Local Bounti Issues Inaugural Corporate Sustainability Report
HAMILTON, Mont., Jan. 5, 2022 /PRNewswire/ -- Local Bounti Corporation (NYSE: LOCL)(Local Bounti), a breakthrough U.S. indoor agriculture company, today announced the issuance of its inaugural Corporate Sustainability Report. The report, which follows the Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB) standards and aligns with the United Nations Sustainability Development Goals (UN SDG), contains firm environmental, social and governance (ESG) commitments — a first for the controlled environment agriculture (CEA) industry — including:
- Investing in and supporting Local Bounti employees by paying a Living Wage while providing full time, non-seasonal jobs with full benefits
- Producing greenhouse gas (GHG)-neutral leafy greens by 2030
- Investing in underserved communities by committing to spend over
$50 million in facilities located in Federal Opportunity Zones - Reporting transparently, using GRI and SASB international frameworks, including full Scope 1 and 2 GHG values and actual water usage
In September 2021, Local Bounti became one of the first U.S.-based CEA companies to participate in the United Nations Global Compact Initiative, demonstrating its commitment to sustainability, with a mission-based business model and strategy that supports multiple UN goals and principles for a responsible business.
"As a leader in disruptive AgTech we have established a number of firsts for the Company in 2021 following our UN participation, including a leadership role for corporate sustainability in our industry," said Craig Hurlbert, Co-CEO of Local Bounti. "Sustainability is deeply entrenched in our corporate culture and overall ESG goals, and I'm proud that our team is committed to Turn a New Leaf™ in agriculture, establishing our reputation for corporate responsibility early in Local Bounti's history."
Leading the industry in transparent sustainability means using worldwide standards, which is why Local Bounti is reporting in accordance with the GRI standards starting with 2021, Hurlbert explained.
Review the Local Bounti Inaugural Sustainability Report here.
Review Local Bounti's Sustainability Website here.
About Local Bounti
Local Bounti is a premier controlled environment agriculture (CEA) company redefining conversion efficiency and environmental, social and governance (ESG) standards for indoor agriculture. Local Bounti operates an advanced indoor growing facility in Hamilton, Montana, within a few hours' drive of its retail and food service partners. Reaching retail shelves in record time post-harvest, Local Bounti produce is superior in taste and quality compared to traditional field-grown greens. Local Bounti's USDA Harmonized Good Agricultural Practices (GAP Plus+) and non-genetically modified organisms (GMO) produce is sustainably grown using proprietary technology 365 days a year, free of pesticides and herbicides, and using
Forward Looking Statements
This press release includes forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "feel," "believes," expects," "estimates," "projects," "intends," "should," "is to be," or the negative of such terms, or other comparable terminology. Forward-looking statements are statements that are not historical facts. Such 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: Local Bounti's ability to generate revenue; the risk that Local Bounti may never achieve or sustain profitability; the risk that Local Bounti could fail to effectively manage its future growth; the risk that Local Bounti will fail to obtain additional necessary capital when needed on acceptable terms, or at all; Local Bounti's ability to build out additional facilities; reliance on third parties for construction, delays relating to material delivery and supply chains, and fluctuating material prices; Local Bounti's ability to decrease its cost of goods sold over time; potential for damage to or problems with Local Bounti's CEA facilities; Local Bounti's ability to attract and retain qualified employees; Local Bounti ability to develop and maintain its brand; Local Bounti's ability to maintain its company culture or focus on its vision as it grows; Local Bounti's ability to execute on its growth strategy; the risks of diseases and pests destroying crops; Local Bounti's ability to compete successfully in the highly competitive natural food market; Local Bounti's ability to defend itself against intellectual property infringement claims; changes in consumer preferences, perception and spending habits in the food industry; demand for lettuce, cilantro, basil and other greens and herbs is subject to seasonal fluctuations; Local Bounti's ability to achieve its sustainability goals; and other risks and uncertainties indicated from time to time, including those under "Risk Factors" and "Forward-Looking Statements" 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 Local Bounti files from time to time with the SEC. Local Bounti cautions that the foregoing list of factors is not exclusive and cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date they are made. Local Bounti does not undertake or accept any obligation or undertaking to update or revise any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
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