US-based Berry Global Group, a leading player in the packaging industry, has earned an impressive ‘A’ rating in Environmental, Social, and Governance (ESG) from international ratings agency MSCI. This accolade recognizes Berry’s steadfast commitment to effectively managing ESG factors, marking a significant milestone in its sustainability journey.
MSCI, renowned for its rigorous ESG assessments, bestowed this prestigious ‘A’ rating upon Berry Global in recognition of its remarkable progress across key sustainability domains. Notably, the company excelled in carbon emissions reduction, labor management, and chemical safety in packaging materials. These achievements underscore Berry’s unwavering dedication to environmental responsibility and social well-being.
Tom Salmon, CEO of Berry Global, expressed his pride in this achievement, stating, “We are honored to receive such high recognition from MSCI for our continued efforts to increase transparency and prioritize key environmental and social issues across our global business, while strengthening Berry’s resilience to long-term ESG risks.” Salmon emphasized that this improved ‘A’ rating reflects the company’s ongoing investments in its workforce and its ambitious commitment to achieving net-zero emissions by 2050.
One of Berry’s most notable improvements was in the ‘carbon emissions’ category, a testament to its sustained efforts in reducing emissions, external assurance of value chain (Scope 3) emissions, and its recent pledge to reach net-zero emissions by 2050. In ‘labour management,’ Berry’s dedication to measuring and enhancing employee engagement, coupled with its innovative variable incentive programs, earned well-deserved recognition. Furthermore, Berry led its peers in the plastic packaging industry by earning the highest rating in the ‘chemical safety’ category, highlighting its stringent product safety standards and commitment to consumer well-being.
MSCI’s ESG ratings are highly regarded for assessing a company’s management of financially relevant ESG risks and opportunities. Using a rules-based methodology, MSCI identifies industry leaders and laggards based on their exposure to ESG risks and their ability to manage them effectively compared to peers. The ‘A’ rating Berry Global received falls within MSCI’s industry-relative seven-point letter rating scale, signifying exceptional performance.
MSCI’s methodology relies on publicly available data, including financial and sustainability disclosures in line with global standards such as the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), and Task Force on Climate-Related Financial Disclosures (TCFD).
Berry Global’s achievement of an ‘A’ ESG rating demonstrates not only its dedication to sustainability but also its position as an industry leader in responsible business practices. As the world continues to prioritize ESG considerations, Berry Global’s commitment to these principles serves as an inspiring example for businesses globally.