Mitr Phol Group ranks second in global food industry sustainability assessment
Mitr Phol Group, the world’s second-largest sugar producer and a leader in sustainable development within the agro-industrial sector in Thailand, has recently been ranked second globally for sustainable development in the food production industry in the latest Corporate Sustainability Assessment (CSA) conducted by S&P Global.
This marks the fifth consecutive year that Mitr Phol Group has been included in the rankings, having climbed from 17th in their first assessment year to second among 353 participating organisations this time around. This significant achievement demonstrates the Group’s commitment to reaching international sustainability standards, maintaining transparency, and adhering to the same standards as leading companies listed on the Stock Exchange of Thailand (SET) and global enterprises.
A testament to Mitr Phol Group’s 66 year long success, the esteemed ranking highlights the organisation’s focus on sustainable development that meets international benchmarks while securing international recognition in economic, social, and environmental spheres. This, in turn, supports the sustainability of all their operations.
Buntoeng Vongkusolkit, Chairman of Mitr Phol Group, emphasised the importance of developing sustainability for society, the environment, and all related parties in the contemporary business landscape. He further stated that, in pursuing organisational sustainability, it is vital not only to focus on business growth but to also prioritise the welfare of all stakeholders, including sugarcane farmers, partners, customers, communities, society, and employees, reports Bangkok Post.
Operating a sustainable business contributes to building competitiveness and coping with unexpected changes. As an agro-industrial enterprise, Mitr Phol Group seeks to benefit all stakeholders by promoting sustainable development, driven by digital technology and innovation adoption along the business value chain.
Recognising the agricultural sector’s potential to contribute to food security and extend into providing green energy and bio-based products that cater to both industrial and consumer needs, the Group has prioritised the development of raw materials throughout the value chain. This focus ensures that the cane and sugar produced maintain quality standards to be used as bio-based raw materials. Subsequently, Mitr Phol Group recently became the first company in Thailand to receive Bonsucro EU-RED certification, indicating that its ethanol production aligns with the European Union’s sustainability requirements.
In line with the United Nations Sustainable Development Goals (SDGs), Mitr Phol Group remains dedicated to promoting sustainable development in all economic, social, and environmental aspects. The group adheres to global sustainability assessment criteria akin to the Dow Jones Sustainability Indices (DJSI).
The latest assessment saw Mitr Phol Group achieving higher scores across all categories, encompassing economic aspects such as supply chain management and ensuring transparency in business operations. Social aspects include the development and care of stakeholders’ quality of life, and the Group aims to become a carbon-neutral organisation by 2030 in the environmental aspect, targeting net zero greenhouse gas emissions by 2050.
To reach the goal of net zero emissions, Mitr Phol Group has introduced six measures: producing and using clean energy, expanding into the bio-based products business, encouraging cane farmers to harvest fresh canes instead of burning crops, managing wastewater and waste, increasing afforestation, and offsetting carbon credits.
