SINGAPORE – Olam Cocoa, one of the world’s leading cocoa suppliers, has announced its sustainability ambition for the future of the cocoa sector, committing to a child labour free supply chain and greater forest protection by 2030.
The company has set out a new initiative dubbed ‘Cocoa Compass’ that aims to support the creation of an environmentally positive, professionalised and quality focused cocoa supply chain comprising farmers earning a living income.
Cocoa Compass targets areas for action that will have the greatest positive impact under the three pillars of Focused on Farmers, Empowered to Grow and Investing in Nature.
Aligned with the United Nation’s Sustainable Development Goals (SDGs) and with milestones for action in 2020 and 2024, Cocoa Compass sets concrete goals for 2030 across the company’sglobal, direct cocoa supply chain.
These goals address living incomes for farmers, child labour, education, deforestation, and the environment to help achieve Olam Cocoa’s vision for the future of the cocoa sector.
The company is seeking to improve cocoa farmer livelihoods and enable 150,000 cocoa farmers to achieve a defined living income level, eliminate child labour and ensure all children of cocoa farmers have access to education.
Olam’s cocoa vison also encapsulates protecting forests through a net increase in tree carbon stock and mitigating environmental impact through a 30% reduction in Natural Capital costs.
Gerard A. Manley, CEO of Olam Cocoa, comments “With our living income goal, we are focusing our efforts on supporting the farmers we believe can be the backbone of a sustainable cocoa supply chain, while continuing to provide holistic support to all cocoa farmers in our sustainability programmes.
“We know there is still more to do which is why we are challenging ourselves, and the industry, to have an even greater positive impact on the future of cocoa.”
“We remain focused on leveraging social and environmental insights to refine our sustainability programmes to meet the needs of farmers and their communities. “AtSource will be the platform through which we deliver these programmes in cocoa growing regions and through which we are able to better understand and report the improvements required to reach our goals.
“It is tailored towards achieving the objectives of both the Cocoa Compass strategy and our customer’s own sustainability goals.”
Cocoa Compass builds on Olam Cocoa’s 15 years of sustainability progress, achieved in partnership with its customers, governments, NGOs and farming communities, and in line with Olam International’s purpose to re-imagine global agriculture and food systems.
The company has already achieved 100% traceability of its sustainable supply chain in Côte d’Ivoire and Ghana under its 2020 traceability commitment and its pledge to combat deforestation as part of its Cocoa Forests Initiative action plans.
Other highlights include paying US$136 million in sustainability premiums to farmers and farming cooperatives in partnership with customers, issuing over 64,000 tailored Farm Development Plans to increase farmers’ productivity.