Mitr Phol Group Becomes Global Leading Sustainable Developer on Food Industry: S&P Global
Mitr Phol Group, the leader for sustainability of Thailand’s agricultural industry, has lately been ranked the second on sustainable development on food industry of the world.
Following the Corporate Sustainability Assessment (CSA) by S&P Global, which has continuously been carried out for five years, the company is able to create excellent work and climb up from 17th place in the first year of assessment to the 2nd place at present out of 353 participating organizations. It is now ranked one of the top 5% of S&P Global ESG Score 2022 and has for 4 consecutive years become listed in The Sustainability Yearbook Member. This proves its success throughout 67 years in terms of establishing a sustainable company with standard and international recognition in terms of economy, society and environment for the long-standing future in every sector.
Mr.Buntoeng Vongkusolkit, Chairman of the Executive Board of Mitr Phol Group, talked about the positive results of CSA, stressing that, thanks to strong determination of all executives and employees of the company, as well as clear and challenging goals and active work over the past period, Mitr Phol was ranked the 2nd in this year’s S&P Global Sustainability Assessment. It is regarded as a push for the organization to achieve international sustainability standards and transparency with the same criteria as leading companies listed in the Stock Exchange of Thailand and other leading companies in the world.
Sustainable business operations in various dimensions will enable competitive businesses to cope with sudden changes, including taking care of society. Mitr Phol Group has adhered to sustainable business principles and practices for a long time, thus ready to upgrade with the introduction of digital technology and new innovations to successfully create sustainable development throughout the business value chain from upstream to downstream. Because the company belongs to the agro-industrial sector where it lives together and involves a large number of people: from farmers to communities, customers, business partners, society and the environment, its sustainable development therefore aims to benefit everybody.
In addition, Mitr Phol Group also realizes the potential of the Thai agricultural sector that is extendable to the circular economy, which will help reduce the impact of climate change that Thailand and the world are facing. This leads to the targeted Net Zero nationally and globally. The company’s work on sustainability will support and mobilize all sectors to achieve this goal.
Mitr Phol Group strives to create sustainable development with guidelines consistent with the United Nations Sustainable Development Goals: SDGs, covering all 3 dimensions, including economic, social and environmental aspects. It is ready to use the same global sustainability assessment criteria as the Dow Jones Sustainability Indices (DJSI) to create standards and transparency on par with world-class organizations, as well.
According to the assessment, Mitr Phol Group enjoyed high scores in all aspects. The economic aspect includes supply chain management, transparency in business operations and sustainability development with partners at the same time. The social aspect focuses on developing and taking care of the quality of life of stakeholders with the company, whether they are farmers, communities around the factory, employees, partners, and customers. The environmental aspect includes the fact that Mitr Phol Group aims to become a carbon neutral organization (Carbon Neutrality) by 2030 and achieves net zero greenhouse gas emissions (Net Zero) by 2050 through 6 approaches:
1) production and selection of green energy
2) further development into bio-product business
3) encouraging farmers to cut fresh sugarcane
4) wastewater and waste management in factories
5) planting forests to increase green areas to absorb carbon dioxide
6) offsetting carbon credits.
Finally, Mitr Phol Group continues to pursue its goals of sustainable development in economic, social, and environmental dimensions with practical action to promote the concept “Change what is worthless to something valuable or From Waste to Value Creation”. This can be done by wisely using renewable resources without causing an impact on the environment. In doing so, the company will be ready to become a Thai organization that helps elevate and drive Thai industries towards international sustainability.