Our objectives and targets for 2024 and beyond
Environmental
- By the end of 2030, manufacturing sites will deliver a combined 10% reduction in GHG emissions (scope 1 and scope 2 purchased steam), relative to a 2020 baseline.
- Continue our commitment to procure renewable electricity while exploring opportunities to use physical sources of renewable energy at our manufacturing facilities.
- Conduct a physical climate risk assessment of all manufacturing facilities.
- Identify and implement new initiatives to reduce water use and improve water quality, maximize the recycling of waste and minimize the amount sent to direct landfill.
Social
- Target zero fatalities or major work-related injury accidents to employees or third parties in 2023.
- Target a zero 2023 Global LTAFR (lost time accident frequency rate) but as a minimum to exceed the industry average performance.
- Reduce the number of Loss of Containment (LOC) events by 5% on 2020 performance.
- Maintain focus on the implementation and compliance with the corporate process safety standards and guidance, targeting 95% compliance by the end of 2023.
Social
- Introduce new measures in 2023 to support the mental health and well-being of our employees with specific focus on the benefits of healthy lifestyles.
- Implement additional diversity, equality and inclusion initiatives to further our approach and commitment in this area and support the data collection and reporting of metrics.
- All manufacturing and non-manufacturing sites to take part in at least one Innospec Cares volunteering event and submit at least one team match funding application.
Governance
- Implement a new enhanced compliance screening regime for third parties and suppliers as part of and along side the new ERP roll-out.
- Engage with EcoVadis low scoring suppliers to complete a corrective action plan that addresses identified high priority improvement areas targeting an increase in their score.
- Conduct an annual transparency and risk mapping exercise for our 2023 palm volumes, targeting 100% transparency to the mill level.
- Implement a process, by the end of 2024, to ensure the requirements of the EU Deforestation Regulation are met for all applicable commodities.