FRIDAY, April 19, 2024

Mitr Phol Group Tops as World’s No.1 Sustainability Ranking by S&P Global

Mitr Phol Group Tops as World’s No.1 Sustainability Ranking by S&P Global

Steering the organization towards Net Zero goals, from sustainable agriculture to social and environment

Bangkok, 25 March 2024 – Mitr Phol Group has stepped up as the world's sustainable leader, ranking first in the food products industry category in the S&P Global Corporate Sustainability Assessment (CSA) Score 2023. Over 9,400 companies worldwide across 62 industries underwent the assessment. Additionally, Mitr Phol Group has been selected as a member of 'The Sustainability Yearbook Member 2024' for the fifth consecutive year, reaffirming its steadfast commitment to sustainable development alongside business operations.  

Mitr Phol Group has consistently climbed up the ranks through the years by setting goals and achieving sustainable outcomes in the Thai agricultural, social, and environmental sectors. This marks the company’s readiness to advance towards becoming a Net Zero greenhouse gas emission organization by 2050.

Mitr Phol Group Tops as World’s No.1 Sustainability Ranking by S&P Global

Mr. Buntoeng Vongkusolkit, Chairman of Mitr Phol Group, stated that "Sustainable development has always been at the core of Mitr Phol Group, which we prioritize and actively apply to our business operations. As a company rooted in the agricultural sector, we understand that our industry involves a large group of people, from the origin of raw materials to consumers. Therefore, we implement the principle of 'Grow Together' in our business and adapt as times change.  We consistently strive to meet global standards across various aspects by leveraging research knowledge, digital technology, and modern innovation to help manage sustainability, particularly in the Corporate Sustainability Assessment (CSA), which Mitr Phol Group has joined. The CSA is an evaluation similar to the Dow Jones Sustainability Indices (DJSI) for companies in the stock market, also carried out by S&P Global. Participating in the assessment allows us to identify opportunities for development and raise our own standards for continuous improvement, resulting in better rankings over time. 

Mitr Phol Group has consistently climbed up the ranks, from ranking 17th in the first evaluation six years ago, to second last year, and now first in the rank this year. We strongly believe that we cannot thrive on this planet alone. Therefore, we aspire to contribute to a sustainable future through the development of Thai agriculture as a stable source of food and renewable energy. Additionally, we are committed to developing eco-friendly bio-based products to help create a better quality of life for society."

In this year's S&P Global assessment, Mitr Phol Group achieved the highest total score, ranking first (Top 1%), and the highest score in environmental and social efforts. In terms of the environment, Mitr Phol stands out for its Climate Action as we aim to become a Net Zero Greenhouse Gas Emissions organization by 2050 through a comprehensive framework and tangible initiatives, which was officially pledged through Science Based Targets initiative (SBTi), an international climate action organization.

A prominent example is the operation at Mitr Phol Dan Chang in Suphanburi province, which successfully reduced GHG by more than 27,000 tons of Carbon Dioxide equivalents, making it the first Carbon Neutrality Complex in Thailand certified by the Thailand Greenhouse Gas Management Organization (TGO). The Mitr Phol Dan Chang complex operates following three concepts:

1. Green energy from the recycling of agricultural wastes and solar-generated electricity, which decreases the use of fossil fuels and reduces GHG emissions by over 185,000 tons of Carbon Dioxide equivalent.

2. Wastewater management system, implementing the highly efficient activated sludge technology, from which the treated wastewater can be reused. This method helps reduce GHG by over 10,000 tons of Carbon Dioxide equivalent.

3. Carbon offset of 75,000 Carbon Dioxide equivalent, from the carbon credits Mitr Phol has earned from participating in the Thailand Voluntary Emission Reduction Program: T-VER."

Mitr Phol Group Tops as World’s No.1 Sustainability Ranking by S&P Global

Furthermore, Mitr Phol Group expects to drive the Mitr Phol Phu Khieo complex in Chaiyaphum province, along with other plants in the group, towards the goal of becoming a Carbon Neutral Complex. Additionally, we look forward to extending these results and creating a low-carbon ecosystem that covers activities such as factory operations, supply chains, carbon offset, investment in eco-friendly business, and economic value partnership.

In addition, Mitr Phol Group received a B score in the climate change management assessment, food & beverage process category from the Carbon Disclosure Project (CDP), higher than the global and Asia's average of C. The CDP is an international non-profit organization in climate change management with standards in carbon disclosure systems and significant global climate change reports. It is also one of the most trusted organizations by investors and stakeholders worldwide."

In the social aspect, Mitr Phol Group is determined to encourage farmers to obtain knowledge and skills and adapt to environmental changes. In the modern agricultural practice 'Mitr Phol ModernFarm', the company integrates digital technology and innovation management resulting in precise agriculture techniques that can increase productivity, reduce costs, and sustain the environment. Mitr Phol Group also enforces its fresh sugarcane leaf purchase program to process as a fuel source for biomass electricity and generate additional income for farmers. This effort not only encourages farmers to cut fresh sugarcane and reduces burn-offs but also supports community development to create safe food sources as well as sustainable and self-reliant livelihoods.

Mitr Phol Group is committed to continuing its operations to create sustainable development following the United Nations' Sustainable Development Goals (SDGs) in all economic, social, and environmental aspects. We are also moving forward to become a Net Zero organization by 2050 to support efforts in addressing global warming in Thailand and internationally.