A message from our Managing Director & CEO

The global challenge

During our financial year2022, the world’s population hit 8 billion and is growing by more than 200,000 people a day. A rising global population means we need to produce 56 per cent more food by 2050.

Accelerating agricultural innovation is essential to sustainably meeting the nutrition and energy needs of a growing population and rapidly changing economies. So too is utilising technology that has vastly improved agricultural productivity in recent decades that has helped feed billions, such as crop protection products.

Nufarm is well-placed to deliver the agricultural innovation essential to enabling our industry to meet some of the world’s most complex challenges. Our solutions improve agricultural sustainability by allowing farmers to produce more from existing farmland.

The challenge ahead of us is to strengthen the sustainability of agriculture without jeopardising the supply of food, fibre and fuel.

Progress in a year of disruptions

The world was impacted by significant global supply chain disruptions throughout 2022 due to the Ukraine conflict, severe weather events and coronavirus pandemic.

These disruptions highlight the importance of what we do: help farmers grow the crops that feed and clothe us and, increasingly, provide us with new sources of renewable energy. The disruptions also reminded us of the importance of strengthening food and fuel security to protect people’s livelihoods and wellbeing.

We made tangible progress towards achieving our sustainability targets. We have reduced our greenhouse gas emissions by 13 per cent since FY20 as part of our efforts to reduce scope one and two emissions from our manufacturing sites.

We also progressed our climate disclosures in line with the Taskforce on Climate-related Financial Disclosures (TCFDs). Since FY20 we have lowered our environmental impact through hazardous waste and volatile organic compound emissions reductions of 14 per cent and 20 per cent, respectively. And the company continued to focus on ensuring our employees feel empowered and go home safely.

Beyond our operational improvements, we have made great progress in delivering innovative solutions to farmers to improve agricultural sustainability. In October 2022, and after years of development work, we launched our DropzoneTM herbicide specially formulated to manage spray drift, improve product efficacy and reduce the impact to off-target areas.

Our advanced seed technology such as Nuseed Carinata will help us meet the rapidly rising demand for renewable feedstocks that provide a low-carbon alternative to transition away from fossil fuels. Nuseed Carinata provides transport sectors, especially shipping and aviation, with a non-food, sustainable and scalable source of energy to help replace fossil fuels.

And our partnership with CROP.ZONE® has led to the development of an alternative solution to chemical-based weed control and crop desiccation, reducing the chemical load on the environment.

Meeting future needs

We have come a long way in harnessing the power of plant science to help farmers withstand the pressures of weeds, pests and diseases.

Crop protection products, for example, safeguard crops from the moment they are sown until they are harvested. These proven tools help farmers protect their crop yields from more than 40,000 species of weed and plant-eating insects. Protecting crops from these threats is important to the future of agricultural sustainability and preventing unnecessary food loss.

In 2023 and beyond, Nufarm and its partners will build on this legacy of innovation to pioneer new technology and develop new markets to accelerate the sustainable production of food, fibre and fuel.

Our 2022 sustainability report outlines our priorities, progress and plans as we continue on this journey. The report also includes additional disclosure against the Global Reporting Initiative (GRI) sustainability reporting standard and the Taskforce on Climate-related Financial Disclosures (TCFD).

Underpinning this report and our approach is a belief in technology, innovation and collaboration to advance sustainable agriculture and support farmer livelihoods. We look forward to working with diverse stakeholders to turn these formidable challenges into opportunities for people and the planet.

 

Greg Hunt

Managing Director & CEO