OUR APPROACH TO SUSTAINABILITY
Stakeholder Engagement & Materiality
Sustainability is key to our company’s success and performance. Our approach to sustainability evolves as we adapt to new challenges and opportunities to make progress in advancing our sustainability strategy. Our first report was published in 2009, and since then, we have remained committed to embracing change and maturing our approach to sustainability. In 2024, the reorganization of our core business structure from a geographical approach to material solutions approach enhanced and streamlined our sustainability programs. We strive to improve the management of our material sustainability topics and actively engage internal and external stakeholders in our sustainability efforts. Our 2024 GRI-aligned report showcases our accomplishments and progress on our long-term sustainability goals.
Value Chain
Greif’s value chain consists of raw material suppliers, transportation and distribution partners, customers, life cycle services, and external stakeholders that influence our activities.
Materiality Assessment Process
In 2024, we conducted our first double materiality assessment in collaboration with a third party, following a five-step process: identifying stakeholders, researching materiality topics, engaging internal stakeholders, identifying and scoring Impacts, Risks, and Opportunities (IROs), and validating scores. The double materiality approach, informed by the methodology prescribed by the ESRS, offered a comprehensive evaluation of Greif’s sustainability-related impacts, risks, and opportunities. Sustainability matters are considered material if they cross defined thresholds from either an impact perspective, a financial perspective, or both.
[1] Desktop research was conducted to identify material topics of peers and external stakeholders, and requirements of ESG rating agencies and federal authorities.
During the first stage, we identified and prioritized internal and external stakeholders to include in our double materiality assessment. The desktop review then considered the sustainability priorities of customers, suppliers, peers, investors, trade associations, and regulators. We built on the results of our prior materiality assessment, in which we identified 17 material sustainability topics through a detailed review of Greif documents and conversations with senior leaders. In alignment with the ESRS methodology, we identified and scored sustainability-related impacts, risks, and opportunities. The results were finalized through stakeholder review.
The assessment identified 25 subtopics, as defined by ESRS, that were material from both an impact and financial perspective. From only the financial perspective, two subtopics were material, while from the impact perspective, two additional material subtopics were identified. Six subtopics were identified as immaterial. The results of this double materiality assessment inform our ongoing preparation activities for entering the scope of CSRD.
Material Topics
Through our double materiality assessment, we validated key topics that shape our sustainability strategies, targets, and reporting. These topics are highlighted throughout our report. This report speaks to the priorities of various stakeholder groups; details our goals, management approach, and performance across sustainability topics and IROs; and demonstrates our ongoing commitment to realizing strategic opportunities for our company, while also creating a positive impact.
The sustainability matters included in our 2024 Sustainability Report continue to be informed by our prior materiality assessment and existing reporting processes, across our 17 material sustainability topics. After completing the double materiality assessment, we conducted a detailed mapping of the sustainability matters covered by the ESRS and our existing sustainability topic structure. We anticipate future Sustainability Reports will further align with the format and sustainability matters included in the ESRS.
| Material Topic | Boundary | Stakeholders Engaged, Types of Stakeholder Engagement & Concerns Raised | ||||
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| Greif’s Board of Directors & Leaders | Customers | Investors | Society/Community | Environment | ||
| Types of Engagement | Daily interactions, impact mapping interviews, materiality assessment survey, quarterly updates on sustainabiltiy | Daily interactions, bi-annual satisfaction surveys, materiality assessment interviews | Daily interactions, investor day events, materiality assessment interviews | Community engagement (face-to-face meetings, interviews, survey), community service events | Greif LCA, interviews with sustainability experts | |
| Delivering Superior Customer Experience | ||||||
Product Quality Producing products that maintain high performance and value through superior design and manufacturing across facilities, driving customer satisfaction and averting throw-away dynamics. | All internal operations; during use |  |  | |||
Customer Service Excellence Creating effective policies, systems, best practices and incentives that drive the highest level of customer service; taking into account customer feedback regularly and having systems in place to address their needs; outperforming competitors. | All internal operations; all customers |  |  |  | ||
| Reducing Our Footprint | ||||||
Environmental Management Systems Utilizing a comprehensive environmental management system with dedicated environmental management resources (i.e. personnel, budget, etc.), an environmental policy, certifications (e.g., ISO 14001) and compliance. | All internal operations |  |  |  |  | |
| Climate Strategy Creating a climate strategy to address risks, opportunities and impacts such as changes in energy and emissions regulation (carbon taxes, efficiency regulations, etc.), increasing operational costs, renewable energy, natural disaster preparedness and social impacts; managing and reducing energy use and greenhouse gas emissions. | All internal operations |  |  |  |  |  |
Water Reducing water use, particularly in facilities with significant water use and water stressed regions; returning wastewater to a safe state. | All internal operations |  |  |  |  | |
| Waste Managing and reducing waste (hazardous and non-hazardous) in Greif’s operations, reducing waste to landfill, reclaiming waste and byproducts for beneficial reuse. | All internal operations |  |  |  |  | |
| Addressing Risk | ||||||
Ethics & Compliance Maintaining governance structures, practices and training that promotes ethical behavior and steering clear of anti-competitive behaviors (bribery, corruption, etc.). | All internal operations; all suppliers |  |  |  |  | |
Risk Management Regularly conducting risk assessments that include environmental, social and governance factors: determining high-risk suppliers (only one supplier), high risk/politically unstable regions (e.g., weather impacts in Houston) and potential labor-related work stoppages; putting plans in place to ensure uninterrupted supply, operations and delivery to customers (e.g., qualifying backup suppliers). | All internal operations; all suppliers |  |  |  |  | |
| Valuing Our People | ||||||
| Colleague Engagement & Inclusion Ensuring fair hiring processes and a non-discriminatory work environment; fostering an inclusive and diverse culture that reflects the communities where Greif operates; striving to achieve equitable pay and treatment among all employees, regardless of any characteristics such as race, ethnicity, color, nationality, gender, gender identity, sexual orientation, age, language, religion, creed, social status, disability or any other legally protected class. | All internal operations |  |  |  | ||
Talent Attraction & Development Attracting and retaining qualified and talented employees, managers and executives. Cultivating a culture of growth and development through education, training, mentorship, performance reviews, coaching, etc. | All internal operations |  |  |  | ||
| Health & Safety Promoting and practicing the highest standards of workplace health, safety and well-being through management systems, targets, policies, programs, trainings, certifications, audits and compliance. | All internal operations; Community |  |  |  |  | |
Human Rights & Fair Labor Practices Ensuring compliance with laws, standards and internal policies on topics within the realm of human rights and fair labor practices such as child labor, forced labor, fair remuneration, human trafficking, working conditions, freedom of association, collective bargaining, discrimination and conflict-free minerals. | All internal operations; all suppliers |  |  |  |  | |
| Advancing Circular Economy | ||||||
Innovation Carefully considering raw material inputs and alternative and recycled materials (e.g., post-consumer resins, water-based paints and linings, recycled wood pallets) based on environmental and social impacts; reducing the amount of materials used in Greif’s products; taking customers’ specific needs and Greif’s expertise and using that to drive innovative, customized solutions to drive business growth. | All internal operations; suppliers; customers |  |  |  |  | |
| Circular Economy Advancing the circular economy within the packaging industry by taking actions that enable reconditioning, reuse and recycling of products at end of life, including avoiding mixtures of plastics and developing designs that enable recycling (e.g. fully recyclable fiber drums); educating and incentivizing customers to return/recycle Greif’s packaging materials; creating policies, processes, targets and tools to support these efforts. | Reconditioning operations; reconditioning partners; customers |  |  |  |  |  |
Global Supply Chain Management | All internal operations; all suppliers; trucking partners |  |  |  |  |  |
| Financial Performance & Profitable Growth | ||||||
Financial Performance & Profitable Growth Maintaining a sustainable business model by implementing integrated economic practices that allow Greif to provide economic value to its stakeholders (e.g. employees, suppliers, and shareholders) and invest in long-term growth. | All internal operations |  |  |  | ||
Strategic Integration
Purpose, Vision, and Build to Last Strategy
Our purpose is to create packaging solutions for life’s essentials. Our Build to Last Strategy provides the roadmap for bringing our purpose to life, keeping in mind the long-term future of our business and the concerns of our various stakeholders. We constructed our Build to Last Strategy on four strategic missions, each containing critical sustainability priorities.
The Build to Last Strategy embeds sustainability into our business strategies. In 2019, we surveyed Greif’s senior leaders to better understand how Greif uses and transforms financial, manufactured, intellectual, human, social, and natural capital to create value for our company. In 2020, we conducted a gap analysis to compare our current climate management practices to the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. This has enabled us to identify areas for improvement regarding our climate strategy, including taking action to improve governance, conducting scenario analyses, and establishing our science-aligned emissions target. For more information on our scenario analyses and science-aligned target, please refer to the Climate Strategy section.
Greif’s core business unit changes in 2024 have supported the strategic integration of sustainability throughout our business. Our organizational shift from a geographical approach to a material solutions approach provides clarity around Greif’s shifting product mix and the likely material solutions that will encompass our organizational structure: polymers, metals, fiber, and integrated products. With the clarity gained from our double materiality assessment and core business unit changes, we are poised to integrate and expand sustainability solutions in our operations that can have significant positive impacts. As we continue to advance our sustainability strategy and bring about long-term positive impacts across our workforce, product portfolio, and operations we are evaluating our long-term sustainability and business goals. We will evaluate and refine our strategies in the context of improved data, our transformed business model, regulatory changes, and emerging best practices. We remain committed to our people-first and customer-driven approach, developing low-carbon products and services for circular solutions, and optimizing our supply chain and operations.
Our Strategy Missions | Our Build to Last Strategy | Our Sustainability Priorities |
Creating Thriving Communities |
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Delivering Legendary Customer Service |
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Protecting Our Future |
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Ensuring Financial Strength |
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