The chemical industry is challenged to create sustainable value, bring solutions to society and the planet, while reducing its impact on the environment and resources (e.g. raw material, energy). Solvay is committed to address these issues effectively.
Through our Sustainable Portfolio Management (SPM) tool we can systematically assess and inform our business about sustainability market signals, anticipate their impact and make better business decisions.
One concrete example is PARAMOVE®, a hydrogen peroxide-based solution used to control sea lice, a parasite disease in the salmon farming industry. To assess the impacts of the product we used our SPM tool, which is aligned with the Natural Capital Protocol.
The quantitative assessment found that the production of PARAMOVE® has a potential externality cost of 0.26 EUR/kg coming mainly (84 %) from energy consumption (gas) and its potential contribution to climate change. The ratio between the total monetized value of its environmental impact and the value the market is ready to purchase it for, maps this solution in the very low risk area (less than 20%).
This example confirmed that SPM is a key tool to understand the operational and market-induced risks and opportunities related to the environmental impact of our facilities and products. Our natural capital assessment confirmed low environmental impacts throughout the production compared to the benefits the product brings to society. By replacing traditional fish treatment and by enhancing the yield in salmon farming, our product contributes to food security. These concrete findings enabled us to make the case to allocate additional resources for the development of more similar business solutions.
Bruno Van Parys (firstname.lastname@example.org) Corporate Sustainability Sr Officer, Sustainable Portfolio Management (SPM)