Business News
New BASF report makes business sustainability transparent
Thursday 12. March 2009 - Report 2008 combines economic, ecological and social aspects; Independent GRI institution reaffirms highest quality level
BASF creates measurable value for employees, shareholders, customers and society with its products and solutions as proved by the Report 2008 published today by the company. The publication has again gained the highest quality rating, Level A+, from the Global Reporting Initiative ( GRI). The independent institutions rating reaffirms BASFs broad application of internationally recognized criteria for sustainability reporting. BASF is the only DAX company to date to combine financial and sustainability reporting in an integrated report and to reach the GRIs highest level.
The report clearly illustrates how corporate and social interests are linked. One such example is a solution in the area of energy efficiency: In BASFs Energy Verbund, heat from production processes is not discharged to the environment; instead it is captured to power other production plants. The companys Ludwigshafen site thus saves 200 million per year and emits 1.5 million metric tons less carbon dioxide. Renewable energies is another area where the company and society benefit in equal measure. BASF is heavily involved in research into organic solar cells. This innovation is important to the company as a means of securing participation in the energy markets of the future. Society in turn benefits from an innovative way of converting sunlight into cost-effective electricity and generating clean energy.
” Long-term success is not possible unless the environment and society are treated carefully, and that is why sustainability is a firm component of our strategy,” said Dr. Jürgen Hambrecht, Chairman of the Board of Executive Directors of BASF SE. “Difficult times especially show that companies which conduct their business sustainably and responsibly are more successful in the long term.”
BASF measures its economic, environmental and social performance on the basis of clearly defined targets, most of them long-term. Each year, the company reports on the extent to which it has achieved these goals. The report shows, for instance, that the company earned a high premium on its cost of capital in 2008, reduced specific greenhouse gas emissions by 14 percent, and raised the proportion of senior managers with international experience to 74 percent (in each case versus the respective baseline year).
Last year, BASF achieved external recognition for its sustainable development strategy and its implementation in the company from a number of sources. For instance, BASF received the German Sustainability Award in 2008 and heads the Dow Jones Sustainability Index as best chemical company.