Umicore unveils bold sustainability ambitions and commits to achieving carbon neutrality by 2035
Umicore is hosting virtually its first event dedicated to sustainability today at 2:00pm CEST.
Umicore’s sustainability strategy, “Let’s go for Zero”, builds on its long-standing leadership in clean mobility materials and recycling, reaffirms Umicore’s commitment to use its technological know-how, scientific expertise and corporate reach to be an industry leader in sustainability and includes bold targets relating to the impact Umicore has on the environment and on society at large.
Umicore’s vision and corporate purpose, Materials for a better life, goes far beyond minimizing the impact of its own operations on the environment. By developing products and services which enable the transition to cleaner mobility and a circular economy, Umicore generates positive and sustainable value to society. Based on a continuous dialogue and engagement with its different stakeholders, Umicore has built a clear roadmap addressing their expectations and harnessing climate change at an ambitious pace.
Net zero Greenhouse Gas (GHG) emissions by 2035
Umicore commits to carbon neutrality for its Scope 1 and Scope 2 GHG emissions by 2035, with meaningful intermediate milestones of already reaching a 20% reduction in GHG emissions by 2025 and a 50% reduction by 2030. This ambitious goal sets a new standard for the industry and emphasizes Umicore’s pioneering role in its industry with regards to sustainability. The goal will mainly be achieved through process innovation, a switch to renewable electricity, strategic collaborations on key technological developments and further improvements in energy efficiency. In addition, Umicore pledges that its future growth, whether organic or through M&A, will be entirely carbon neutral.
Minimizing environmental impact
In addition to net zero GHG emissions by 2035, Umicore will continue minimizing all emissions further building on the significant emission reductions achieved over the Horizon 2020 strategy time frame (from 2015 to 2020). Furthermore, Umicore commits to reduce diffuse metal emission by 25% by 2025 compared to 2020.
Umicore will continue to foster an engaging workplace, focusing on the wellbeing of its workforce globally. Establishing and promoting a global caring safety culture is the most meaningful way to ensure health and safety for all its employees worldwide. Further efforts to eliminate occupational-related health risks will be pursued, with the goal of leading the industry by setting voluntary, science-based targets for potentially hazardous exposure to metals that are more stringent than legal requirements, where they exist.
Umicore maintains its commitment to sustainably and ethically sourced materials. As a pioneer with a long track record in protecting Human Rights in its supply chain, Umicore will further build on its approach and due diligence in the sourcing of critical raw materials.
Umicore is convinced that diversity of thought leads to more innovation, ultimately benefiting its business and sustainability strategy. The Group aims to further promote diversity and inclusion, by seeking broader cultural representation in its management teams and an increased number of women in management with gender parity as soon as possible and 35% women in management by 2030.
Best in class Governance
Best in class governance will further support Umicore’s ESG ambitions and will be enabled through a dedicated, cross-discipline ESG committee acting as an internal advisory body convened by the Management Board. As of its next reporting cycle, Umicore will increase disclosure on the environmental impact of its operations and intends to integrate climate-related risks and opportunities into its strategic processes. In addition, Umicore commits to defining in 2022 ambitions and targets on water use and Scope 3 emissions reductions.
Umicore’s ESG strategy and best in class governance approach will also translate into the integration of sustainability-linked KPIs in management’s variable remuneration.
Umicore supports the Task Force on Climate-Related Financial Disclosures (TCFD) and will pursue SBTi validation of its Net Zero GHG approach.
“I am proud to present our new sustainability strategy and ambitions today. Umicore is a pioneer in sustainability and, with our new strategy, we will continue to set new benchmarks in our industry.
Our commitment to sustainability goes far beyond minimizing the impact of our industrial operations on the environment and we will continue to harness our unique capabilities to bring solutions to societal challenges globally such as the need for cleaner mobility and a circular economy.
The Supervisory Board, Management Board and all employees are committed to fulfill Umicore’s mission: Materials for a better life.”
Marc Grynberg, CEO of Umicore