ESG Trendsetters: How Local Bounti Turned Over a New Leaf To Drive Sustainable Growth
In this episode of ESG Trendsetters, Randall Hopkins, Global Head of ESG Solutions at Nasdaq, sits down with Craig Hurlbert, Co-Founder & CEO, and Laura Hann, Director of Sustainability, at Local Bounti. An indoor agriculture operation with multiple facilities across the United States, Local Bounti's sustainable growing methods are designed to be better for the planet. With a mission to “bring our farm to your kitchen in the fewest food miles possible,” Local Bounti aims to make its food fresher, more nutritious, and longer lasting than food grown through traditional agriculture.
With sustainability at the forefront, Local Bounti prides itself on using less water, pesticides, and herbicides and growing products close to their consumers. Hann, who joined the company shortly after it was founded, says the organization incorporates sustainability into every aspect of the business. From employees to customers, stakeholders have made it known that sustainability is important to them. “ESG is doing great things for the planet, but it’s also doing good things for the communities where we are located. Resource efficiency helps to drive down operational costs all while adding value to the people that are purchasing our products,” shares Hann.
Local Bounti is moving fast in the ESG space, making tremendous strides towards its goal of producing a rare feat: a carbon-free product. With the help of its patented stack and flow technology, the organization has had success optimizing the elements needed in an indoor growing environment and is moving ambitiously to achieve its other sustainability goals. For example, Local Bounti set an aggressive 50% landfill diversion target to meet within two years and has already surpassed that target, currently at 75% diversion.
With ESG being a core element to long-term success, Local Bounti is motivated to continue beating their targets and pushing the needle in the sustainability space. “There is a genuine desire here to get it right. What we’ve decided to do at Local Bounti is go all in and really lead the controlled environment agriculture space around data and data collection,” reflects Hurlbert. “I think over time, organizations will be more commonly and easily differentiated and compared to the ones that built their organizations around ESG, to those that didn’t.”
In terms of KPIs and metrics, Local Bounti relies on quality intel directly from its customers. As ESG conversations evolve, Local Bounti understands that consumers value sustainability and want to see these targets fulfilled. In addition to that baseline, the organization collects data and produces a comprehensive sustainability report using end-to-end sustainability reporting and data management platform, Nasdaq Metrio™. “We can track our ESG metrics so much more efficiently and better understand where we are headed within that ESG space,” says Hann. She shares that the platform has really changed the way her team manages Local Bounti’s ESG data.
Beyond software utilization, for sustainability issuers looking to tell their best ESG story, Hurlbert shares simple advice, explaining that “Your business needs to make economic sense. If it doesn’t, you need to rethink your business.” Moreover, both Hurlbert and Hann emphasize the value in prioritizing ESG early on, hiring the right talent, and weaving it into the fabric of the organization. Dedicating time and resources for data collection and strategy development supports incremental progress and successful ESG practices.
Hann also emphasizes the importance of adopting the “gold standard” in sustainability disclosure to effectively guide future ESG actions. Local Bounti reported to respected international disclosure frameworks in its first year of commercial production, setting a benchmark for better transparency and accountability in the future. This decision reflects the organization’s commitment to operating with integrity and highlights dedication to making informed choices regarding its ESG initiatives. By aligning with these frameworks, Local Bounti demonstrates a proactive approach to pave the way for continuous improvement and establish a solid foundation for sustainable business practices.
Local Bounti continues to thrive and expand its presence in the controlled environment agriculture sector, embodying a steadfast commitment to environmental stewardship and well-being through high-quality, locally grown produce to enrich the lives of people within its communities.
