Based on our company purpose We create chemistry for a sustainable future, we strive to improve our contribution to society and minimize our negative effects. With our Value-to-Society approach we identify, quantify, value and demonstrate our economic, social and environmental impacts on society in monetary terms.
Value-to-Society enables a unique understanding of the relevance and interdependencies of financial and pre-financial impacts along the value chain. Therefore, it improves our integrated thinking of economic, social and environmental benefits and costs of our business activities.
Monetary valuation of impacts, supports and complements our existing management tools. Based on our experience starting from 2013, we see the main benefits of our approach on impact valuation for communication, progress monitoring over time, materiality analysis and decision making.
Based on our assessments since 2013, we can demonstrate that we are enabling our value chains to generate sustainable growth.
Assessing the impact of our business activities on the environment and society in monetary terms provided a new perspective on our sustainability performance and on the relevance of financial and pre-financial considerations.
Valuing the externalities of our business in monetary terms gives new insights into potential risk exposures and business opportunities along our value chains. This way of analyzing our business performance and sharing it with our stakeholders is strengthening our license to operate and the opportunities around our business model.
By sharing our approach and learnings in relevant initiatives, we contribute to the development of impact valuation.
Christian Heller (firstname.lastname@example.org) Senior Manager Corporate Sustainability Strategy, BASF SE