COFCO International has reported progress against its sustainability strategy in 2024, highlighting actions on climate change, deforestation and conversion, and the protection of workers in the value chain. These areas were reaffirmed as core priorities through an updated double materiality assessment aligned with the European Sustainability Reporting Standards (ESRS).
2024 highlights:
New deforestation- and conversion-free target for soy and corn by 2025
Emissions targets approved by Science Based Targets initiative (SBTi)
First sustainability-linked loan tied to SBTi-approved FLAG targets ($600 million)
Scope 3 FLAG emissions reduced by 9% for soy and 14% for corn (vs 2021 baseline)
14% year-on-year increase in certified sustainable commodities volumes
87% of global energy needs met by renewable sources
46,000 people reached through community investment programmes
Recognised by Sustainalytics as 2024 Top-Rated ESG Company
Completed CSRD-aligned double materiality assessment confirming priorities
“Now more than ever, we must invest in climate action and step up our efforts to contribute to global food security, helping to bring affordable nutrition to a growing population as demand rises,” says David Dong, Chief Executive Officer of COFCO International.
In 2024, the company advanced its climate strategy, with its science-based targets approved by SBTi as aligned with the 1.5°C goal of the Paris Agreement. Given that land use change is the largest contributor to agricultural emissions, COFCO International accelerated its target to achieving deforestation-free soy and corn supply chains globally and conversion-free supply chains in South America by the end of 2025.
COFCO International continues to collaborate with industry stakeholders to advance climate and deforestation solutions, including through the Agriculture Sector Roadmap to 1.5°C and the World Business Council for Sustainable Development's Soft Commodities Forum (SCF). In 2024, the SCF's Farmer First Clusters initiative supported 223 soy farmers in Brazil's Cerrado region in adopting more sustainable practices.
The report is available here:
