Pilgrim’s Becomes First Global Meat and Poultry Company to Offer Sustainability-Linked Bond
March 25 2021 - 8:36AM
Pilgrim’s Pride Corporation (NASDAQ: PPC) today announced it is
offering a $1 billion sustainability-linked bond tied to efforts to
reduce greenhouse gas emission intensity across its global
operations. The bond is the first of its kind to be issued by a
global meat and poultry company, and aligns with Pilgrim’s vision
to be the best and most respected company in its industry.
“Since the release of our inaugural corporate responsibility
report nearly a decade ago, Pilgrim’s has set ambitious
environmental improvement targets and publicly reported our
progress to the market,” said Fabio Sandri, Pilgrim’s global chief
executive officer. “Earlier this week, we announced our commitment
to achieve net zero greenhouse gas emissions by 2040 and today we
offer our first sustainability-linked bond. These actions reinforce
our company’s long-standing commitment to responsible environmental
stewardship and sustainable food production.”
The bond provides a direct link to a Sustainability Performance
Target (SPT) of achieving a 30% reduction in Scope 1 and 2
greenhouse gas emission intensity across the company’s global
operations by 2030, from a 2019 baseline. The SPT is consistent
with the company’s recently announced net zero 2040 goal.
Pilgrim’s has been on a consistent journey of continuous
improvement, producing significant environmental achievements
across its global operations over the last decade. Pilgrim’s
operations in the US and Puerto Rico reduced greenhouse gas
emission intensity by 33% from 2010 to 2015, and by 14% from 2015
to 2019, successfully achieving the Pilgrim’s USA 2020 greenhouse
gas goal one year early. In the UK and Northern Ireland, Moy Park
has reduced CO2 emission intensity by more than 77% since 2010, and
Pilgrim’s UK previously committed to net zero emissions by 2040
earlier this year.
“Today’s announcement firmly ties our financial strategy to our
long-term commitment to address climate change, the defining issue
of our time,” said Sandri. “We are confident that our unique global
production platform, coupled with our diverse portfolio of
sustainably-produced foods and our commitment to the fight against
climate change, will lead to increased shareholder value and
greater standards of living for millions of consumers around the
world.”
The bond is aligned to the Pilgrim’s Sustainability-Linked Bond
Framework, which outlines Pilgrim’s sustainability strategy for the
future, including the company’s ambition to transform its business
consistent with the aim of the Paris Agreement to help keep global
warming well below 2 degrees Celsius by 2050. The Framework has
been independently assessed by ISS ESG, which determined the SPT
was ambitious based both on Pilgrim’s past performance and in
comparison to other companies in the global food and beverage
sector.
Pilgrim’s has adopted a holistic Environmental, Social, and
Corporate Governance (ESG) strategy, which includes the company’s
efforts to responsibly manage its environmental footprint, ensure
the well-being of the animals under its care, provide a safe and
healthy work environment for its team members, and give back to
society through community investment efforts such as Pilgrim’s
Hometown Strong and Pilgrim’s Better Futures, its recently
announced free community college program. The company’s ESG efforts
also include establishing a best-in-class governance and compliance
culture to guide all of its actions. The company provides regular
updates on its sustainable progress and performance in its annual
sustainability report, which can be found at
sustainability.pilgrims.com.
About Pilgrim’sAs a global food company with
more than 58,000 team members, Pilgrim’s processes, prepares,
packages and delivers fresh, frozen and value-added food products
for customers in more than 100 countries. For more information,
please visit www.pilgrims.com.
Media Contact:Dunham WinotoInvestor
Relationsdunham.winoto@pilgrims.com
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