Geneva, Switzerland, October 6th, 2021 -
Firmenich, the world’s largest privately-owned fragrance and taste company, today releases its annual Environmental, Social and Governance (ESG) Report, detailing the Group’s robust ESG performance in Fiscal Year 2021. Building on its leadership in Responsible Business, Firmenich has stepped up progress towards its ground-breaking 2025 ESG goals across three key areas: climate, nature and people.
“Firmenich has achieved the ambitious 2020 environmental goals it set after the COP21 climate conference. The pandemic and recent climate events show we need to keep on turbocharging our leadership across the ESG spectrum,” said Gilbert Ghostine, CEO Firmenich. “By taking our commitments in conscious perfumery, diet transformation and renewable ingredients to the next level, we are encouraging others to be bolder for a sustainable future.”
“Our ESG ambition is now embedded throughout our business, providing us all with a clear vision of the transformation we will achieve within a decade on our way to a positive-impact future,” said Berangère Magarinos-Ruchat, Chief Sustainability Officer, Firmenich. “We are determined to generate positive and measurable impacts on climate change, nature regeneration and people protection.”
FY2021 ESG Performance
- Acting on Climate Change: driven by science-based targets, Firmenich is one of only two companies in the world to achieve a CDP Triple A rating for climate, water and forests for the third consecutive year. Furthermore, Firmenich has clearly decoupled its growth in manufacturing output from its CO2 emissions, with Scope 1 and 2 CO2 emissions down by 37.1% since 2017, and achieved 100% Renewable Electricity in its operations including in all new acquisitions. Firmenich is continuing to drive its vision of a zero-impact future and is on track to reach carbon neutrality in its direct operations by 2025 and a carbon positive impact beyond that date. By 2030, Firmenich will strive to achieve absolute carbon emission reduction in line with the 1.5°C Science-Based Targets.
- Embracing Nature: In 2021, Firmenich became the first company in the world to achieve full verified Biodiversity Risk Management (ABS). In addition, 100% of its integrated biodiversity strategy was verified by the Union for Ethical Biotrade (UEBT) and the Group reached 96.3% ultimately or partially biodegradable ingredients in its fragrance portfolio. Firmenich is contributing to the definition of science-based targets for nature and commits to influence its ecosystem of clients, suppliers and partners to accelerate nature positive decisions globally.
- Caring about People: the Group became the first company in the world to upgrade to Global EDGE MOVE certification, raising the bar for gender equality. Firmenich achieved no gender pay gap, zero human rights non-compliance in its operations, and 47% of Senior Leaders are women and/or ethnically diverse. Building on its platinum Ecovadis environmental and social performance rating, Firmenich reinforced its actions to protect human rights by expanding awareness and training across the company and its suppliers. As a family company, Firmenich wants to pass its legacy to the next generations and will continue to enable social cohesion globally, foster well-being and reinforce its actions to respect and protect human rights across its value chain.
In 2021, Firmenich was also rated for the first time by Sustainalytics, with a score of 8.6, which not only places the Group as ESG leader in its industry but also in the top 1% of companies rated worldwide. Firmenich was last week ranked in the top 10 of the World Benchmarking Alliance’s food and agriculture benchmark, leading its industry.
The Firmenich ESG Report 2021 is aligned with the OECD Guidelines for Multinational Enterprises, the SASB Materiality Map® and is prepared in accordance with the Global Reporting Initiative’s (GRI) standards. The ESG Report’s contents also provide an update on Firmenich progress with the implementation of the ten principles of the UN Global Compact, the Sustainable Development Goals (SDGs) as well as the B Corp certification. The document has been independently audited, receiving a reasonable level of assurance. The Firmenich ESG Report 2021 is available online here.