Mitr Phol Group Tops as World’s No.1 Sustainability Ranking by S&P Global
Mitrphol Group is stepping towards the 1st leader of sustainability in the world, particularly the industrial one for the food product sector, according to the S&P Global Corporate Sustainability Assessment (CSA) Score 2023, which evaluated over 9,400 companies worldwide across 62 industries. Moreover, the Mitrphol Group has been selected as a member of ‘The Sustainability Yearbook Member 2024’ for the fifth consecutive year, reaffirming its commitment to sustainable development alongside business operations. This consistent recognition stems from setting and achieving sustainable development goals in the Thai agricultural sector, contributing to the sustainable development of the economy, society, and environment. Furthermore, the company is pioneering efforts towards becoming a Net Zero emissions entity by 2050, reinforcing its dedication to environmental stewardship.
Mr. Buntoeng Vongkusolkit, the Chairperson of Mitrphol Group, addressed that sustainable development was at the heart of the company’s business operations, a principle it consistently prioritized and implemented. Emerging from the agricultural sector, Mitrphol Group deeply understands its extensive impact on people, from the origins of agricultural raw materials to end consumers. It has embraced the concept of ‘Grow Together’ from the start, continually adapting to changing times and elevating its standards to meet global benchmarks across various dimensions. Leveraging research knowledge, digital technology, and contemporary innovations, it has participated in assessments like the Corporate Sustainability Assessment (CSA), aligning with Dow Jones Sustainability Indices (DJSI) by S&P Global. This participation has not only revealed developmental opportunities but also propelled the company to enhance standards across various aspects. Over the years, its ranking has steadily improved, from 17th place in our initial assessment six years ago to 2nd place last year, and securing the top position this year. The company’s underlying philosophy driving all these sustainable development efforts is the belief that it cannot thrive only by itself in the planet, hence necessarily contributing to a sustainable future by developing the Thai agricultural sector into a reliable source of food and alternative energy production. Furthermore, Mitrphol Group sees opportunities in developing environmentally friendly products in the biotechnology industry to enhance the quality of life for society in the long run.
For this year’s S&P Global assessment, the Mitrphol Group has achieved the highest overall score, ranking at the top 1%, and has also secured the top position in the environmental and social dimension. Notably, the company stands out for its environmental efforts, particularly in climate action, with a commitment to achieving Net Zero greenhouse gas emissions by 2050. It has officially submitted its plans to the Science Based Targets initiative (SBTi), an international organization guiding Net Zero efforts. The Mitrphol Group’s comprehensive plans and tangible actions have yielded significant results, exemplified by the operations at the Mitrphol Dan Chang Park in Suphanburi Province, where over 270,000 tons of carbon dioxide emissions have been reduced. It is recognized as Thailand’s first Carbon Neutrality Complex, certified by a multinational greenhouse gas management organization. The key strategies include:
1) Utilizing environmentally friendly energy sources from agricultural residue and solar power to reduce fossil fuel usage, leading to a reduction of over 185,000 tons of carbon dioxide emissions.
2) Upgraded wastewater management systems, including accelerated settling technology, have enabled the reuse of treated water, reducing greenhouse gas emissions by over 10,000 tons of carbon dioxide equivalent.
3) Mitrphol Group has compensated for 75,000 tons of carbon dioxide emissions through carbon credits obtained from participation in Thailand’s Voluntary Emission Reduction Program (T-VER). Future targets include driving the MitrPhol Phukhiao Park in Chaiyaphum Province towards becoming a Carbon Neutral Complex, expanding environmental initiatives within the supply chain, compensating for carbon emissions, and investing in environmentally friendly businesses to enhance economic value.
In addition, the Mitrphol Group has also received an assessment result from the Carbon Disclosure Project (CDP) on Climate Change Management in the Food & Beverage Processing sector, achieving a B-level, which is higher than the global and Asian regional average at level C. CDP is a non-profit organization dedicated to environmental management, setting standards for carbon disclosure and climate change management, recognized globally as one of the most trusted organizations by investors and stakeholders alike.
Under the social perspective, the Mitrphol Group is committed to empowering farmers with knowledge and skills to adapt to the changing environmental conditions through the introduction of the “Mitrphol Modern Farm” initiative, which blends digital technology and innovative management practices to create precise agricultural methods, increase yields, reduce costs, and promote sustainable environmental practices. Additionally, the company purchases sugarcane residues after harvesting to be used as biomass fuel for electricity generation, providing an additional income source for farmers. This initiative not only supports farmers in transitioning away from burning practices but also promotes community development, creating safe food sources and sustainable livelihoods within the community.
The Mitrphol Group remains steadfast in driving operations towards sustainable development aligned with the United Nations Sustainable Development Goals (SDGs) in the economic, social, and environmental spheres. Furthermore, it is advancing towards the goal of becoming a Net Zero organization by 2050, aiming to support efforts to address global warming in Thailand and worldwide.
