Tool makes it easier for companies to find out what prices they need to pay to enable living incomes and living wages
Fairtrade International has built a new Living Income Reference Price tool, part of its growing portfolio of digital tools to help companies better understand how they can work to make sustainable supply chains a reality.
The tool, which is also accessible from the Fairtrade International website, is designed to make it easier for companies to find out what prices they need to pay to enable living incomes and living wages.
Through an interactive map, users can look up Living Income Reference Prices by commodity or country, and can also download a report that shows the factors that go into each price and how they were calculated.
There is also section that provides valuable information about Fairtrade’s Living Income strategy, that puts decent livelihoods as a central element of sustainability.
Fairtrade said that, to date, it had more than a dozen country- or region-specific Living Income Reference Prices developed through a research and validation process with farmers and other local industry experts.
Living Wage Reference Prices will also be added to the tool, as Fairtrade launched its first such reference price for bananas in 2023.
Fairtrade noted that its 2021-2025 Global Strategy was built on four strategic priorities including digitalisation for fairer supply chains, focusing on data, transparency, and traceability.
In 2023, Fairtrade launched its Banana Dashboard, a one-stop shop for cooperatives, traders, and retailers can learn more about Fairtrade banana producers, the advantages of Fairtrade certification system, including the Premium and how it’s used by producers, and opportunities to deepen relationships and impact on issues such as living wages and climate.
Fairtrade said it planned to expand this type of dashboard into other key product areas in the future.
