Embracing ESG in Our Commitment to drive Sustainability

In an era marked by growing environmental and social concerns, sustainable business practices have become paramount for companies worldwide. Cardinal Torch Company Ltd, recognizes the importance of Environmental, Social, and Governance (ESG) factors in shaping a responsible and resilient future. We value the excellence that mindfulness of the Sustainable Development Goals (SDGs) infuse into the design of our operations and corporate procedures. that Recently, we had the opportunity to participate in an ESG study, which not only assessed our current sustainability practices but also provided valuable insights into areas where we could further enhance our commitment to ESG principles.

Cardinal Torch’s Non-oil export solutions and the Sustainable Development Goals, SDGs

Cardinal Torch’s non-oil export solutions contribute to achieving various Sustainable Development Goals (SDGs) such as SDG 8 (Decent Work and Economic Growth), SDG 9 (Industry, Innovation and Infrastructure), and SDG 12 (Responsible Consumption and Production) by promoting sustainable economic development and diversification, creating job opportunities, increasing productivity, and promoting responsible and sustainable production practices. Under our company’s strong leadership we’re deploying strategic initiatives & collaboration with stakeholders such as governments, NGOs, and communities to ensure that our operations align with local needs and priorities.

To actualize and scale the impact of these solutions, Cardinal Torch leverages technology to improve efficiency, reduce waste, and increase productivity. Our Cashew & Cocoa processing operations create new job opportunities and promote economic growth, thereby contributing to SDG 8 (Decent Work and Economic Growth). Also, by locally processing these agro-commodities we ensure SDG 12 (Responsible Consumption and Production) by further utilizing the byproducts of the the processes.

Environmental Sustainability

As a responsible agro-commodities processing and export firm, we understand that environmental sustainability is crucial for the long-term well-being of our planet. The ESG study assessed our environmental impact through factors such as carbon emissions, waste management, and resource conservation. The study probed thematic areas such as our company’s initiatives to reduce carbon emissions through energy-efficient practices, the use of renewable energy sources, our commitment to responsible waste management, including recycling and proper disposal methods.

The study also assessed our investment in sustainable farming practices and promotion responsible land use. Cardinal Torch does business by on-boarding vetted, Licensed Buying Agents, LBAs, who are certified and known to be actively encouraging sustainable agricultural techniques, such as organic farming, efficient irrigation systems, and soil conservation measures, fair wages and zero-tolerance to forced labour, so that we can minimize the ecological footprint of our supply chain.

As an opportunity for improvement we discussed that the expansion of our operations through our subsidiaries will, when fully operational, implement water and energy conservation measures on the field as well as within our processing facilities. Our processing facility, still in the design phase we are leveraging this awareness to explore and adopt initiatives that will optimize water usage, reduce energy consumption, and adopt more eco-friendly production processes.

Social Responsibility

Our commitment to social responsibility is deeply ingrained in our corporate ethos. The ESG study sought to understand how our business fosters a positive social impact by prioritizing the well-being of our employees and local communities. Our company’s use of initiatives, such as providing fair wages, ensuring safe working conditions, and offering training and development opportunities, were assessed;  and, practices fostering lasting contributions through the deployment of community engagement programs, which focus on education, healthcare, and sustainable livelihoods, were also inquired.

To further assess our social responsibility efforts, the study sought to know how we’re strengthening our supply chain transparency and promoting fair trade practices. At Cardinal Torch, we ensure that our suppliers (LBAs) adhere to ethical labor practices and environmental standards, in order to create a more inclusive and responsible value chain. As our operations grow we will prioritize collaborating with local organizations and stakeholders to identify and address social issues within our communities by developing stronger partnerships with LGAs, NGOs and other community-based organizations to maximize our social impact.

Governance and Ethics

Maintaining strong governance practices and upholding high ethical standards is integral to our business operations. The ESG study probed our corporate governance structure, board composition, and transparency in reporting. At Cardinal Torch, our governance practices are robust and aligned with industry best practices as we recognize the importance of continuous board evaluation and diversity in leadership positions, which we aim to further prioritize in the coming years.

The study while querying our compliance with the need for increased transparency in our reporting, particularly regarding ESG performance and targets, broadened our knowledge with a number of beneficial ESG reporting frameworks and certifications. These certifications when adopted will update our reporting mechanisms to provide stakeholders with comprehensive and accurate information on our sustainability initiatives.

In concluding the interview, we highlighted the company’s commitment to the UN Global compact and plans to officially adopt the charter in 2023 in the design of the company’s official ESG policy and operational roadmap for the next five years.

Moving Forward

Participating in the ESG study as an agro-commodities processing and export firm in Nigeria has been a valuable experience for our company. It has reaffirmed our commitment to sustainability and provided us with actionable insights to enhance our environmental, social, and governance practices.

To remain in the lead, moving forward, Cardinal Torch is dedicated to eliminating the knowledge gap in ESG best practices for our remit in the agro-commodities export space; and, distilling the ethos of relevant ESG compacts to strengthen our operational policies.