Forward Look

Our objectives and targets for 2023 and beyond

Environment

• All manufacturing sites to deliver 10% reduction in Group scope 1 and scope 2 purchased steam GHG emissions by the end of 2030 compared 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.
• Review viable options and timeframes for developing a pathway for achieving Net Zero status for our operations by 2050.
• 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 the focus on the implementation and compliance with the corporate process safety standards and guidance, targeting 95% compliance by the end of 2023.
• 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.
• Identify further diversity, equality and inclusion reporting metrics and implement processes to facilitate the data collection process globally.
• 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

• Conduct an annual transparency and risk mapping exercise for our 2022 palm volumes, targeting 100% transparency to the mill level.
• 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.
• Implement an improved Document Retention and Destruction policy and provide resources to strengthen systems for document control and review.