Sustainability
Under the umbrella of the World Business Council for Sustainable Development, Cefic alongside several member companies, has contributed to the development of the Portfolio Sustainability Assessment (PSA) 2.0.
The PSA framework helps companies evaluate how sustainable their products, services and innovation projects. It looks at health and environmental impacts, social, and economic factors throughout a product’s full life cycle and helps ensure credible reporting on sustainability performance to both internal stakeholders and the broader public.
The framework builds on internationally accepted life-cycle assessment (LCA) standards and provides specific guidance for companies in helping them navigate uncertainty and making better decisions to reduce risks and socio-environmental impacts.
As part of the PSA Working Group, Cefic has contributed to refining this methodology that not only deepens our understanding of portfolio impacts but also encourages a shift towards sustainability by detailing the way companies can use the PSA for fostering innovation.
Please find the official release from the World Business Council for Sustainable Development on the launch of the Portfolio Sustainability Assessment (PSA) 2.0: Portfolio Sustainability Assessement v2.0 – World Business Council for Sustainable Development (WBCSD) and you may consult the PSA here.
Portfolio Sustainability Assessment v2.0
Building on the experience and ambitions of the WBCSD members behind the PSA framework, this 2nd edition brings best practices on applying PSA for innovation, a stepped approach to embed circularity in portfolio assessments, and guidance to strengthen product stewardship.
Ilham Kadri, CEO, Solvay: "Sustainability is our license to operate. It has to inform any decision we are making in business development, strategy, innovation, capital expenditure, and M&A. Among the tools we are using, the Sustainable Portfolio Management (SPM), a methodology aligned with the WBCSD PSA framework, is our compass to grow our business AND be good for people and the planet. I’m proud that in the past six years, the growth of our sustainable solutions has been 5% higher than the average sales growth of our portfolio. And I’m confident SPM will help us reach our holistic Solvay One Planet goals, which address Climate, the Nature, and the Better Life dimensions."
Xenia-Beyrich-Graf, Senior Vice President Specialties and Bioscience Research, BASF: "Our TripleS methodology, aligned with WBCSD PSA, is an integral part of our company’s sustainability steering for the existing portfolio as well as for our future solutions from R&D. Since 2012, TripleS acts as an early warning indicator, ensuring that our new solutions perform above and beyond regulatory minimum requirements and substantially contribute to a sustainable future. This methodology update strengthens the framework with regards to up-coming regulatory changes and stakeholders sustainability ambitions fostering strategic growth with respective solutions.”