AAK Annual Report 2020

AAK 31 Annual Report 2020 2020 – a year of raised ambitions In the consumer goods industry, sustainability stand- ards are constantly raised as a result of increasingly conscious consumers, as well as national and global policy initiatives like the UN Sustainable Development Goals and the Paris Agreement. Each year, we monitor materiality and new and upcoming legislation as well as benchmark our sus- tainability practices against those of investors, retailers, customers and competitors, to ensure that we have our house in order and the right level of ambition. As a result, we raised our ambitions within several key areas and we have, during 2020, made the following external commitments: • We have signed the UN Global Compact’s State- ment for Renewed Global Cooperation, emphasizing the urgent need for global cooperation to support peace, security, human rights, and sustainable development due to the impact of the Covid-19 pandemic. • We have signed the Science Based Targets Initia- tive Commitment Letter. During 2021, we will set science-based targets through the Science Based Targets initiative (SBTi), driving the reduction of greenhouse gas emissions consistent with keeping global warming to 1.5°C above pre-industrial levels. • We have signed the coconut industry’s first global Sustainable Charter, which aims to improve farmer livelihoods, lessen the carbon footprint of coconuts and boost supply to meet rising global demand. • We have announced our commitment to verified deforestation-free and conversion-free palm and soy supply chains by 2025.