It is ingrained in all the business thinking, it is at the forefront of decisions, and it is what powers innovation, even in times of uncertainty.
Marc de Jong is a senior partner at McKinsey & Company, which helps organisations to innovate more sustainably.
“During periods of uncertainty, organisations that invest in innovation—contrary, perhaps, to the impulse to batten down the hatches—are more likely to emerge ahead of competitors,” he said.
Recent global events have created a challenging economic environment for energy-intensive manufacturers like INEOS.
The energy crisis, the war in Ukraine and pressures on industry have disrupted supply chains, suppressed demand and led to spiralling raw material, labour and energy costs.
But against this backdrop, INEOS has not wavered in its desire to be at the forefront of the transition to a greener economy because it knows that true sustainability considers society, the environment and the economy as one.
It knows what needs to be done and is in it for the longhaul.
The company recently published its 2023 global sustainability report which highlighted a 22% reduction in CO2 emissions compared to 2019, mostly due to a 10% reduction in energy consumption.
The report also highlighted INEOS’ leading role in Project Greensand, which involves CO2 being safely captured and permanently stored under the seabed – a move seen as critically important to help decarbonise the world’s energy and tackle climate change.
INEOS’ advances in helping to create a circular and bio-based economy are also detailed in the 158-page,
2023 report which was prepared in line with Global Reporting Initiative (GRI) standards.
“The chemical industry is essential for modern existence yet faces unprecedented challenges,” said Francesco Lasagna, sustainability officer at INEOS Inovyn.
Despite that, he said he was excited about helping to shape the sustainability strategy for a company that had an opportunity to play an important role in making the chemical industry greener.
Improving the sustainability of its business and operations is central to the way INEOS works because it matters to staff, customers, the communities in which INEOS operates, and its investors.
“At INEOS, we don’t just collect numbers,” said Erwin Alcasid, sustainability and environmental data specialist at INEOS Styrolution. “We make them speak to drive performance.”