Blockchain Press Releases
New Report Shows 64% of CPGs Willing to Prioritize ESG-Compliant Food Production But Hampered by High Ingredient Costs, Lack of Standards and Supplier Sourcing
TraceGains “State of ESG Compliance” Report Finds Only 34% of Emerging Brands Would Pay a Premium to Ensure Compliance and Meet Consumer Demand Despite Razor Thin Margins
WESTMINSTER, Colo., Aug. 3, 2023 /PRNewswire/ — TraceGains, the food and beverage industry’s only networked ingredients marketplace, today released a new report highlighting the disconnect between well-meaning CPGs and their ability to deliver ESG-compliant products in the context of an increasingly complex global supply chain. Based on responses from 343 food safety and quality professionals, the “State of ESG Compliance for the Food and Beverage Industry Report” report cited loose guidelines for choosing ingredient suppliers, higher ingredient prices and a lack of automation and technology to ensure compliance as roadblocks.
Good News: Commitment to Sustainability
Despite the challenges, most food and beverage brands expressed a strong desire to embrace environmental, sustainability and governance objectives with many seeking the ability to stand behind claims to ensure that ingredients in their supply chains are properly sourced and labeled.
- 64% of brands acknowledge the importance of being ESG-compliant.
- Nearly half (46%) prioritize doing business with ESG-compliant ingredient suppliers.
- Key drivers for being more ESG-focused included a combination of evolving regulatory landscapes (32%), consumer demand (27%), and competitive pressures (18%).
- Half (50%) of all respondents said they’d be willing to stop production on a product altogether if it could not be produced in accordance with ESG objectives.
Bad News: Challenges Sourcing ESG Ingredient Suppliers
Brands have a strong desire to build ingredient supply chains that align with ESG goals, but general market confusion over sustainable food labeling and the lack of formal guidelines to validate ESG partners create barriers to success.
- 41% feel they are falling short of achieving full ESG compliance.
- Nearly half (42%) rely on informal methods to select ingredient suppliers like word-of-mouth conversations (23%) or relying solely on suppliers’ claims (35%).
- Only 16% of brands use a formal, technology-assisted selection process for validating ESG partners.
- 55% demand more transparency into ingredient supply chains, with nearly half (49%) wanting visibility into Tier-2 and Tier-3 suppliers.
The Future: Navigating the Path to Sustainability
Regardless of the challenges, food and beverage brands are intent on becoming more ESG-compliant with some emerging brands committed to sacrificing a profit to do so.
- 42% plan to increase their usage of ESG-compliant ingredients within the next six to 12 months.
- One-third (35%) are willing to pay up to 10% more for ESG-compliant ingredients and 32% would pay up to 20% more.
“We applaud the willingness of brands and manufacturers to foster and uphold ethical and sustainable practices, and their commitment to ‘walk the talk’ to prevent products from hitting the shelves that don’t align with ESG goals,” said Paul Bradley, Senior Director, Product Marketing. “Our report shows that even with good intentions, actually delivering on ESG promises across the business demands unwavering dedication.”
To learn more about how CPG companies can prioritize ESG compliance, visit https://www.tracegains.com/.
Survey Methodology
From June 22 through July 7, 2023, TraceGains conducted an online survey of 343 food and beverage leaders across quality, operations, safety and R&D roles at large CPG companies in North America, the UK, EMEA, APAC, and LATAM, with 61% of survey respondents reporting revenues upwards of $25M.
About TraceGains
TraceGains, the world’s only networked ingredients marketplace, connects the global consumer goods supply chain through its innovative TraceGains Gather™ platform. Enterprises and suppliers can easily collaborate to exchange critical information, data, and documents and work together to solve today’s unprecedented supply chain challenges. Information about ingredients and supply chain partners applies to a company’s unique supply chains using artificial intelligence and automation. Our patented PostOnce™ technology allows authorized stakeholders to share and receive vital information, precisely when, where, and how they need to operate efficiently and remain competitive. Through the power of a global network, supply chain agility is achievable. To learn more, visit www.tracegains.com.
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Blockchain
Reynold Lemkins Group Attends The Asset ESG Annual Summit to Explore New Paths for Corporate Sustainable Development
ESG (environment, social, and governance) is not only an important driving force for promoting the long-term sustainable development of enterprises, but has also become a key factor in enhancing their comprehensive competitiveness. However, as the discussion around ESG has progressed to the present day, there have been an increasing number of related doubts. Especially for enterprises in Asia, the world’s fastest-growing region, finding a balance between achieving ESG goals and maintaining profitability has become an important issue that urgently needs to be addressed.
Against this backdrop, the 7th ESG Annual Summit of The Asset, with the theme of “Staying the course, scaling up,” was recently held in Singapore. This summit brought together outstanding entrepreneurs, investors, and policymakers around Asia to jointly explore how to integrate ESG into corporate strategies and look forward to new opportunities for future business development. As a partner of the Summit, President and CIO of Reynold Lemkins Liu Haoran shared his view on how corporate financing and risk management strategies should effectively combine with the ESG concept.
How should investors choose enterprises with long-term value?
Reynold Lemkins Group has been committed to playing the role of “patient capital,” providing long-term and stable support and companionship to enterprises, and actively involving more long-term investors in the market. At the same time, Reynold Lemkins is also committed to supporting companies that can not only bring financial returns but also have long-term value. Liu Haoran said at the event, “As an investment institution, Reynold Lemkins Group has been working to promote the formulation of sustainable investment standards. Currently, we have multiple methods to evaluate whether potential investment targets have long-term value of sustainable development.”
Liu Haoran first emphasized that Reynold Lemkins closely follows the latest reports of third-party ESG rating agencies. As shown in MSCI’s 2023 report, companies with higher ESG scores usually outperform their peers in the long term. At the same time, Reynold Lemkins conducts an in-depth analysis of the relationship between a company’s financial performance and its ESG commitments through financial statements, ESG reports released by the company, and third-party audit data. The company’s innovation ability is also an important factor to consider about, companies that integrate sustainable innovation into their products and services are more likely to succeed in the future.
How can institutions lead the implementation of the ESG concept?
In the subsequent sharing, Liu Haoran mentioned, “With the rise of ESG investment, investors have begun to use more data sources to enhance their understanding and analysis capabilities of enterprise operations. Regulatory policies play an important role in this process, especially by formulating standardized disclosure requirements, which have promoted the standardized development of global sustainable investment.”
Liu Haoran pointed out that in April this year, the State Council of China issued the new “Nine Provisions,” which clearly proposed to improve the sustainable information disclosure system of listed companies. Subsequently, the Shanghai, Shenzhen, and Beijing Stock Exchanges issued relevant self-regulatory regulatory guidelines, putting forward specific requirements for the sustainable information disclosure work of listed companies in terms of constructing a sustainable development information disclosure framework, clarifying disclosure topics, and encouraging companies to make voluntary disclosures. Since the policy was proposed, 41 listed companies in the A-share market have successively disclosed the implementation rules of the board of directors’ strategy and ESG committee or the company’s ESG management system. At the same time, 114 companies have disclosed their 2023 ESG reports, an increase of 58.33% compared with the same period last year.
Meanwhile, regulatory agencies in Hong Kong are also actively promoting ESG development. In January this year, the Securities and Futures Commission of Hong Kong (SFC) stated that it would prioritize the transformation of the financial market through technology and ESG in the next three years. At the same time, Hong Kong has also strengthened the requirements for information disclosure of listed companies, promoting the improvement of market transparency and helping investors make more informed decisions.
Liu Haoran said, “By adapting to these changes in new regulations and using the newly added data and analysis tools, investors can better integrate ESG factors into investment decisions, enabling them to identify companies that are truly committed to long-term value and sustainable development.”
How can technology enhance ESG investment insights?
Liu Haoran believes that artificial intelligence and machine learning algorithms have been widely used to analyze ESG-related big data. AI can help us identify patterns and trends in the data, thereby optimizing investment strategies. According to Gartner’s forecast, by 2025, more than 50% of large enterprises will use AI to support their ESG strategies, indicating that the role of AI in ESG investment will become increasingly important.
He also added, “Blockchain technology also plays an important role in promoting supply chain transparency and ethical procurement, which is crucial for ESG compliance. According to the forecast of the World Economic Forum, by 2030, blockchain will save nearly $300 billion in costs in the global supply chain while improving transparency and traceability.”
Liu Haoran said that with the popularization of sustainability reporting software, the collection and reporting of ESG data have become more efficient, ensuring the accuracy and compliance of reports. Integrated solutions and tracking tools provided by companies such as Enablon and Sphera help enterprises manage and report their ESG performance more transparently.
“Technology not only enhances our data analysis capabilities but also helps us keep up with the trend of global sustainable investment. Reynold Lemkins will continue to be committed to standing at the forefront of this change, using technology to promote smarter and more efficient investment decisions, so that every investment can not only bring financial returns but also promote the sustainable development of society and the environment.”
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The new, fully self-owned facility enhances Compass’s capacity and offers customers greater choice for machine deployment
WILMINGTON, Del., Nov. 19, 2024 /PRNewswire/ — Compass Mining (“Compass” or the “Company”), a leading provider of Bitcoin mining hardware, hosting, and services, today announced its acquisition of property and power agreements to establish a state-of-the-art mining facility in Iowa. Construction is already underway on the expandable facility, with an initial 8 megawatts (MW) scheduled for energization in January 2025 and plans for expansion up to 30 MW as Compass pursues additional infrastructure investments.
Located on a 5-acre greenfield site, the new Iowa facility marks a significant step in the Company’s growth strategy, increasing its self-owned infrastructure portfolio. With an Electric Service Agreement (ESA) in place, Compass is on track to energize 8 MW of capacity by January 2025. Once operational, Compass customers will have the option to select “Iowa 4″ as the deployment location for new machines purchased through Compass’s platform.
Compass Mining has traditionally partnered with third-party facilities but is actively working to reduce counterparty risk through ownership of its own sites, such as the new Iowa facility, which is both self-owned and self-operated. This ownership model allows Compass to strengthen control over its operations and offer enhanced flexibility to customers.
“This new site marks an important milestone,” said Shanon Squires, Chief Mining Officer of Compass Mining. “By increasing our self-owned capacity, we can provide our customers greater operational control. At the same time, our partnerships with reliable third-party facilities provide our customers greater deployment flexibility, reflecting both power market dynamics and geographic diversity.”
The Iowa facility builds on Compass’s broader U.S. expansion, following the successful energization of facilities across Kentucky (10 MW) and Nebraska (7.5 MW) earlier this year. In 2024 alone, Compass has energized nearly 50 MW of new power capacity across Indiana, Iowa, Ohio, Kentucky, Nebraska, and Texas, with an additional 20 MW planned by January 2025.
About Compass Mining
Compass Mining is a customer-first company that provides a platform for individuals and businesses to purchase Bitcoin mining hardware, host machines, build and manage mining facilities, and access a range of ancillary services. With a commitment to exceptional customer support and transparency, Compass Mining sets the benchmark for bitcoin mining hosting. Its mission is to make Bitcoin mining accessible to everyone. To learn more about Compass Mining or to start mining today, visit compassmining.io.
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Blockchain Press Releases
Ethiopia-Exclusive: Bybit Livens up P2P Marketplace with 12,000 USDT in Rewards
DUBAI, UAE, Nov. 18, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is pleased to announce an Ethiopia-only limited time offer for Bybit P2P users. From now to Dec. 5, eligible makers and users on Bybit P2P can choose a special rewards track while capturing opportunities in P2P trading.
Registration is required for all three events:
1. Merchant-exclusive Event
On Bybit P2P, users may enter the P2P Maker Battle for a share of a 2,000 USDT prize pool. Merchants may get a share of the prize pool by placing a sell ad in the Ethiopian Birr (ETB) on the Bybit P2P marketplace, inviting others to buy USDT.
The prize pool will be divided by the top 10 merchants who trade with the largest number of unique users, and complete a minimum trading volume of 5,000 USDT and minimum number of 50 unique buyers. To qualify, the Merchant must register and submit their UIDs using this form.
2. Cashback Event: Up to 2% for Existing Users
All buyers have a chance at an easy win from another 8,000 USDT prize pool. Existing P2P users may simply trade to reach a minimum of 500 USDT in trading volume to unlock 2% cashback, up to 10 USDT per user.
3. Sharers Get More
Users have another way to access a 2,000 USDT prize pool by using the “share” button to spread the word about their ETB journey on Bybit P2P. The top 10 participants with the highest views will get to tell their stories and take home the rewards. Interested users may use this form to submit their work.
P2P trading is an organic part of the crypto market and an indispensable tool for improving financial inclusion and interconnectivity between community members. Bybit P2P provides a secure and user-friendly peer-to-peer trading solution, enabling users to seamlessly trade among themselves at zero fees.
Bybit offers resources about posting trades on Bybit P2P, and Ethiopian users may visit here for more.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
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