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.
In the three years since we introduced our sustainability strategy and 2023 Vision, Victrex has made continued progress. I am pleased to report that we have now completed several of our interim targets, whilst one of our long-term targets in the sustainable solutions area is close to being surpassed. Consequently, we have actually increased the target from 9 million patients implanted with PEEK-OPTIMA™ to 12 million, underlining our long-term confidence. Whilst we will continue to assess the practicality of our long-term targets, I am confident that we remain on the right path, and that we are delivering real sustainable benefits to our customers and markets, to our business, and to the communities where we operate.
Our sustainable solutions area also sees a new interim target in Automotive, to increase the level of PEEK polymers in cars from an average of 8 grams today, to 12 grams in the next three to five years. Across our resource efficiency area, our focus on CO2 reduction continues to see steady improvement. We also delivered a 500-tonne reduction in water and hazardous waste per unit of revenue improved, whilst in social responsibility, our activities in the community, and to support the next generation of scientists and engineers, show progress. Our target to have over 75% of employees engaged and active on sustainability by 2023 has been revised down to 50%, largely reflecting realistic timing. Nevertheless, with continuous improvement and cost efficiency at the forefront of our business, we have a great opportunity to further improve our sustainability record over the coming years.
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