Month: September 2023

As part of our continued commitment to the future and in line with our strategic ambition to lead the sustainability transformation, we have taken a holistic approach across five interconnected areas where we can contribute the most: food systems, circularity, climate, nature, and social sustainability.

The year 2022 was marked by considerable uncertainty and macro-economic challenges. The after-effects of COVID-19 remained, coupled with supply chain issues and rising input costs. Russia’s invasion of Ukraine had both direct and indirect consequences. Weather events such as record heat waves, droughts and floods also had a far-reaching impact in several countries. All these factors have affected the global community in different ways, especially with an inflationary environment that is driving food prices and the cost of living up, resulting in food insecurity in many parts of the world.

Against this backdrop, the role of the food industry has become even more important As part of our continued commitment to the future and in line with our strategic ambition to lead the sustainability transformation, we have taken a holistic approach across five interconnected areas where we can contribute the most: food systems, circularity, climate, nature, and social sustainability.- to feed a growing population sustainably. Being a leading food processing and packaging solutions company, we see ourselves at the forefront, strongly committed to support our customers in keeping food supply chains running, supporting the well-being and welfare of our employees and the communities we operate in, while mitigating our environmental impact.

The current operating environment has emphasised the need for innovative and integrated solutions that can meet the scale and speed of change required to strengthen food security, decarbonise food systems and fight climate change, in a way that leaves no one behind. Therefore, as part of our continued commitment to the future and in line with our strategic ambition to lead the sustainability transformation within our industry, we have taken a holistic approach across five interconnected and interdependent areas where we can contribute the most: food systems, circularity, climate, nature, and social sustainability.

Towards that end, we have been accelerating our efforts to help build resilient and sustainable food value chains that improve livelihoods, reduce environmental impact, and, ultimately, help provide healthy diets to the global community. For decades, our technology and solutions have contributed to making food accessible even in remote areas with insufficient cold chains, protecting the quality and safety of perishable foods, while extending their shelf life1.

In parallel, we have been investing heavily to significantly enhance the sustainability profile of our packaging and processing solutions. For instance, we plan to invest €100 million annually over the next five to ten years in the research and development of packages that are made with a simplified material structure, to strengthen recyclability and increase renewable content, without compromising on food safety2.

Additionally, we intend to invest up to €40 million annually to increase the collection and recycling of carton packages3 and support the ambition of upcoming regulations to enable a step change in the industry’s transformation.

Decarbonising4 food systems is another critical priority, for which we have taken a complete value chain perspective – from working upstream with our suppliers on raw materials, decreasing greenhouse gas (GHG) emissions in our own operations, to working with customers downstream on the impact of their operations, sold equipment and end-of-life.

Last year, we crossed a new milestone in our journey to develop the world’s most sustainable food package5, by testing a new fibre-based barrier with the aim to replace the aluminium foil layer – a first within food carton packages distributed under ambient conditions. We made significant progress in our net-zero journey and achieved 39% reduction in GHG in our own operations6 while our efforts to support collection and recycling helped send 1.2 million tonnes7 of carton packages for recycling globally.

Furthermore, to manage and mitigate our impact on nature, we have been collaborating with our suppliers8 and customers to champion responsible sourcing practices, contribute to global water resilience9 as well as conserve and restore ecosystems10.

We remain committed to respecting human rights across our operations and the value chain, in line with the UN Guiding Principles on Business and Human Rights. 

Maintaining focus on promoting diversity, equity and inclusion (DE&I) within our organisation, we continued to progress in several areas – improving women representation in senior positions and in leadership programmes; driving awareness and actions around fostering inclusiveness; initiating and accelerating various programmes to expand our DE&I agenda, going beyond gender and towards securing equal opportunities for all.

In the last year, we responded swiftly through contributions in cash and kind, to situations requiring urgent humanitarian relief efforts, for instance during the war in Ukraine and the natural disasters in Pakistan, Syria and Türkiye.

We are proud of our team and the stakeholders we work with, whose hard work, drive and passion have ensured supply chain continuity amidst increasing challenges, serving as an inspiration to us all. With a strong commitment to the future, we will continue to drive ourselves and others to work ever more closely and find sustainable solutions to the challenges we face as a society. After all, this is core to our purpose: “We commit to making food safe and available, everywhere. And we promise to protect what’s good: food, people, and the planet.”

View the full FY22 Sustainability Report here. 

1 https://www.tetrapak.com/campaigns/go-nature-go-carton/overview/foodsystems

2 https://www.tetrapak.com/campaigns/go-nature-go-carton/sustainable-solutions/packaging

3 https://www.tetrapak.com/campaigns/go-nature-go-carton/overview/circularity

4 Our decarbonisation efforts focus on avoiding and mitigating GHG emissions correlated to our products and company, and carbon compensation to balance unavoidable residual emissions through nature-based solutions and other initiatives. Scope 1 and 2 GHG emissions combined were reduced by 27% compared to our 2019 baseline. Tetra Pak operations = Scopes 1, 2 and business travel, our value chain = Scopes 1, 2 and 3.

5 This means creating cartons that are fully made of renewable or re cycled materials, that are responsibly sourced, thereby helping to protect and restore our planet’s climate, resources and biodiversity; contributing towards carbon-neutral production and distribution; are convenient and safe, therefore helping to enable a resilient food system; and are fully recyclable.

6 https://www.tetrapak.com/sustainability/measuring-and-reporting/sustainability-performance-data

7 For the reported carton packages collected for recycling we use, where available, official publicly available data from renowned sources such as governmental agency, registered recovery organization, nationwide industry association, NGO etc. reported on a regular basis using a consistent approach.

8 https://www.tetrapak.com/campaigns/go-nature-go-carton/actions/decarbonisation

9 https://www.tetrapak.com/about-tetra-pak/stories/sustainable-water-management

10 https://www.tetrapak.com/campaigns/go-nature-go-carton/overview/biodiversity

Affordable Housing, or the lack of it, continues to be a persistent problem in many communities throughout the Bank’s footprint.

Fifth Third provides affordable housing solutions for our customers and communities in multiple ways, including residential mortgages to low-to-moderate income communities, our Down Payment Assistance program, and investments by our Community Development Group. In 2022, Fifth Third provided over $5.2 billion of financing in eligible affordable housing.

Residential Mortgages & Down Payment Assistance

Homeownership is a huge factor in revitalizing and stabilizing neighborhoods. It also is significant in addressing the racial wealth gap and creating generational wealth. According to a Federal Reserve Survey of Consumer Finances, the median homeowner will have nearly 45 times the net worth of the median renter. Further, homeownership—especially in underserved communities—creates more civic engagement due to the stronger sense of belonging that owning one’s home creates. In 2022, Fifth Third provided over $4.5 billion of low-to-moderate income mortgages, based on borrower or census tract.

Fifth Third Bank offers a Community Mortgage designed to make homeownership more accessible for low-income borrowers. It decreases the amount of cash that homebuyers need for a down payment to 3% of the purchase price, while also providing eligible buyers with a credit they can put toward closing costs. The Community Mortgage also can be combined with the Bank’s Down Payment Assistance program. The DPA offers down payment assistance up to $5,000 depending on eligibility. In 2022, Fifth Third provided over $3 million of DPA assistance enabling the purchase of 1,027 homes. Since inception of the program in 2016, we’ve provided $22.6 million in DPA assistance.

Digital assets and blockchain exemplify financial technology and services that can change the trajectory of economies while benefiting many global participants. Franklin Templeton’s Chief Diversity Officer Regina Curry and Head of Digital Assets Roger Bayston believe creating workplaces with intentional collaborative, inclusive, and debiasing practices can impact innovation and business growth.

Visit Franklin Templeton Institute to read the full article where Curry and Bayston discuss the importance of diversity and inclusion in the fintech and blockchain arenas.

About Franklin Templeton 
Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,300 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and over $1.4 trillion in assets under management as of August 31, 2023. For more information, please visit franklintempleton.com and follow us on LinkedIn, Twitter and Facebook.

MOSAIC @ T. Rowe Price, one of our firm’s associate-led business resource groups, and its Latinx Heritage Community are hosting an educational event focused on how language impacts individuals, culture, and business in important ways.

As we recognize Hispanic Heritage Month, a few of our associates recognize the significant achievements of the Hispanic community in driving prosperity, power, and progress in the United States and around the world.

Arlene Cabrera, Diversity Partner, COO Group and MOSAIC @ T. Rowe Price’s Latinx Heritage Community Cochair

This year’s theme is about forging your path no matter the odds so that you honor the sacrifices made for you, succeed, and pave the way for others to thrive. It’s embracing the mindset that you’re deserving, believing in your greatness, and knowing your worth. The contributions made by every Hispanic strengthens the tide of our collective value and creates a beacon of hope and aspiration. There’s power in bringing our voice, talent, and experiences to bear and advocating for what we need to maximize our potential. Our authenticity is a superpower that not only elevates our contributions, but allows us to remain prideful of who we are and aspire to be.

Nicolas Lombo, Managing Legal Counsel, U.S. Collective Vehicles

Prosperity, Power, and Progress—these characteristics represent the immigrant’s journey. As an immigrant, I would rearrange these as power, progress, and prosperity in a cyclical pattern. Power is not just physical or economic strength, but also the dedication and hard work that sets us on the path to progress. Progress is the advancement—sometimes slow but constant—toward the goal of personal, family, and communal prosperity. Finally, prosperity is the goal of being able to provide for ourselves and others—not just economically, but also socially. We go back to power but now from a different/higher perspective to progress toward a different/higher goal to achieve different/higher prosperity…and the cycle continues.

Helany Sinkler, Diversity Acquisition Program Manager

This is a representation of the Latinx community, both individually and collectively, stepping into our power and greatness, working to forge a legacy that future generations will proudly inherit, build upon, and enrich. I am keenly aware of the struggles and sacrifices my ancestors faced and overcame both in the U.S. and my home country of Honduras. It fuels my determination and commitment to honor them through my contributions and achievements. I seek opportunities to uplift my Latinx community and create positive, lasting impact. The theme stands as a profound recognition and proud celebration of the unyielding grit, greatness, and influence we possess—all of which are propelling the Latinx community forward educationally, economically, politically, and socially.

Pedro Sousa, CFA, Risk and Portfolio Construction Research Analyst 

Living in Europe has given me a renewed perspective on the interplay of prosperity, power, and progress in our Latin American heritage. We have a history of advanced indigenous civilizations melded with the contributions from various waves of immigration and settlement into Latin America. Importantly, we also have Iberian colonial footprints embedded not only in our surnames, but also in the complex course of events and in our culture. As we reflect on this vibrant heritage, let us recognize the Latin Americans who continue to make a positive impact on the global stage today.