Hershey : 2024 EY Limited Assurance Statement
HSY
Published on 06/12/2025 at 17:12
To the Management of The Hershey Company,
We have reviewed The Hershey Company's ("Hershey") Schedules of Select Sustainability Indicators (the "Subject Matter") included in Appendix A as of and for the year-ended December 31, 2024, in accordance with the criteria also set forth in Appendix A (the "Criteria"). Hershey's management is responsible for the Subject Matter in accordance with the Criteria. Our responsibility is to express a conclusion on the Subject Matter based on our review.
Our review was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants (AICPA) AT-C section 105, Concepts Common to All Attestation Engagements, and AT-C section 210, Review Engagements. Those standards require that we plan and perform our review to obtain limited assurance about whether any material modifications should be made to the Subject Matter in order for it to be in accordance with the Criteria. The procedures performed in a review vary in nature and timing from and are substantially less in extent than, an examination, the objective of which is to obtain reasonable assurance about whether the Subject Matter is in accordance with the Criteria, in all material respects, in order to express an opinion. Accordingly, we do not express such an opinion. Because of the limited nature of the engagement, the level of assurance obtained in a review is substantially lower than the assurance that would have been obtained had an examination been performed. As such, a review does not provide assurance that we became aware of all significant matters that would be disclosed in an examination. We believe that the review evidence obtained is sufficient and appropriate to provide a reasonable basis for our conclusion.
We are required to be independent of Hershey and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our review engagement. Additionally, we have complied with the other ethical requirements set forth in the Code of Professional Conduct and applied the Statements on Quality Control Standards established by the AICPA.
The procedures we performed were based on our professional judgment. Our review consisted principally of applying analytical procedures, making inquiries of persons responsible for the subject matter, obtaining an understanding of the data management systems and processes used to generate, aggregate and report the Subject Matter and performing such other procedures as we considered necessary in the circumstances.
As described in Appendix A, the Subject Matter is subject to measurement uncertainties resulting from limitations inherent in the nature and the methods used for determining such data. The selection of different but acceptable measurement techniques can result in materially different measurements. The precision of different measurement techniques may also vary.
The information included in Hershey's Responsible Business Report, other than the Subject Matter, has not been subjected to the procedures applied in our review and, accordingly, we express no conclusion on it.
Based on our review, we are not aware of any material modifications that should be made to the Schedules of Select Sustainability Indicators as of and for the year-ended December 31, 2024, in order for it to be in accordance with the Criteria.
Philadelphia, Pennsylvania June 3, 2025
A member firm of Ernst & Young Global Limited
Indicator name1
Reported value
Units of measure
Criteria
Reporting Boundary
Scope 1 (Direct) Greenhouse Gas (GHG) Emissions2,3,4
190,984
Metric tonnes carbon dioxide equivalents (MTCO2e)
World Resources Institute ("WRI")
/ World Business Council for Sustainable Development's
("WBCSD") The Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (GHG Protocol) and WRI WBCSD GHG Protocol Scope 2 Guidance: An Amendment to the GHG Protocol Corporate Standard
Hershey selected an organizational boundary based on the company's operational control.5
Scope 2 (Indirect) GHG Emissions, market-
based method3,6,7
53,000
MTCO2e
Scope 2 (Indirect) GHG Emissions, location-based method3,6
220,505
MTCO2e
Biogenic carbon dioxide emissions8
7,815
MTCO2
1 For facilities that do not receive invoices or meter readings necessary to obtain actual energy consumption, Hershey utilizes an estimation methodology that considers historical and known data. This methodology is utilized for smaller offices or warehouses and is not considered material to Hershey's reported GHG emissions.
2 Scope 1 GHG emissions includes natural gas, refrigerants, coal, gasoline, jet fuel, fuel oil #2, coal, propane, and biogenic emissions for CH4 and N2O.
3The majority of the reported CO2e emissions included in the reporting boundary are from CO2 with the remainder being composed of CH4 and N2O, HFCs, PFCs, SF6 and NF3.
4 Hershey calculates their Scope 1 GHG emissions inclusive of company-owned passenger vehicles. In certain regions, the exact fuel consumed as part of Hershey's operational boundary holds a degree of uncertainty. As a result, Hershey leverages estimation based upon known historical data in order to maintain a representative footprint of their Scope 1 GHG emissions.
5 The reporting boundary of the Subject Matter includes all global facilities and offices under the operational control of Hershey. Hershey's GHG emissions data includes all brands in Hershey's portfolio, except for the 2024 acquisition of Sour Strips.
6 Hershey applies The GHG Protocol Scope 2 Guidance for both the market-based and the location-based emissions by multiplying purchased electricity by the emissions factors indicated in the table in the notes section titled "Sources of emissions factors and global warming potentials."
7 Scope 2 market-based method (MBM) emissions utilize various environmental attributes from Renewable Energy Certificates (RECs) purchased on the open market, purchased through an energy service provider, or associated with virtual power purchase agreements (VPPAs). For some Hershey owned facilities, both renewable energy attributes and zero-emissions attributes are purchased as contractual instruments. The company adjusts its Scope 2 MBM emissions as recommended by the GHG Protocol Scope 2 Guidance by treating the underlying power associated with the attributes as null power in the calculation of Scope 2 MBM emissions.
8 This includes Scope 1 biogenic emissions from biofuel, such as biomass and biogas.
Indicator name1
Source
Reported value
Units of measure
Criteria
Reporting Boundary
Energy consumption within the organization
Coal
7,696
Gigajoules (GJ)
2016 GRI 302-1:
Total fuel consumption within the organization from non-renewable sources, in joules or multiples, and including fuel types used9.
Total fuel consumption within the organization from renewable sources, in joules or multiples, and including fuel types used10.
In joules, watt-hours or multiples, the total:
electricity consumption11
heating consumption
cooling consumption
steam consumption
In joules, watt-hours or multiples, the total:
electricity sold
heating sold
cooling sold
steam sold12
Total energy consumption within the organization, in joules or multiples.
Standards, methodologies, assumptions, and/or calculation tools used.1, 4
Source of the conversion factors used.13
Hershey selected an organizational boundary based on the company's operational control.5
Fuel Oil 2
10,412
Gasoline
88,525
Jet Oil
43,765
Natural Gas
3,106,972
Propane
1,398
Diesel
7,972
LPG
29
Biogas
69,015
Biomass
37,618
Electricity14
2,336,131
Total
5,709,534
9 Non-renewable fuel sources include coal, fuel oil 2, gasoline, jet oil, natural gas, propane, diesel, and LPG.
10 Renewable fuel sources include biogas and biomass.
11 Heating, cooling, and steam consumption are not applicable because Hershey only consumes electricity.
12 Hershey does not report 2016 GRI 302-1d (total electricity sold, heating sold, cooling sold, and steam sold) because Hershey does not sell electricity, heating, cooling, and steam. Total energy consumption within the organization as defined by GRI 302-1e is therefore calculated without excluding sold energy.
13 Refer to Note on Sources of conversion factors for sources used.
14 Sources include hydroelectric, renewable electricity contractual instruments, zero emissions contractual instruments, on-site solar, and traditional grid electricity.
Indicator name1
Reported value
Units of measure
Criteria
Reporting Boundary
Percent of total electricity consumption that is supplied as grid electricity15
16.9
Percentage (%)
Hershey calculates this percentage as the total purchased grid electricity consumption divided by total electricity consumption.
Hershey selected an organizational boundary based on the company's operational control.5
Percent of total electricity consumption that is identified as renewable electricity16
32.3
Percentage (%)
Hershey calculates this percentage as the total renewable electricity purchased divided by total electricity consumption.
Percent of total electricity consumption that is covered by the purchase of a zero-emissions energy based contractual instrument17
50.8
Percentage (%)
Hershey calculates this percentage as the total energy purchased through zero-emissions energy based contractual instruments divided by total electricity consumption.
Percent of total electricity consumption that is identified as renewable electricity and percentage of total electricity consumption that is covered by the purchase of a zero-emissions energy
based contractual instrument16,17
83.1
Percentage (%)
Hershey calculates this percentage as the sum of percent of total electricity consumption that is identified as renewable electricity and percent of total electricity consumption that is covered by the purchase of a zero-emissions energy based contractual instrument.
GHG emissions intensity
0.240
MTCO2e /
Metric ton of product produced
2016 GRI Standard 305-4:
GHG emissions intensity ratio is calculated from the total Scope 1 and Scope 2 MBM emissions2,7divided by the total product produced in metric tons.
Energy intensity
5.63
GJ / Metric ton of product produced
2016 GRI Standard 302-3:
Energy intensity ratio is calculated from the total energy consumption18within the organization divided by the total product produced in metric
tons.
Number of Renewable Energy Certificates (RECs)
181,067
# of RECs
The number of RECs generated through the procurement of renewable energy contractual
instruments.
15 Grid electricity is defined as electricity provided and consumed by the Company through connection with a third-party utility provider. This excludes third-party auxiliary power providers, such as direct line transmission from renewable sources of energy. 16 Renewable electricity consists of contractual instruments, electricity from renewable sources of energy provided through direct line transmission, and electricity generated from on-site solar. The contractual instruments align with the WRI/WBCSD GHG
Protocol Scope 2 Guidance Quality Criteria and are derived from renewable energy. Renewable energy is defined by the Company as sources that are replenished at a rate greater than or equal to their rate of depletion (i.e., geothermal, wind, solar, and hydro). Direct line renewable electricity is purchased by the Company directly as renewable electricity maintaining the related emissions attributes. On-site solar generation is directly retired/retained by Hershey via Green-e attributes.
17 Zero-emissions energy based contractual instruments are defined as contractual instruments that align with the WRI/WBCSD GHG Protocol Scope 2 Guidance Quality Criteria but fail to meet the definition of renewable energy. Most commonly this energy is contractual instruments linked to nuclear energy.
18 Energy consumption aligns with the sources and energy consumption included in the calculation of energy consumption by source.
Metrics19,20,21
Unit
Criteria
Gender by level: Executive team only
Female (Global)
Male (Global)
%
2016 GRI Standard 405-1 Diversity of governance bodies and employees:
Percentage of individuals within the organization's governance bodies in each of the following diversity categories:
Gender;
Age group: under 30 years old, 30-50 years old, over 50 years old;
Other indicators of diversity where relevant (such as minority or vulnerable groups).
Percentage of employees per employee category in each of the following diversity categories:
Gender;
Age group: under 30 years old, 30-50 years old, over 50 years old;
Other indicators of diversity where relevant (such as minority or vulnerable groups).
22.2%
77.8%
POC22by
level: Executive team only
POC (U.S.
only)
Asian (U.S.
only)
Black (U.S.
only)
Hispanic
/ Latino (U.S.
only)
White (U.S.
only)
33.3%
22.2%
0.0%
0.0%
66.7%
Age group: Executive team
< 30
30 - 50
> 50
0.0%
44.4%
55.6%
19 Employees include both full-time and part-time employees.
20 Employee gender and ethnicity are based upon employee self-identification data as of December 31, 2024.
21 Hershey's social metrics include employees across all brands in Hershey's portfolio, except those from the 2024 acquisition of Sour Strips.
22 Other indicators of diversity are defined as Person Of Color (POC). POC includes US employees identified as Black, African American, Hispanic/Latino, Asian/Asian Pacific Islander, Hawaiian Pacific Islander and those who identify as two or more races.
Disclaimer
The Hershey Company published this content on June 12, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on June 12, 2025 at 21:11 UTC.