Universal Corporation Releases 2024 Sustainability Report

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Universal (NYSE:UVV) has released its 2024 Sustainability Report, highlighting significant progress in environmental and social initiatives from April 2023 to March 2024. The company has achieved notable environmental milestones, including planting over 14 million trees, reaching 71% traceability in timber supply, and reducing scope 1 and 2 emissions by 15% from 2020 baseline.

Key social achievements include training 175,000 farmers on good agricultural practices, contributing $800,000 through the Universal Leaf Foundation, and meeting important labor goals including 100% personal protective equipment distribution and zero child labor. The company has also enhanced workplace safety with over 21,000 health and safety inspections, a 40% increase from the previous year.

The report aligns with Global Reporting Initiative Standards and UN Sustainable Development Goals, demonstrating Universal's commitment to transparent sustainability reporting and environmental stewardship.

RICHMOND, Va., Dec. 19, 2024 /PRNewswire/ -- Universal Corporation (NYSE:UVV) ("Universal" or the "Company"), a global business-to-business agriproducts company, announces the release of its 2024 Sustainability Report which details the progress that it has made on key sustainability priorities.

"When we define "success" at Universal, we look at more than just our financial performance. We also place a great weight on our ability to enhance our global sustainability efforts and to report those efforts publicly and transparently," said Preston Wigner, Universal's Chairman, President, and CEO. "Simply put, sustainability is not just good business, it is the right thing to do. Our 2024 Sustainability Report reflects the value we place on sustainability and highlights the actions we have taken to be successful."

Over the last 12 months, Universal has made significant achievements and progress towards its sustainability goals:

Progress Towards Environmental Goals

• Planted more than 14 million trees around the world and achieved 71% traceability in its timber supply chain, moving the Company closer to its target of 100% traceability by 2030.
• Entered into a Virtual Power Purchase Agreement for renewable energy from a solar power project to offset 100% of electricity use in the United States by 2026.
• Reduced absolute scope 1 and 2 emissions by 15 percent from the Company's 2020 baseline and are on track to reach its reduction target set with the Science Based Target Initiative of 30 percent by 2030.
• Recycled more than 23,000,000 liters of water and implemented water recycling for non-potable water and irrigation needs.

Continuing Support for Communities

• Trained over 175,000 farmers on Good Agricultural Practices and Agricultural Labor Practices.
• Contributed over $800,000 to various community organizations through the Universal Leaf Foundation.

Progress Towards Social Goals

• Substantially met the Company's goals for its contracted farmers of 100% personal protective equipment distribution, 100% farm labor accommodations, 0% child labor, and 100% minimum wage threshold for farm workers for the second year in a row.
• Adopted and implemented a Behavior-Based Safety Program to improve workplace safety and conducted over 21,000 health and safety inspections, which represents a 40 percent increase over the prior year.

Universal's 2024 Sustainability Report discloses the Company's sustainability performance from April 1, 2023 to March 31, 2024. It was prepared with reference to Global Reporting Initiative Standards and aligns with the United Nations Sustainable Development Goals. The report is available at: http://universalcorp.com/Practices/SocialResponsibility.

Universal Corporation (NYSE: UVV) is a global agricultural company with over 100 years of experience supplying products and innovative solutions to meet our customers' evolving needs and precise specifications. Through our diverse network of farmers and partners across more than 30 countries on five continents, we are a trusted provider of high-quality, traceable products. We leverage our extensive supply chain expertise, global reach, integrated processing capabilities, and commitment to sustainability to provide a range of products and services designed to drive efficiency and deliver value to our customers. For more information, visit www.universalcorp.com.

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SOURCE Universal Corporation

FAQ

What are Universal 's (UVV) main environmental achievements in the 2024 Sustainability Report?

UVV planted over 14 million trees, achieved 71% traceability in timber supply chain, reduced scope 1 and 2 emissions by 15% from 2020 baseline, and implemented water recycling initiatives saving over 23 million liters of water.

How is Universal (UVV) progressing towards its 2030 environmental targets?

UVV is on track to reach its Science Based Target Initiative goal of 30% emissions reduction by 2030 and aims for 100% timber traceability by 2030. They've also arranged for 100% renewable electricity usage in the US by 2026.

What social impact goals did Universal (UVV) achieve in 2024?

UVV achieved 100% personal protective equipment distribution, 100% farm labor accommodations, 0% child labor, and 100% minimum wage threshold for farm workers, while training 175,000 farmers on agricultural practices.

How much did Universal (UVV) invest in community support through its Foundation in 2024?

Universal contributed over $800,000 to various community organizations through the Universal Leaf Foundation during the reporting period.

What improvements did Universal (UVV) make in workplace safety for 2024?

UVV implemented a Behavior-Based Safety Program and conducted over 21,000 health and safety inspections, representing a 40% increase compared to the previous year.