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Dear Partners and Colleagues,

Welcome to our end-of-year sustainability newsletter. 2021 has certainly been eventful for Bunge — and we’re even more motivated by what lies ahead.
 
Last month, we took an important step on climate action when we announced our new science-based targets for reducing greenhouse gas emissions by 2030. This announcement demonstrates our commitment to providing low-carbon and deforestation-free products to our customers, supporting the development of next-generation renewable fuels and deepening our approach to sustainability in our operations and across our value chains. We are very encouraged by the response we have seen from stakeholders, including praise from Ceres’ Climate Action 100+ initiative for our approach to emissions reduction.    
 
For Bunge, our ability to reduce emissions is directly connected to our ambitious and industry leading commitment to eliminate deforestation in our supply chains by 2025. These two commitments are inextricably linked and remain our number one focus as we forge ahead into the new year.

Setting industry-leading goals, tracking emissions, and holding ourselves accountable to these long-term metrics is important, but we also recognize the importance of sharing our progress and lessons learned along the way. That is exactly what we intend to do with these regular sustainability updates. 

In this newsletter, you will find stories and insights from Bunge employees and teams around the world who are generating value for Bunge while doing what's right for the environment, farmers, customers, and our partners. 

I hope you enjoy reading about these efforts, and that you are as energized as I am to build on this momentum as we enter 2022. Have a safe and happy holiday season! 
 
Sincerely,

Robert Coviello,
Chief Sustainability Officer and Government Affairs

 

In this Newsletter

 

Sustainability Spotlight

New and Noteworthy

Sustainability Spotlight

ACTION ON CLIMATE 

Committing to Climate Action with Science Based Targets

Bunge recently announced its new science-based targets to reduce greenhouse gas emissions. The Company’s industry-leading commitment to achieve deforestation-free supply chains by 2025 will account for a significant portion of the Scope 3 emissions reduction target. We will also make enhancements across our global operations, promote decarbonization through regenerative farming practices, and enhance shipping and logistics to achieve these goals.
 
Learn more in this announcement video.

New and Noteworthy

ACCOUNTABILITY 

Furthering Our Priorities Via Sustainability Linked Financing

Bunge has closed on the refinancing of its US$1.75 billion, three-year revolving credit facility. The interest rate under this facility is linked to the Company’s credit ratings and also to five core sustainability targets, which include the recently established science-based targets (SBTs) that define Bunge’s climate goals within its operations and reinforce the Company’s commitment to eliminate deforestation in its supply chains by 2025. 

“As an early adopter of sustainability-linked loan mechanisms, we created a meaningful connection between Bunge’s capital structure and our sustainability strategy,” said John Neppl, Bunge’s Chief Financial Officer. “We are pleased with the progress our team is delivering against our annual ESG targets, which gives us the confidence to enhance the targets linked to this facility. We will continue to focus on bringing forward sustainable business solutions everywhere we have a presence and where we can effect positive change.”
 

ACCOUNTABILITY 

Highlighting Our ESG Priorities at BMO Event

Bunge CEO Greg Heckman participated in a fireside chat at the recent BMO Growth & ESG Conference, where he explained how Bunge is creating value while also contributing to more climate-friendly agribusiness and food systems. Watch the full interview.


ACCOUNTABILITY 

Earning Recognition as One of “America’s Most Responsible Companies"

For the second year, Bunge has earned a spot in Newsweek magazine’s list of “America’s Most Responsible Companies.” Newsweek and Statista evaluated 2,000 companies from more than a dozen industries across environmental, social, and corporate governance categories to produce the final ranking. Explore the list 2022 list here.
 

RESPONSIBLE SUPPLY CHAINS 

Increasing Visibility into Our Indirect Purchases in Brazil

In support of our commitment to reaching deforestation free supply chains by 2025 — the most ambitious in the sector — Bunge was the first company to foster mass action in the Cerrado region to track indirect purchases through the Bunge Sustainable Program. “We are sharing our experience, methodologies and tools with partner resellers that are interested in implementing or improving the socioenvironmental assessment with their suppliers, including the verification of soybean farming areas by satellite images”, said Roberto Marcon, Bunge’s Origination Director in Brazil. So far, visibility into the indirect supply has increased to approximately 50%, surpassing our 2021 target of 35%. Launched in March 2021, Bunge Sustainable Partnership Program supports grain dealers in adapting to market demands.
 


RESPONSIBLE SUPPLY CHAINS 

Working Together to Reach Deforestation Free Supply Chains

Bunge is a founding member of WBCSD’s Soft Commodities Forum (SCF), an initiative launched in 2018 to enable collaboration in which member companies have agreed to find collective solutions to common sustainability challenges, bridging global goals with local realities. The SCF has recently published its December 2021 progress report and reaffirmed commitments to increase the transparency and traceability of their Cerrado-sourced soy supply chains, to track sourcing where there are the highest risks of deforestation and conversion in Brazil. The main accomplishments this year were:
  • A new standardized reporting architecture for soy sourced by joint ventures;  
  • A methodology to report on verified deforestation- and conversion-free soy;  
  • An improved approach to support indirect suppliers in the adoption of monitoring systems; 
  • A shared engagement and investment strategy to eliminate soy-driven deforestation and conversion in priority landscapes.  
Read more about this report here.
 

RESPONSIBLE SUPPLY CHAINS 

A Day in the Life: Women of Shea

One of the key shea sourcing areas for Bunge is centered around the Nasia community in northern Ghana. This year, we documented the daily activities of cooperative shea farmers in Nasia as they collected and processed shea — nicknamed “women’s gold” for the economic opportunities it provides — and cared for their families. Watch the first video to see what a typical day of collecting shea nuts looks like for the women of Nasia.

RESPONSIBLE SUPPLY CHAINS 

A Closer Look at the Palm Oil Supply Chain

In 2019, Bunge committed to a new deforestation monitoring system called Radar Alerts for Detecting Deforestation (RADD) together with industry partners. After the successful launch of the system in 2020, Bunge started an implementation program for RADD, to make it fit into our in-house monitoring system, which we have used since 2017 to actively monitor 30 million hectares for land use change. The powerful platform combines forest and peat maps with near-real-time satellite images, allowing us to act on alerts quickly and follow up with suppliers and stakeholders when necessary.
An overview of the area monitored by Bunge’s in-house monitoring system can be viewed on our palm oil dashboard.
This program showed that it is possible to increase our monitoring area significantly in the future and combine it with in-house data to better identify risks, bringing us one step closer to reaching 100% deforestation-free value chains by 2025.


ACCOUNTABILITY 

Tracing Our Progress on Palm Oil Sourcing

The Palm Oil Dashboard, a platform to communicate our sustainability progress and traceability data in the palm oil supply chain, is updated to show the numbers for Q3 2021. View the dashboard and mill list here.
 
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