The Hershey Company (NYSE: HSY):
- Strategy creates unprecedented alignment among the cocoa and chocolate companies to coordinate cocoa sustainability efforts
- Program goals complement existing Hershey cocoa sustainability programs
The Hershey Company (NYSE: HSY) announced today that it will be a founding member of CocoaAction, a new strategy to align the cocoa sustainability efforts of the world’s largest cocoa and chocolate companies. CocoaAction creates a new level of coordination and commitment by the leading global cocoa and chocolate companies and governments to promote cocoa sustainability in West Africa.
Under the auspices of the World Cocoa Foundation, which will act as the convener for the group and facilitate the implementation of the industry-wide strategy, CocoaAction seeks to build a rejuvenated and economically viable cocoa sector for at least 300,000 cocoa farmers – 200,000 in Côte d’Ivoire and 100,000 in Ghana – and the communities where they live by 2020. By voluntarily working together as an industry, the strategy aims to increase of the impact of the cocoa industry’s numerous sustainability programs. Participating companies have committed to providing the necessary means to achieve a transformation of the cocoa sector. The governments of Ghana and Côte d’Ivoire have formally endorsed CocoaAction as the industry’s aligned effort to support their national cocoa sustainability plans.
“A reliable, sustainable supply of ethically grown cocoa is vital to Hershey and the global chocolate and cocoa industry and is the best way to ensure consumers will enjoy delicious, affordable and sustainable cocoa,” said Terrance O’Day, Senior Vice President and Chief Supply Chain Officer at Hershey. “It’s a major breakthrough for key members of the industry to come together and work as a group to solve the challenges facing cocoa farming in West Africa and achieve our mutual sustainability objectives.”