Geneva, 17 April 2018: Today the World Business Council for Sustainable Development (WBCSD) launches the Chemical Industry Methodology for Portfolio Sustainability Assessments, the first-of-its-kind guidance for the chemical industry, which builds off the Framework for Portfolio Sustainability Assessments, released in October 2017..
This Methodology provides specific guidance for the chemical industry to assess sustainability “signals” across their entire product portfolio, and then steer their portfolio towards improved sustainability outcomes. These signals include chemical hazard and exposure across the life cycle; anticipated regulatory trends; environmental and social impacts, market perception and the UN Sustainable Development Goals (SDGs).
Companies that are steering their portfolios are finding that they can: make better decisions and develop more robust strategies; have higher growth rate for more sustainable solutions; provide credible communication on sustainability benefits; develop stronger customer and stakeholder relationships; reduce risks across a range of issues; and improve their corporate image.
AkzoNobel, BASF, Clariant, Covestro, DSM, Eastman Chemical, Evonik Industries, SABIC and Solvay collaborated to provide guidance that the wider chemical industry and its stakeholders can use to assess and understand the product portfolio. Using these signals, companies can direct efforts to improve sustainability across various functions – including research and development, mergers and acquisitions, innovation, marketing, communication and design.
Following the release of this guidance, WBCSD member companies will build from these efforts through the sharing of best practices and lessons learned.