Date 10.24.2019 | Category: News
Olam Cocoa, supplier of cocoa beans and cocoa ingredients, announced its sustainability ambition for the future of the cocoa sector. Cocoa Compass aims to support the creation of an environmentally positive, professionalised and quality focused cocoa supply chain comprising farmers earning a living income and whose children have access to education.
The company is tackling the most pressing challenges currently facing the cocoa industry, and today outlines its plans to address these issues. 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’s global, 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:
• Improve cocoa farmer livelihoods and enable 150,000 cocoa farmers to achieve a defined living income level, not just lift them out of poverty (the extreme poverty line for an average cocoa growing family in Côte d’Ivoire is USD$2,300 per year and the living income line is USD$7,300 per year)
• Eliminate child labour
• Ensure all children of cocoa farmers have access to education
• Protect forests through a net increase in tree carbon stock
• Mitigate environmental impact through a 30% reduction in Natural Capital costsSource: Olam CocoaAuthor: Sossna