Mars to invest around $1 billion in sustainability plan

According to the chief executive officer of Mars, many businesses have been working on growing to become more sustainable. However, the present level of progress is nowhere near enough.

“Mars has been in business for four generations and intends to be for the next four generations,” the food company’s chief, Grant F. Reid, stated on Wednesday.

“The only way that will happen is if we do things differently to ensure that the planet is healthy and all people in our extended supply chains have the opportunity to thrive,” continued Reid.

He argued that a collaborative effort is required, because its supply chain, the engine of global business, was broken. To fix it, transformational, cross-industry collaboration was needed.

The CEO’s comments came as the producer of brands with the likes of Snickers and Uncle Ben’s said it would invest around $1 billion in its “Sustainable in a Generation Plan.”

Mars said that the project would focus on a range of goals. It wants to eliminate greenhouse gas emissions across its value chain by 67 percent by 2050.

Also, the firm said it wanted to “meaningfully improve the working lives” of one million people in its value chain by concentrating on unlocking opportunities for women,  “respecting human rights,” and boosting income.

“We’re doing this because it’s the right thing to do but also because it’s good business,” said Reid.

“We expect to have a competitive advantage from a more resource efficient supply chain, and from ensuring that everyone in our supply chain is doing well,” continued Reid.

Mars is the newest big business to try and boost its green credentials. For example, earlier this year, Anheuser-Busch InBev, a brewing powerhouse committed to secure all of its purchased electricity from renewable sources by 2025.