Berry Global Earns Enhanced ESG Recognition
Berry Global Group, Inc. (NYSE: BERY) has achieved an impressive milestone by receiving an upgraded environmental, social, and governance (ESG) rating from MSCI for the fourth consecutive year. The company now proudly holds an ‘AA’ rating within MSCI’s rigorous seven-grade evaluation framework, placing it among the top 20% of companies in the packaging sector.
A Testament to Commitment and Progress
Kevin Kwilinski, the CEO of Berry Global, expressed immense pride in this recognition, stating that it reflects the collective efforts of their dedicated teams over several years. This accolade reinforces the company’s commitment to positively impacting a circular and net-zero economy.
Improvements Across Key Areas
Throughout the past year, Berry Global has made significant strides concerning MSCI's primary focus areas such as Corporate Governance, Corporate Behavior, and Packaging Material & Waste. The company has been particularly active in establishing a circular economy for plastics, which includes investments in recycling operations and increasing the use of post-consumer recycled plastic. The innovation of package designs to enhance recyclability has also been a priority.
Sustainable Practices Driving Change
Robert Flores, Senior Vice President of Sustainability at Berry Global, noted that strong progress has been made in crucial areas valued by customers, investors, employees, and other stakeholders. He acknowledged the ingenuity and efforts of teams across various business locations, contributing to the improvement of their rating on all MSCI's key issues over the last four years.
Targets and Goals Achieved
One notable achievement relates to the reduction of carbon emissions, where Berry Global has succeeded in meeting its 2025 objective to lower operational emissions (Scope 1 and 2) by 25%, accomplishing this goal two years earlier than planned. The company is committed to a science-based greenhouse gas (GHG) reduction target, playing its part in efforts to limit global warming to 1.5 degrees Celsius.
Energy Consumption Reduction Initiatives
To further support their sustainability goals, teams at Berry Global worldwide are actively engaging in projects to reduce energy usage. Initiatives include the implementation of energy management systems, investments in more energy-efficient machinery, and conducting comprehensive energy audits. These endeavors allow the company to cut approximately 100 million kilowatt-hours annually from its existing operations, reflecting its dedication to improving energy stewardship.
Looking Forward to Continued Progress
Berry Global intends to highlight more details and additional examples of their advancements in their forthcoming annual sustainability report, which is expected to be released soon.
About Berry Global
At Berry Global Group, Inc. (NYSE: BERY), the focus is on creating innovative packaging solutions that significantly benefit both people and the environment. This mission is powered by leveraging unparalleled global capabilities, sustainability leadership, and innovation expertise. With over 40,000 employees spread across more than 240 locations, Berry Global collaborates with diverse customers to design and manufacture innovative products that support a circular economy.
Frequently Asked Questions
What is the significance of the AA ESG rating?
The AA ESG rating signifies that Berry Global is effectively managing environmental, social, and governance risks, positioning it as a leader in sustainability among its peers.
How does Berry Global contribute to sustainability?
Berry Global drives sustainability through initiatives such as increasing their use of recycled materials, reducing operational emissions, and investing in recycling technologies.
What are Berry Global's emission reduction goals?
The company has committed to a science-based target to reduce greenhouse gas emissions and aims for net-zero emissions by 2050.
How is Berry Global improving energy efficiency?
The company is implementing energy management systems, upgrading to energy-efficient equipment, and conducting audits to significantly reduce energy consumption across its operations.
When will Berry Global's sustainability report be published?
Berry Global's annual sustainability report is expected to be published soon, showcasing the progress made over the last year.
