Local Bounti publishes its first corporate sustainability report
HAMILTON, Mont., January 5, 2022 / PRNewswire / – Local Bounti Corporation (NYSE: LOCL) (Local Bounti), a groundbreaking U.S. indoor agriculture company, today announced the release of its first corporate sustainability report. The report, which follows Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB) standards and aligns with the United Nations Sustainable Development Goals (UN SDG), contains firm commitments to environment, society and governance (ESG), a first for the controlled environment agriculture (AEC) industry – including:
- Invest in and support local Bounti employees by paying them a living wage while providing them with full-time, non-seasonal jobs with full benefits
- Produce greenhouse gas (GHG) neutral leafy vegetables by 2030
- Invest in underserved communities by committing to spend more $ 50 million at facilities located in Federal Opportunity Zones
- Transparent reporting, using international GRI and SASB frameworks, including full GHG values ââfor scopes 1 and 2 and actual water use
In September 2021, Local Bounti became one of the first US-based CEA companies to participate in the United Nations Global Compact Initiative, demonstrating its commitment to sustainability, with a business model and strategy based on the mission which support several United Nations goals and principles for responsible business.
âAs a leader in disruptive AgTech, we have set a number of firsts for society in 2021 following our participation in the UN, including a leadership role for corporate sustainability in our industry,â said declared Craig hurlbert, co-CEO of Local Bounti. âSustainability is deeply ingrained in our corporate culture and overall ESG goals, and I’m proud that our team is committed to Turning a New Leaf â¢ in Agriculture, establishing our reputation for corporate responsibility early on. the story of Local Bounti. “
Leading the industry in transparent sustainability means using global standards, which is why Local Bounti reports under GRI standards from 2021, explained Hurlbert.
Check out Local Bounti’s inaugural sustainability report here.
Check out the Local Bounti sustainability website here.
About Local Bounti
Local Bounti is a leading Environmentally Controlled Agriculture (CEA) company redefining conversion efficiency and environmental, social and governance (ESG) standards for indoor farming. Local Bounti operates a state-of-the-art indoor grow facility in Hamilton, Montana, a few hours’ drive from its commercial and catering partners. Reaching retail shelves in record time after harvest, local Bounti produce is superior in taste and quality compared to traditional green vegetables grown in the field. Local Bounti’s USDA Harmonized Good Agricultural Practices (GAP Plus +) and Non-Genetically Modified Organism (GMO) products are sustainably grown using proprietary technology 365 days a year, no pesticides or herbicides , and using 90% less soil and 90% less water than conventional outdoor growing methods. With a mission to “bring our farm to your kitchen in as few miles of food as possible”, Local Bounti disrupts the cultivation and delivery of produce. Local Bounti is also committed to making meaningful connections and giving back to each of the communities it serves. To learn more, visit localbounti.com or follow the company on LinkedIn for the latest news and developments.
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feel”, “believe”, “expect”, “estimate”. “,” Projects “,” intends “,” should be “,” must be “, or the negative of these terms, or any comparable terminology. Forward-looking statements are statements that are not historical facts. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: the ability of Local Bounti to generate income; the risk that Local Bounti may never achieve or maintain profitability; the risk that Local Bounti will fail to effectively manage its future growth; the risk that Local Bounti will not be able to raise the necessary additional capital when needed on acceptable terms, if at all; Local Bounti the ability to build additional facilities; reliance on third parties for construction, delays in material delivery and supply chains, and fluctuating material prices; the ability of Local Bounti to reduce the cost of goods sold over time; potential for damage or problems with Local Bounti’s CEA installations; the ability of Local Bounti to attract and retain qualified employees; Bounti’s local capacity to develop and maintain its brand; Local Bounti’s ability to maintain its corporate culture or focus on its vision as it grows; the ability of Local Bounti to execute its growth strategy; the risks of diseases and pests destroying crops; Local Bounti’s ability to compete successfully in the highly competitive health food market; Local Bounti’s ability to defend against intellectual property infringement claims; changes in the preferences, perception and consumption patterns of consumers in the food industry; the demand for lettuce, cilantro, basil and other green vegetables and herbs is subject to seasonal fluctuations; the ability of Local Bounti to meet its sustainability goals; and other risks and uncertainties noted from time to time, including those under âRisk Factorsâ and âForward-Looking Statementsâ in Local Bounti’s current report on Form 8-K filed with the Securities and Exchange Commission (the SEC) on November 24, 2021, as supplemented by Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K, and other reports and documents that Local Bounti files from time to time with the SEC. Local Bounti cautions that the above list of factors is not exclusive and cautions readers not to place undue reliance on forward-looking statements, which speak only as of the date they are made. Local Bounti does not undertake or accept any obligation or commitment to update or revise any forward-looking statements to reflect any change in its expectations or any change in the events, conditions or circumstances upon which such statement is based.
SOURCE Local Bounti