CDP runs a global disclosure system that enables companies, cities, states, and regions to measure and manage their environmental impacts, with a focus on climate change, water security, and deforestation. CDP has committed to aligning its questionnaires with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).
Corbion has been participating in the CDP Climate Change and Supply Chain programs since 2016 to provide transparency on how we manage risks and opportunities related to climate change. In 2019, we made our submission public for the first time. We started participating in the Forests questionnaire in 2018.
Climate change / General
Climate change/ Supplier engagement
Forests / Palm oil
Forests / Soy
EcoVadis sustainability ratings and scorecards assess the environmental and social performance of companies. The assessment framework covers 21 sustainability criteria (from CO2 emissions to human rights and business ethics) aligned with GRI, Global Compact, and ISO 26000.
Corbion received the Gold rating in the 2019 EcoVadis CSR assessment. Our full EcoVadis sustainability profile is available on the Corbion website.
The Executive Committee has overall responsibility for sustainability and decides on the strategy and targets. We use a sustainability dashboard with qualitative and quantitative indicators, to monitor our progress with the strategic sustainability initiatives. The dashboard is reviewed by the Board of Management each quarter and is discussed with the Executive Committee at least twice a year. The Director of Sustainability reports to the CTO and drives the implementation and reporting of the strategic initiatives. Accountability for managing sustainability initiatives and delivering against targets lies with the relevant businesses and functions. This responsibility is anchored in business targets and personal targets at various levels in the organization.
Corbion's sustainability sounding board, which includes representatives from all Corbion business units and functions, advises the Director of Sustainability and the CTO on the sustainability strategy and specific initiatives.
Task Force on Climate-related Financial Disclosures guidelines
The Task Force on Climate-related Financial Disclosures (TCFD) was established to improve transparency of and for the financial sector and businesses on the risks and opportunities of climate change. Corbion provides transparency on the effects of climate change through the annual CDP questionnaire and has this year for the first time submitted a public response. CDP has aligned its questionnaires with the TCFD guidelines. A summary of disclosures on the TCFD Guidelines’ key aspects of Governance, Strategy, Risk Management, and Metrics & Targets can be found below. More detailed information can be found in the CDP Climate Change survey.
Under the chairmanship of the Chief Executive Officer, the members of the Executive Committee have the overall responsibility for sustainability and decide on the strategy and targets. There is also a specific climate Steering Committee (SteerCo) consisting of the CEO and CTO. The SteerCo meets quarterly with the relevant business partners from Procurement, Operations, R&D, and Sustainability.
For Corbion, sustainability and climate change offer opportunities and are drivers for innovation. As we are a biobased company using 98% biobased raw materials and have a relatively low carbon footprint, we have not identified any climate-specific transition or physical risks in the short (< 1 year), medium (2-4 years), or long (4-15 years) term that have a substantive financial or strategic impact on our business. We have, however, identified several areas for opportunities, especially in relation to the transition toward a low-carbon economy. Examples include PLA (through our joint venture with Total) and our Algae Ingredients platform. We are still defining our approach to performing scenario analysis to test the resilience of our strategy.
Climate-related risks are assessed in our formal risk identification process (see Risk management). As long as no material climate-related risks are identified in this process the sustainability department will keep monitoring for changes. Any changes in the climate risk assessment are communicated to the Board of Management through quarterly meetings with the SteerCo.
Metrics and targets
Corbion discloses its Scope I, II, and III emissions (see Sustainability statements/Natural capital/Greenhouse gas emissions and CDP). For internal planning purposes Corbion uses a carbon price of €50/t CO2e. The remuneration policy for the Board of Management includes bonusses for the CEO and CFO linked to sustainability targets. In 2019, Corbion has committed to reducing its CO2 emissions related to energy, key raw materials, and transport by 33% per ton of product by 2030 (base year: 2016). This target has been approved by the Science Based Target initiative, confirming that our current emission reduction plans are in line with the Paris Agreement to keep global warming well below 2 ⁰C.
We used the GRI Standards core option as a basis for our 2019 report. The selection of topics included in the report is based on a materiality assessment (see Materiality and stakeholder engagement). The environmental and social results for the material topics in this report cover all entities that belong to the scope of the consolidated financial statements except for our facility in Araucária (Granotec do Brazil), as this site has only recently been acquired and the integration thereof in our sustainability reporting is ongoing. Our joint venture Total Corbion PLA is excluded. The scope of the environmental data includes Corbion's manufacturing sites. Offices and R&D laboratories are not included, except for our R&D laboratories and offices located at our Gorinchem and Totowa manufacturing sites.
Data is collected from various reporting systems. For each KPI, data reporters and data reviewers are defined, either at site level or at corporate level. The data reporter is responsible for the annual reporting of the data via the central reporting systems and for document retention and record-keeping related to this data. The data reviewer (from Finance) is responsible for the validation of the reported data. Site-specific data is consolidated and reviewed at corporate level by Finance and the Sustainability team. The review includes a comparison to data from previous years and a review of changes that could have impacted the results, such as improvement projects. In case of uncertainties, data estimation may be required, which is validated during review. We strive to continuously improve the data collection process and the reliability of the data. Significant changes that impact comparability including changes in measurement methods are explained in footnotes.
The KPIs related to responsible sourcing, responsible operations, and sustainable solutions have been reviewed by external auditors (marked by "√ ").