Innospec Releases 2023 Sustainability Report
Innospec (NASDAQ: IOSP) has published its 2023 Sustainability Report, celebrating a milestone of 25 years in reporting its sustainability efforts. This report emphasizes the company's steadfast commitment to integrating sustainable business practices in its operations.
Major Highlights of 2023
The 2023 report outlines several key achievements in sustainability:
Acquisition and Expansion
Innospec successfully acquired QGP Química Geral S.A, a reputable specialty chemicals company located in Brazil. This acquisition expands Innospec’s manufacturing and customer service capabilities in South America, demonstrating its strategic growth in emerging markets.
Reduction in Greenhouse Gas Emissions
The company achieved a significant reduction in its Scope 1 and 2 greenhouse gas emissions, boasting a 48% decrease per metric tonne of products compared to its 2014 baseline. This achievement reflects Innospec's dedication to minimizing its environmental footprint.
Comprehensive Emissions Assessment
In 2023, Innospec completed its first Scope 3 emissions assessment, providing a detailed overview of its global carbon footprint. This comprehensive analysis enables the company to identify further opportunities for emissions reductions across its value chain.
Innovative Energy Solutions
An exciting development was the installation of a new Energy Center at the Ellesmere Port manufacturing facility in the UK. This facility features a combined heat and power (CHP) plant, designed to transition to renewable hydrogen energy in the medium term, reinforcing Innospec's commitment to sustainable energy practices.
Community Engagement and Social Value
Innospec allocated $737,000 in total social value, supporting 151 charities and community initiatives associated with its operations in 2023. Moreover, the company documented 1,054 volunteering hours contributed by its employees, illustrating its strong community engagement.
Fuel Specialties and Research Investments
Innospec has raised over $2 million for the PenFed Foundation Military Heroes Program through annual golf tournaments held in the US since 2007, exemplifying its ongoing support for military families. In addition, the company invested $42 million in Research and Technology in 2023 to develop innovative, high-performance, sustainable solutions, coinciding with the evolving market demands.
Training and Compliance Initiatives
The report also highlights the delivery of 4,240 compliance training and certification courses to employees, emphasizing Innospec's commitment to fostering a knowledgeable and responsible workforce.
Innospec’s Commitment to Sustainability
Patrick S. Williams, President and CEO of Innospec, emphasized the importance of sustainability within the organization, stating, “Sustainability is a priority for everyone at Innospec. Through our environmental actions, the safety and well-being of our people, the communities we support, and our corporate responsibility and governance, we have a strong foundation to continue delivering on our sustainable business goals.”
About Innospec Inc.
Innospec Inc. is a global specialty chemicals company with around 2,400 employees across 22 countries. The company manufactures and supplies a diverse range of specialty chemicals for markets in the Americas, Europe, the Middle East, Africa, and Asia-Pacific. Its Performance Chemicals business focuses on innovative technology-based solutions for sectors such as personal care, home care, agrochemical, mining, and industrial markets. Meanwhile, the Fuel Specialties division specializes in creating fuel additives that improve efficiency and reduce emissions, supporting the oil and gas industry with specialty chemicals.
Frequently Asked Questions
What is the purpose of Innospec's 2023 Sustainability Report?
The report outlines Innospec's sustainability achievements and commitment to integrating sustainable practices into its operations over the past year.
What significant acquisition did Innospec make in 2023?
Innospec acquired QGP Química Geral S.A, expanding its capabilities in South America.
By what percentage did Innospec reduce its greenhouse gas emissions?
Innospec achieved a 48% reduction in Scope 1 and 2 greenhouse gas emissions per metric tonne of products since 2014.
How much did Innospec invest in Research and Technology in 2023?
The company spent $42 million on Research and Technology to develop high-performance, sustainable solutions for its customers.
What community initiatives did Innospec support in 2023?
Innospec supported 151 charities and local causes, delivering a total social value of $737,000 and logging over 1,000 hours of employee volunteer work.
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