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Reporting
Reporting frameworks, external benchmarks and indices
Greggs understands the importance of climate change and that we must reduce our own impact and mitigate against climate risk. We believe that improved governance and reporting across all industries and sectors will contribute to the reduction of carbon emissions and assist in the transition to a low-carbon future. The Task Force for Climate-Related Financial Disclosure (TCFD) developed a framework to help companies disclose climate-related risks and opportunities.
Greggs completed its first TCFD report in 2023. Our latest report, published April 2024, describes our actions over the course of the year and demonstrates how we continue to refine our transition activity going forwards.
Task Force for Climate-Related Financial Disclosure (TCFD)
Greggs understands the importance of climate change and that we must reduce our own impact and mitigate against climate risk. We believe that improved governance and reporting across all industries and sectors will contribute to the reduction of carbon emissions and assist in the transition to a low-carbon future. The Task Force for Climate-Related Financial Disclosure (TCFD) developed a framework to help companies disclose climate-related risks and opportunities.
Greggs completed its first TCFD report in 2023. Our latest report, published April 2024, describes our actions over the course of the year and demonstrates how we continue to refine our transition activity going forwards.
Sustainability Accounting Board Standards (SASB)
The Sustainability Accounting Standards Board (SASB) is an independent nonprofit organisation that sets industry-specific sustainability standards which identify financially material topics and associated metrics.
This year we are proud to report for the first time against the Sustainability Accounting Standards Board, based on the standards for Food Retailers and Distributers.
Carbon Disclosure Project (CDP)
Carbon Disclosure Project is a non-for-profit charity that runs the global disclosure system for companies to help manage environmental impacts. Each year, we participate in CDP surveys relating to Climate Change and Forest disclosures annually.
For the Climate Change disclosure, in 2022 we improved our score from B- to B. In 2023, we have maintained our B rating.
CDP have also published their carbon-related Supplier Engagement rating for 2023. Greggs scored an A- (B in 2022). Out score now places us within their leadership banding, showcasing the implementation of best practice and outperforming the industry average at B.
We first participated in CDP Forests for the 2022 disclosure period, sharing information on our use of soy, palm oil, beef and cocoa. In 2023, we have maintained our score of D,C,C,D.
Business Benchmark on Farm Animal Welfare (BBFAW)
The Business Benchmark on Farm Animal Welfare (‘BBFAW’) is the leading global measure for farm-animal welfare management, policy commitment, performance, and disclosure in food companies. Greggs has participated since it was set up in 2012. During 2022, BBFAW paused its annual benchmarking cycle to revise the criteria that it had used to assess companies for a decade.
From 2022, it published a revised standard with much more stretching requirements.
We are committed advocates for farm-animal welfare and welcome BBFAW’s decision to make its tiers harder to achieve, accelerating the pace of change. In a pilot benchmark of the new standard conducted in 2022, Greggs was placed in Tier Three, well ahead of average.
Workplace Disclosure Initiative (WDI)
The Workforce Disclosure Initiative (WDI) aims to improve corporate transparency and accountability on workforce issues, provide companies and investors with comprehensive and comparable data and help increase the provision of good jobs worldwide.
In 2023, we have increased our disclosure score from 83% to 91%. We have also received a special mention for Workplace Action in WDI’s the Workplace Transparency Awards.