Environmental, Social & Governance
JBT’s purpose is to help our customers win in the marketplace by giving them solutions to make better use of the world’s precious resources. Sustainability is not only part of JBT’s philosophy, it is something positive for the world and indispensable for the industry as a whole. What we do is reduce waste, increase the recovery of products or by-products and achieve a more efficient industry. We want to achieve this hand-in-hand with our customers.
After decades of steady decline, the number of people who suffer from hunger – as measured by the prevalence of undernourishment – began to slowly increase again in 2015. Current estimates show that nearly 690 million people are hungry or 8.9 percent of the world population – up by 10 million people in one year and by nearly 60 million in five years. At the same time, a profound change of the global food and agriculture system is needed if we are to nourish the more than 690 million people who are hungry today – and the additional 2 billion people the world will have by 2050. Increasing agricultural productivity and sustainable food production are crucial to help alleviate the perils of hunger. 1
Sustainability is essential for the health of the food industry. JBT’s technologies are key to this focus, providing solutions to maximize yield, minimize wastage and preserve food in all its forms to increase shelf-life and to get food to people that need it. We see a real opportunity to do more.
Our ESG journey is gaining momentum.
To help us identify and assess the environmental, social and governance issues that are most important to our business and our stakeholders, we completed our first materiality assessment in 2020.
The information gained from the assessment shapes our reporting strategy and focuses our efforts on where we can make the most meaningful impact. We followed these steps:
We conducted a gap analysis comparing the priorities of key ESG rating and ranking organizations and JBT’s current priorities and compiled a list of 24 ESG issues.
Using a third-party consultant, we collected input on the relative importance of our focus on these issues from JBT leaders and external stakeholders such as key customers and investors.
Combining the results of the gap analysis and stakeholder surveys, we created a materiality matrix that shows the environmental, social and governance issues that are a focus of our business and stakeholders.
We consider all 24 topics shown in the above matrix to have some level of importance. We categorize an issue as material if 1) it could impact the business in terms of costs, growth, risk or reputation or 2) if it is important to our stakeholders. Topics in the “critically important” category are viewed by both JBT leaders and stakeholders as potential big wins/differentiators and/or critical risks.
Based on this assessment, the issues we have developed focus around are:
- Environmental and Social Impact of Products – Managing and mitigating the impact products have on the environment and communities; strategy towards a more environmentally or socially beneficial product portfolio.
- Climate Strategy – JBT’s approach to reducing GHG emissions across operations while managing physical and transition risks related to climate change.
- Talent Attraction & Development – Policies and practices that attract and develop high-quality talent with the right skills to deliver on current and future business needs.
- Diversity, Equity & Inclusion – Policies and practices that create a welcoming environment for all employees (regardless of differences in race, color, gender, backgrounds, beliefs, abilities, and experiences) to fulfill their potential.
We plan to periodically update this assessment to reflect our business and our stakeholders’ expectations. These evaluations were further reviewed with the Company’s Nominating and Governance Committee of the Board of Directors, who has oversight over management’s processes to identify, assess, manage and disclose climate-related risks and opportunities.
To learn more about our efforts explore these sections: