Non-profit ChemSec’s annual ChemScore report has found the world’s largest chemical firms are making only incremental progress in transitioning to sustainable chemicals. The maximum score a company could receive via their scoring system is 48, but the average total this year stands at just 15.6. While this marks progress from the 14.1 average in 2023, ChemSec said progress remains too slow. “Many companies want to score higher and are adapting their reporting to what we ask from them,” the ChemScore report read. “There is a large difference in performance between companies, demonstrating that change is possible. There are no structural obstacles to prevent companies cleaning up their acts – it is a matter of will.” Created in response to investor demand, the benchmark scores the 51 biggest chemical companies – based on revenue – on their environmental impact and treatment of hazardous chemicals. This year, more than 70 investment companies with US$20 trillion in AUM wrote to chemical firms covered by ChemScore requesting that they engage with the rankings. More than half (54%) of the chemicals companies responded to ChemSec’s engagement efforts following the first ChemScore results in 2020. This has since gradually increased, with 71% responding to ChemSec’s requests for information this year. The report also noted that there had been “very little” decrease in chemical companies’ production and use of hazardous chemicals, despite increasing recognition of investor concerns over such chemicals impacting their bottom line.
🥳 It’s here, ladies and gentlemen, the moment you’ve all been waiting for — #ChemScore 2024.
📺 So grab a seat, get comfy, and hit play to find out who takes the crown this year: https://t.co/l3cLsFhRGt
— ChemSec (@chemsec) November 28, 2024
