Our objectives for 2025 and beyond
Environmental
- Reduce group scope 1 and scope 2 absolute GHG emissions by 50%, by 2034 from a 2014 baseline.
- Reduce group scope 3 absolute GHG emissions by 28%, by 2034 from a 2022 baseline.
- All manufacturing sites to either procure renewable electricity or offset their electricity by 2030.
- All manufacturing sites to identify viable options for projects that reduce energy consumption and water usage, enhance wastewater quality, increase waste recycling and reduce waste sent to landfill.
Social
- Target zero fatalities or major work-related injury accidents to employees or third parties in 2025.
- Target zero 2025 Global LTAFR but as a minimum always exceed the industry average performance for the legacy business and demonstrate improvements at QGP.
- Target the reduction of serious and very serious Loss of Containment (LOC) events by at least 5% from 2024.
Social
- Continue to implement and comply with the corporate process safety standards, aiming for greater than 95% compliance by the end of 2025.
- Develop an action plan to support the learnings from the 2024 Diversity, Equity, and Inclusion (DEI) survey and focus group workshops.
- Complete a living wage gap baseline assessment across our global locations.
- All sites to take part in the Innospec Cares volunteering and charitable giving program.
Governance
- Deliver further interactions with Third Party Compliance Training to employees.
- Engage with EcoVadis low-scoring suppliers to develop corrective actions plans that will raise their scores.
- Target 100% transparency at mill level in our annual transparency and risk mapping exercise for palm volumes sourced, by the end of 2025.
- Develop and implement the requirements of the EU Deforestation Regulation for all applicable commodities by the end of 2025.
- Implement the new global non-financial and environmental data collection and disclosure platform by the end of 2025 to support sustainability reporting.
- Identify the actions needed for a high-level overview of nature-related activities, risks and opportunities in our operations and value chain for future sustainability reporting.