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Asian Fast Moving Consumer Goods REPORT INT 2016 Asian Fast Moving Consumer Goods: A Sustainability Guide for Financiers and Companies Commodities | Water | Packaging On the cover © Thomas Cristofoletti/WWF-US © Riccardo Mayer/Shutterstock © Olga Rosi/Shutterstock Credit Suisse is a sponsor of this report Co-author and editor: Jeanne Stampe, [email protected] Key contributors: Alix Grabowski, Richard Holland, Cassio Franco Moreira, Emmanuelle Neyroumande, Stuart Orr, Katrin Oswald, Laila Petrie, Coralie Ponsinet, Britta Rendlen and Erin Simon WWF communications: Edith Verhoestraete We would also like to thank the following people: Credit Suisse: Ben Ridley Principles for Responsible Investment (PRI): Jessica Robinson WWF: Michael Arnold, Lisa Bentes, Claar van den Bergh, Andrea Berriman, Maria Boulos, Leanne Burton, Wei Yeap Chong, Nicolas Loz de Coëtgourhant, Chitra Devi, Jorien van Hoogen, Giuliana Improta, Rizkiasari Joedawinata, Hansted Koloszuk, Joshua Levin, Oliver Maennicke, Jeff Malcolm, Karina Marquesini, Nora Sticzay, Joel Palma, Daniel Robertsson, Edegar de Oliveira Rosa, Susan Roxas, Neha Simlai, Mingming Sun, Philip Tapsall, Nichapat Na Thalang, Daniel Buarque Tubenchlak, Stephen Watson, Stephen Wetmore, Matt Wilson and Yifei Zhang Production and design: Jennifer Campbell and Mitchell Davies Published in April 2016 by WWF – World Wide Fund For Nature (Formerly World Wildlife Fund), Gland, Switzerland. Any reproduction in full or in part must mention the title and credit the above-mentioned publisher as the copyright owner. WWF is one of the world’s largest and most experienced independent conservation organizations, with over 5 million supporters and a global network active in more than 100 countries. WWF’s mission is to stop the degradation of the planet’s natural environment and to build a future in which humans live in harmony with nature. WWF’s International Finance Programme seeks to support this vision by engaging directly with banks, asset managers and other financial institutions. It helps strengthen lending and investment criteria for key industry sectors, provides insights and data on environmental and social risks, fulfils critical research gaps and helps unlock innovation breakthroughs in sustainable financial products. Text © WWF 2016 2 WWF Asian FMCG Guide ISBN 978-2-940529-35-3 CONTENTS FOREWORD: CREDIT SUISSE 4 FOREWORD: STEWART INVESTORS 5 INTRODUCTION TO THE GUIDE 8 About the guide 14 Recommendations 17 Asia: A booming region, a soaring FMCG sector 18 CHAPTER 1: SOFT COMMODITIES 20 1. Introduction and summary 22 2. Existing focus on responsible soft commodity production and procurement by the financial sector 27 3. Environmental and social challenges related to soft commodities 33 4. Addressing environmental and social challenges in soft commodities through certification 35 5. Production and uptake of responsibly produced commodities in Asia 37 6. The benefits of responsibly produced commodities for FMCG companies 44 7. Overcoming hurdles to responsible commodity sourcing 56 Appendix to chapter 1: Deforestation 62 CHAPTER 2: WATER 70 1. Introduction and summary 72 2. Existing focus on water issues by the financial sector 81 3. Water risks for Asian FMCG companies 86 4. Asian FMCG companies’ current actions on water 89 5. The benefits of water risk management for FMCG companies 94 6. Overcoming hurdles to effective water risk management and stewardship 102 CHAPTER 3: PACKAGING 120 1. Introduction and summary 122 2. Existing focus on sustainable packaging by the financial sector 130 3. The environmental impacts of ‘unsustainable’ packaging and poor management of packaging waste 133 4. Moving toward sustainable packaging 134 5. The benefits of more sustainable packaging for FMCG companies 146 6. Overcoming hurdles to sustainable packaging 153 REFERENCES 159 WWF Asian FMCG Guide 3 The January 2016 edition of the World Bank’s Global FOREWORD: Economic Prospects report forecasts economic growth in the East Asia and Pacific region and in South Asia at CREDIT SUISSE around 6.3 per cent and 7.3 per cent, respectively, in the period 2016-2018. In the context of current economic uncertainty, and while forecasts may change, we can be reasonably sure that economic growth will continue to be driven by increased private consumption. As Asia has undergone significant economic, industrial and social change in recent years, transforming how people live and consume, the Asian fast moving consumer goods (FMCG) sector has emerged as an important economic growth engine and a key component of financiers’ portfolios. Increased per capita consumption also increases our collective demands upon natural resources to source the commodities that feed our supply chains. The key issues of water management, and product packaging materials and waste management are also explored in this guide through the use of case studies. “The vulnerability Against this context of consumption, the World Economic Forum’s Global Risks of the FMCG sector Report 2016 revealed the global risks of highest concern over the next decade to be to these risks is water crises, the failure of climate change mitigation and adaptation, extreme weather clear, reiterating the events and food crises. The vulnerability of the FMCG sector to these risks is clear, critical importance reiterating the critical importance for companies and financiers involved in the sector for companies and to be better positioned to understand and manage such risks in the value chain. financiers involved Given the complexity and materiality of such key issues within supply chains, and the in the sector to be challenges of issue visibility and impact measurement, the guide’s reference to robust better positioned sustainability certification schemes is particularly important. to understand and manage such risks Equally important is the active participation of companies and financiers through in the value chain” multi-stakeholder platforms to jointly develop and promote practicable and acceptable sustainability standards. The 2015 release of the Sustainable Development Goals re-emphasizes the importance of multi-stakeholder partnerships as part of necessary strategies to drive the sustainable development agenda. In the spirit of sharing industry good practices on policies and actions, and supporting collaboration between civic society and the private sector, Credit Suisse is pleased to support the publication of this guide. René Buholzer Global Head, Sustainability Affairs, Credit Suisse AG 4 WWF Asian FMCG Guide FMCG companies can make wonderful investments. FOREWORD: They can provide consistent and reliable cash flows, predictable margins and given they typically sell STEWART INVESTORS products people actually need, they perform well throughout the economic cycle. The prospect is bright for FMCG companies in Asia. As the disposable incomes of tens of millions of Asians rise, so does the demand for more variety and convenience in food and other consumer goods. The sales of domestic companies serving local tastes, as well as those of multinationals producing western fares, have grown very quickly over the last 20 years. We have been investing in Asian FMCG companies for over two decades and it’s remarkable how much things have improved when it comes to sustainability. In the early days, getting a set of accounts in English was a challenge and sustainability reports were unheard of. But that is not to say Asian FMCG companies were not ‘doing sustainability’, it’s just that they did it in their own way. “We would encourage However, ‘impacts’ from Asia are now so great that Asian FMCG companies are all FMCG companies compelled to evolve their approach. It is not just about the water or energy used in to read the report. The factories. The impacts of FMCG companies are being seen far and wide. The haze detail WWF goes into problems clearly evident from forest fires in Indonesia are inextricably linked to outlining the risks the supply chains of FMCG companies. At the other end of the spectrum, half of the and opportunities, 8 million tonnes of plastic that ends up in the ocean each year comes from China, but also importantly Indonesia, the Philippines, Thailand and Vietnam, largely as a result of the products the solutions and sold by FMCG companies. examples of best practice, should be These headwinds are extremely relevant long-term investment issues in Asia, not 20 insightful to all” or 30 years from now, but today. The concept of ‘social licence to operate’ is pertinent: whether they realize it or not, all companies depend upon an implicit acquiescence of society that they may undertake their operations. Those companies which pollute the environment, mistreat labour, avoid tax, bribe politicians or produce products which slowly poison their consumers risk endangering their licence to operate. We seek management teams which understand these points and businesses which are able to continuously replenish their implicit licences by contributing positively toward social and environmental outcomes, while making profits for shareholders. WWF has done an excellent job outlining the business case for FMCG companies to do more to manage sustainability issues as it relates to environmental matters. They identify the sourcing of commodities, water risk and packaging as main areas of concern. The report clearly outlines the risks and opportunities presented by these sustainability issues and does a good job highlighting areas for improvement for FMCG companies, but also importantly for the finance sector. WWF Asian FMCG Guide
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