The world's largest chocolate maker is taking climate change into its own hands.
Mars, the maker of Snickers, Twix, and M&Ms, has pledged to invest $1 billion over the next few years to fight climate change. The sustainability drive includes investment in renewable energy, food sourcing, cross-industry action groups, and farmers.
The company has previously taken several steps in its efforts to become more sustainable, and wind farms in Texas and Scotland already generate enough to power U.S. and U.K. Mars operations. In the new announcement, Mars pledged to add wind and solar farms to another nine countries by 2018. It also promised to cut greenhouse gas emissions by 27% by 2025 and 67% by 2050.
Grant Reid, CEO of Mars, explained the rationale behind the investment, noting that "most scientists are saying there's less than a 5% chance we will hit Paris agreement goals…which is catastrophic for the planet." He argued that the global supply chain is broken, requiring "transformational, cross-industry collaboration" to fix it.
Mars, which employs 80,000 people worldwide, relies on farmers to produce the raw materials for its products. With this in mind, Mars isn't just "doing this because it's the right thing to do but also because it's good business," Reid explained.