Food Tech News

ofi (olam food ingredients), a global leader in naturally good food and beverage ingredients, says developments in data and technology – from granular deforestation mapping and child labor monitoring to AI-powered carbon measurement tools – are accelerating progress towards its Cocoa Compass sustainability ambition. It is also providing food and beverage companies with enhanced traceability and transparency ahead of new regulations in Europe and beyond.

The latest Cocoa Compass highlights based on 2022 data include:
• New analysis showing over 30,168 farmers in ofi’s cocoa supply chain are earning a living income1, putting the business on track to reach its 2030 target of 150,000 cocoa farmers earning a living income.
• A 395% increase in the number of children receiving education support in 2022, compared to the 2018 baseline.
• A 15% increase in the number of households covered by ofi’s Child Labor Monitoring and Remediation System (CLMRS).
• 6 million trees distributed by ofi, working with its customers and partners, for agroforestry and income diversification, from 2018 to 2022.
• 79% of farms in ofi’s sustainability programs have been polygon mapped2.

Cocoa Compass was launched in 2019 as ofi’s ambition to collaborate with its customers, partners, and governments to play its part in making the future of cocoa more sustainable. It set challenging 2030 goals in alignment with the United Nations Sustainable Development Goals (UNSDGs). In 2020, the company achieved its first set of Cocoa Compass targets, which included implementing 100% traceability and deforestation monitoring in its direct cocoa supply chain to farm or community7.

ofi now plans to announce a refreshed Cocoa Compass ambition in the latter half of 2024. This will not only incorporate learnings from the past five years and leverage the impact of its on-the-ground programs in cocoa communities but also reinforce ofi’s broader sustainability strategy.

About ofi

ofi (olam food ingredients) is a new operating group born out of Olam International. ofi offers sustainable, natural, value-added food products and ingredients so that consumers can enjoy the healthy and indulgent products they love. It consists of industry-leading businesses of cocoa, coffee, dairy, nuts, and spices. ofi has built a unique global value chain presence including its own farming operations, farm-gate origination, and manufacturing facilities. ofi partners with customers, leveraging its complementary and differentiated portfolio of ‘on-trend’ food products, to co-create solutions that anticipate and meet changing consumer preferences as demand increases for healthier food that’s traceable and sustainable. To subscribe to the ofi newsroom, please visit www.ofi.com (privacy statement here).

About Olam Group

Olam is a leading food and agri-business supplying food, ingredients, feed and fiber to 17,300 customers worldwide. Its value chain spans over 60 countries and includes farming, processing and distribution operations, as well as a sourcing network of an estimated 5 million farmers. Headquartered and listed in Singapore, Olam currently ranks among the top 30 largest primary listed companies in terms of market capitalization on SGX-ST. Since June 2020, Olam has been included in the FTSE4Good Index Series, a global sustainable investment index series developed by FTSE Russell, following a rigorous assessment of Olam’s supply chain activities, impact on the environment and governance transparency. The FTSE4Good Index Series identifies companies that demonstrate strong Environmental, Social and Governance (ESG) practices and is used by a variety of market participants to create and assess responsible investment funds. More information on Olam can be found at www.olamgroup.com. If you do not wish to receive information from Olam, please contact media@olamnet.com.

Source: https://www.olamgroup.com/