENGE: Social sustainability and impact are notoriously difficult to measure and evaluate. Globally, the importance of social sustainability in business is surging backed by improved human rights due diligence requirements. In the world of tea and coffee known for intensive labour practices, social sustainability is further under the microscope alongside climate change and supply chain.
OUR APPROACH: A socially sustainable approach that has demonstrable positive impact can only be as good as the people responsible for it are at understanding and implementing it. It also relies on how well impacted people are supported, valued and have access to remedy. It is why People is the third pillar of our Sustainable Future approach 2030. At Finlays we are committed to ensuring that the workplace environment across the whole business is one that values, supports and promotes people and recognises the contribution they play in and on behalf of our business. This will mean focussing on robustness of our HR data, continuing to champion women in leadership, a renewed focus on Diversity and Inclusion, and of course, re-focussing on Human Rights
Joe Yalley-Ogunro is Finlays’ Global Head of Sustainability
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