Bacardi Limited charts bold course in building a sustainable future
Family-owned spirits company unveils ambitious environmental initiative called “Good Spirited” with specific goals in sourcing, packaging and operations by 2022. Building on current programs and efficiencies that reduce water and energy use and greenhouse gas emissions, the new Bacardi Limited global platform, Good Spirited: Building a Sustainable Future, reinforces the Company’s leadership in corporate social responsibility (CSR).
Bacardi Limited Employees Bring to Life "Good Spirited: Building a Sustainable Future" Environmental Program
Take a virtual trip around the world to learn more about the Bacardi Limited Good Spirited global sustainability initiative directly from the people involved. Hear from Bacardi Chairman Facundo L. Bacardi, SVP of Global Operations Jon Grey, VP of Corporate Communications Patricia M. Neal, Global Technical Director Stuart Lowthian, as well as various Bacardi employees and collaborators from around the world as they discuss what the Company is doing to reach its vision of a net zero environmental impact.
An on-demand video showcasing the industry-leading effort to return to the environment at least as much as we take away will be available 24/7 through June 30 via:
“The Good Spirited initiative is tied to the Bacardi legacy and critical to our growth. It’s a bold commitment we are making as a company for the future of our world and our business,” said Mr. Bacardi, the great-great grandson of Bacardi founder Don Facundo Bacardí Massó. “Equally important, we are making this commitment to our customers and consumers, who also want to be more sustainable. So please join us in taking steps to build a more sustainable future by being Good Spirited.”
Bacardi Limited Pioneers Groundbreaking “BEST” Method
Innovative System Combines Science and Accounting to Track Sustainability Progress
Bacardi Limited today announced that it has pioneered a new auditing method that accurately measures performance and progress against key environmental sustainability objectives. Called BEST – Bacardi Environmental Sustainability Tracking – the new system represents an innovative best practice in assessing a variety of metrics typically included in sustainability initiatives.
Bacardi Limited, the world's largest privately held spirits company, created this innovative system using general accounting principles. The Company then built upon standard metrics to include non-financial performance measurements in water use, energy use and greenhouse gas emissions from all of its manufacturing operations. The results provide an accurate assessment of not simply the cost of goods, but also the degree of efficiency in the Company’s use of resources.
Using the BEST method, Bacardi Limited is able to gain a precise comparison of its performance against sustainability initiatives over time. The Company calculates very specific data from a set baseline to understand just how much water and energy it would have used in prior years if those years had had the current-year mix of goods and services. All reporting compares today’s results to specific base years and provides data on a monthly basis. Other companies, using standard methodology, apply average cost of resource use that shows only the difference between the current and base year mix of goods and services; this method does not fully capture efficiencies in the use of resources.
BEST provides Bacardi Limited with a more accurate picture of performance, which, in turn, enables more accurate budget forecasting. The Company’s unique and innovative system was featured in Strategic Finance magazine and has been widely praised by industry leaders.
“The methodology advances Bacardi's sustainability efforts through an application of the principles of activity based flexible budgeting to produce indices of improvements (efficiency metrics) for sustainability KPIs based in physical quantities rather than monetary amounts,” write Poole College of Management at North Carolina State University professors Jon Bartley, Ph.D.; Frank Buckless, Ph.D.; Y.S. Al Chen, Ph.D.; D. Scott Showalter, CPA; and Gilroy Zuckerman, Ph.D. in Strategic Finance magazine. “These new metrics have transformed the way Bacardi measures progress in meeting its key sustainability objectives, and they represent an innovative best practice for management control and for external reporting.”
Bacardi continues to focus on water reduction with a goal to cut its global use by 55% by 2022. The Company recycles water used to clean BACARDÍ rum barrels.
Bacardi crafts sustainability into its brand packaging and point-of-sale materials. In North America, 100% of BACARDÍ rum cardboard boxes are sustainably certified.
We appreciate your interest in the Bacardi Limited Good Spirited: Building a Sustainable Future initiative. To learn more about what Bacardi and its iconic brands are doing to achieve the goal of returning to the environment at least as much as we take away through through responsible sourcing programs, packaging advancements and operational efficiencies, please download the files below.