Sustainability - embedded in Victrex's culture
Victrex is committed to creating and delivering sustainable benefits and solutions to our customers and our markets, alongside maximising our resource efficiency across our global footprint and being a responsible business.
Our strategy seeks to build on the competitive advantage we already offer to our customers and our markets. Our focus is on three key areas:
- Sustainable solutions – to develop and deliver sustainable polymer solutions that provide clear social and environmental benefits to society
- Resource efficiency – to maximise resource efficiency across the value chain
- Social responsibility – to inspire the next generation by supporting science, technology, engineering and maths education (STEM)
Victrex has clear long term targets and interim deliverables for each of these goals which are regularly reported on in our annual report.
With Sustainability at the core of our business model, Victrex seeks to bring transformational solutions that address the world’s material challenges every day. We seek to deliver sustainable benefits principally in three areas: for our customers and markets through our sustainable products, with efficient use of resources and being sociallyresponsible in the communities where we operate. Through our 2023 Vision (timed to mark the 30th anniversary of Victrex’s formation) Victrex has clear targets which seek to improve on our strong sustainability platform. We are already recognised by the likes of FTSE Russell’s Green Revenues Index for our Sustainable products, which help the CO2 reduction trend in Aerospace and Automotive markets.
PEEK and the PAEK family of polymers already have a good track record in sustainability, including the potential for recyclability of PEEK in applications and the future possibilities from a circular economy and re-use of materials. We have long-term sustainability targets with a number of interim targets already completed. Over the next twelve months we expect to further refine these targets, both for practicality and also for the medium term, particularly around our resource efficiency area, where our newer manufacturing acquisitions or investments need to be reflected. We will also take account of the UN’s 2030 Sustainable Development Goals in our targets.
Although our sustainability platform is robust, I believe we can make further strides over the coming years. With our Polymer & Parts strategy focused on moving further downstream to supply semi-finished products and components – beyond manufacturing polymers – we have an opportunity to deliver further benefits to our customers and markets. Whether it be in Aerospace, where the current commercial airline fleet is expected to double by 2035; in Automotive, where durability, electrification and lightweighting are key themes; or in Medical, where our polymers are delivering real performance benefits to patients, sustainability remains integral to our business model and long-term success.
Jakob Sigurdsson
Chief Executive Officer
Our sustainability goals
Victrex is committed to creating and delivering sustainable benefits and solutions to our customers and our markets, alongside maximising our resource efficiency across our global footprint.
Sustainable solutions
Vision
Develop and deliver sustainable polymer solutions that provide clear social and environmental benefits to society
2023 target
- Save more CO2 than we produce (carbon neutral)
- 5 million-tonne reduction of CO2 in Aerospace and Automotive
- Target 12 million patients with PEEK-OPTIMA™ implanted globally (target enhanced from current 9 million+)
Our 2023 Vision: interim targets
Metric
- CO2 savings
- Scale of patient benefits
Interim targets
Completed
- Independently review method of measuring CO2 savings in Transport
- Extend PEEK-OPTIMA™ further into new and existing spinal therapeutic areas
- Extend PEEK-OPTIMA™ into new therapeutic areas
To do
- Extend Invibio Biomaterial Solutions into emerging geographies
Enhanced targets
- Increase volume of PEEK in cars from 8 grams to 12 grams over the medium term, supporting lighter vehicles and CO2 savings
Resource efficiency
Vision
Maximise resource efficiency across the value chain
2023 target
- 50% reduction in CO2 per £ revenue
- 50% reduction in waste per £ revenue
Our 2023 Vision: interim targets
Metric
- Reduction in energy and waste
- Tonnes CO2 per £ revenue
Interim targets
Completed
- Engage with key suppliers by FY 2016 to identify their climate change impact and improvement plans
- Establish an R&D programme by FY 2015 to identify process yield improvements and waste reduction opportunities
- Engage with key suppliers by FY 2016 to identify their waste impact and improvement plans
To do
- Establish a long-term energy efficiency plan
Enhanced targets
- Establish long-term resource efficiency plan with raw material supply chain
Social responsibility
Vision
Inspire the next generation by supporting science, technology, engineering and maths education (‘STEM’)
2023 target
- 10,000 employee hours (cumulative) supporting community activity by 2023
- 1,000 young people reached through education activities
- 50% of employees engaged on sustainability
Our 2023 Vision: interim targets
Metric
- Employee involvement in the community
- Number of young people worked with
Interim targets
Completed
- Employee network in place to support community STEM education activities in the UK by end of FY 2015 and globally by end of FY 2016
- Victrex/Catalyst Science Education Centre project fully up and running by end of FY 2015
- Employee engagement in sustainability assessed in FY 2015’s employee survey, with results benchmarked against peer companies
To do
- Continue to support Fleetwood High School to achieve improved STEM academic results