GlobalData offers a comprehensive analysis of Hershey, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of climate change and associated ESG keywords, GlobalData delivers valuable information on Hershey’s ESG performance. GlobalData’s company profile on Hershey offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
Hershey’s goal is to achieve a 50% absolute reduction in Scope 1 and 2 GHG emissions and 25% absolute reduction in Scope 3 GHG emissions by 2030 against a 2018 baseline. In addition, the company aims to 100% of plastic packaging to be recyclable, reusable or compostable by 2030, reflecting in 25 million pounds of packaging to be eliminated by the same time. Hershey’s latest filings mentioned the keywords 'Emissions' and 'Deforestation' most number of times in relation to 'Climate Change'.
Hershey's greenhouse gas emissions from selected scope 3 categories for the reporting year 2022 were verified by Quantis according to ISO 14064-3. In 2022, the company reported its Scope 1 emissions at 179,211 mtCO₂e, Scope 2 (market based) emissions at 68,639 mtCO₂e, Scope 2 (location based) emissions at 232,579 mtCO₂e, and Scope 3 emissions at 5,941,676 mtCO₂e. The inventory of water withdrawal, water discharge, and water consumption was also verified for the reporting year 2022, with a total water withdrawal of 5,783 million liters, total water discharge of 4,898 million liters, and total water consumption of 885 million liters. The inventory of waste categories disposed and enterprise-wide waste intensity in operations was also verified for the reporting year 2022, with a total non-hazardous waste generated of 87,188 metric tons and a waste intensity of 0.08 MT waste generated/MT product produced.
Hershey is increasing use of renewable energy, a critical element in its Scope 2 reduction plan. In 2022, it sourced 77% of its electricity consumption from renewable and zero emission sources. The company announced a 140-megawatt Power Purchase Agreement (PPA) with National Grid Renewables for the Copperhead Solar & Storage Project in Falls County, Texas. This utility-scale solar project represents Hershey’s third PPA and is scheduled to come online in 2024.
Hershey's commitment to reducing emissions, increasing renewable energy usage, and promoting sustainable packaging showcases its dedication to environmental stewardship and a sustainable future. The company is committed towards achieving science-based GHG reduction goals to reduce its absolute Scope 1,2,3 emissions by 2030 against a 2018 baseline.