Ferrero Group Unveils New Palm Oil Charter
Ahead of World Environment Day on 5 June, Ferrero Group has unveiled its new Palm Oil Charter, in which the company outlines its ongoing ambition to achieve a palm oil industry that is good for both people and nature.
Originally announced in 2013, the first Palm Oil Charter served as a driver for the group’s development of its responsible palm oil supply chain; a public commitment that took into consideration the company’s core values and its broader sustainability strategy.
Today, Ferrero said it further strengthens its commitments and progress through an updated Charter, which has been elevated based on the company’s ongoing learning journey and insights generated by close collaboration with stakeholders at every level, from suppliers to NGOs through to academic partners.
The new Charter has been developed with Earthworm Foundation, a non-profit organisation focused on positively improving value chains, it added.
As a baseline, Ferrero explained it sources sustainable palm oil that is 100% RSPO (Roundtable on Sustainable Palm Oil) Certified Segregated and traceable back to plantations: a goal initially reached in 2015, becoming one of the first global companies to do so.
Ferrero’s approach towards responsible sourcing of palm oil goes beyond this high certification standard through active membership in POIG (Palm Oil Innovation Group) and HCSA (High Carbon Stock Approach), two of the highest value endorsement initiatives currently available for the industry.
Moreover, following recent acquisitions, Ferrero has welcomed new products into the Group’s extended family and is currently working to integrate them into the supply chain by bringing them up to the Company’s overall responsible palm oil sourcing standards, the company said.
Marco Gonçalves, Ferrero's chief procurement & Hazelnut company officer said, “At Ferrero, we take a continuous improvement approach to our value chain and understand the environmental and societal challenges tied to the palm oil industry; this is why we proudly reaffirm our commitments to responsible palm oil sourcing through our new Charter.
"We look forward to continue our learning journey and go beyond high certification standards with concrete actions that contribute to a more sustainable industry,” he added.