Posted: 13 Dec 2021 by starindexadmin

Princes Group are putting their money where their mouth is!

Princes Group pledge to pay a fair price for responsibly sourced tomatoes.

Princes, one of the UK’s leading food and drink brands, is forging the way for forward by committing to paying its tomato growers a “fair price” significantly above the market rate.

Following the pledge-making event of COP26, the battle for responsibly sourced, sustainable supply chains is a monumental task. Food retailers and manufacturers are feeling the pressure more than ever.

The new, three-year agreement for tomatoes sourced and processed via Princes’ Napolina brand builds on an existing partnership with Coldiretti established in 2019. Supported by Oxfam Italy, it will seek to further enhance the ethical, environmental and economic value of the Napolina tomato supply chain and its network of growers in the Italian region of Puglia.

Princes has put the emphasis on worker welfare, which only strengthens their Modern Slavery statement and hopefully lessens the blow of the fact that The Global Slavery Index estimates that on any given day in 2016 there were 145,000 people living in conditions of modern slavery in Italy, a prevalence of 2.4 victims for every thousand people in the country.

 

Princes have set a precedent on fair price for tomatoes and beyond.

With the recent rise of greenwashing in retailers all across the world, Princes have set a precedent of taking reasonable action within their supply chain to make a change that benefits both them and their suppliers.

Recent studies suggest 80% of consumers say that they would feel more loyal to brands that value community and environmental growth over money and status. For years companies have dedicated large parts of their budget to customer retention – could it be as easy as becoming a more sustainable brand and taking action?

Are climate friendly logos enough? With sustainability a hot topic and proven it’s here to stay, should companies be investing more into their sustainability and ESG risk budgets? Generally, the attitude and enthusiasm is there. The media broadcast of greenwashing and how this can harm brand reputation, combined with the daunting task of trying to manage the sheer amount of ESG data from supply chains, scares some brands. And rightfully so!

STAR Index is your one stop solution to manage and deliver a more sustainable and lower risk supply chain.

Smarter markets are incorporating ESG risks into their analysis and company goals, and investors are anticipating a high level of scrutiny when it comes to their impact on the planet.

According to Bloomberg NEF, since the Paris Agreement in 2015, more than US$ 2 trillion have been invested in green technologies. The inevitability of green growth is spurring R&D. The promise of improved accountability is on its way.

STAR Index is your one stop solution to manage and deliver a more sustainable and lower risk supply chain. Our leading platform allows you to rely on our own expert templates to gather key data and insight, customise thresholds and RAG-ratings, and report on current and future state scenarios to plan and defend your commitments. STAR Index enables you to measure and score your ESG risk, delivering actionable insight across every one of your supply chains.

Take the first step at being better for our planet and its people.

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