SWITZERLAND – Swiss-based global agribusiness company has pledged to invest US$2 billion over the next five years on finding innovations specifically targeted at delivering a step change in agricultural sustainability.
Through the investment, Syngenta plans to help farmers prepare for and tackle the increasing pressure posed by climate change as well as reduce carbon intensity of its operations by 50%.
The investment supports a new Syngenta sustainability goal of delivering at least two technological breakthroughs to market each year; reducing agriculture’s contribution to climate change, harness its mitigation capacity and help the food system stay within planetary boundaries.
Erik Fyrwald, chief executive officer at Syngenta affirmed that the investment in research and development for sustainable agriculture will be matched by a drive to reduce the carbon intensity of the company’s operations by at least 50% by 2030.
“Agriculture is now at the front line of global efforts to tackle climate change. Syngenta is committed to accelerating our innovation to find better and ever safer solutions to address the shared challenge of climate change and biodiversity loss,” said Mr Fyrwald.
Syngenta said that the US$2bn investment will be directed towards finding sustainable solutions on various agricultural practices such as land use, soil health and integrated pest management.
Syngenta is also working with The Nature Conservancy, Syngenta in developing strategies to identify and test new innovations and technology that can benefit farmers and contribute to positive environmental outcomes.
The multi-year collaboration is grounded in efforts to promote soil health, resource efficiency and habitat protection in major agricultural regions worldwide.
Sally Jewell, CEO at The Nature Conservancy said: “Achieving conservation at scale will require bold action from the private sector.
“As businesses increasingly recognize the risks of climate change and the benefits of sustainability, we welcome the opportunity to contribute our science and expertise to help transform business practices.
“Syngenta’s investment in innovation is an important step toward a future where people and nature thrive.”
Syngenta’s commitment to reduce carbon intensity of its operations by 50% has been validated and endorsed by the Science Based Targets initiative (SBTi), further supporting the ambition of the Paris Agreement on climate change.
Cynthia Cummis, Director of Private Sector Climate Mitigation at World Resources Institute, one of the Science Based Targets initiative partners said: “We congratulate Syngenta for having their emissions reduction targets validated by the Science Based Targets initiative.
“Leadership from the agribusiness sector is vital in the fight against climate change, and by setting these targets, Syngenta is putting themselves on a pathway to future-proof growth.”
The targets form part of Syngenta’s Accelerating Innovation commitment launched earlier this year to address the increased challenges faced by farmers because of climate change, soil erosion and biodiversity loss.