Sodexo has become the first global foodservice company to tie its financing to its performance in preventing food waste.
The company has renewed its $1.4 billion (£1.13 billion) revolving credit facility, which now incorporates a pricing adjustment based on its performance towards its goal to prevent 50% of the food waste and food losses from its operations by 2025.
At the Champions 12.3 annual event held in the context of the 74th session of the UN General Assembly, Denis Machuel, Sodexo’s CEO said the company’s intention to be transparent and held financially accountable for its action on food waste.
“1.3 billion metric tonnes of food – a third of the food produced annually — is wasted or lost globally. This is unacceptable both from an environmental and a business perspective.
“Together with our suppliers, clients and consumers, we will do our part by preventing 50% of the 117 thousand metric tonnes of food wasted or lost annually within our collective reach. We want to send a clear signal to all our stakeholders that as a company who strives to improve quality of life, Sodexo is accountable at all levels, including in its financing, for preventing food waste from farm to fork.”
Earlier this year, Sodexo announced the deployment of its data-driven food waste prevention program, WasteWatch powered by Leanpath, at 3,000 sites worldwide within a year, with the objective to deploy the program to all relevant Sodexo sites by 2025.
The WasteWatch powered by Leanpath Program prevents on average 50% of food wasted.
Sodexo’s food waste reduction performance will be assessed, using the data collected through the program, and third-party audited against a global benchmark set in collaboration with Leanpath.