Premier Foods launches new ESG strategy

(Sharecast News) - British food manufacturer Premier Foods said on Friday that it will be launching a new environment, social and governance strategy, with the group making a series of major sustainability commitments.
Premier stated its new "Enriching Life Plan" would focus on three key pillars - product, planet and people.

In terms of product, Premier will look to more than double sales of products that meet high nutrition standards by 2030, with an aim of £250.0m in sales from plant-based products by 2030, while o the people side of things, the firm will target gender balance in its senior management team and donate 1.0m meals to those in food poverty per year within the next nine years.

Turning to its planet-centric goals, Premier hopes to reduce scope one and two carbon emissions by 42% before 2030, achieve net-zero for direct emissions by 2040, introduce science-based targets aligned to its 'Business Ambition for 1.5' and halve food waste by 2030.

Premier highlighted that in recent years, it has delivered "very good progress" against its previous ESG strategy, with its ambitions now moving on, reflecting "the sense of purpose and commitment to sustainability" from both its board and colleagues.

Performance against these targets will be regularly monitored and reviewed by the group's ESG governance committee, chaired by chief executive Alex Whitehouse.

As of 1020 BST, Premier Foods shares were down 0.54% at 110.40p.