DOMO Chemicals announces stronger sustainability targets for people and the planet
13 Jul 2022
Focus on decarbonization, renewable energy and sustainable polyamide solutions
Targets include commitment to 40% reduction in greenhouse gas emissions by 2030 and climate neutrality by 2050
Targets will help meet increasing drive towards circular plastics economy
First sustainability report released today, highlighting journey over the last year
Ghent, July 13, 2022 - DOMO Chemicals has announced ambitious new sustainability targets, accelerating the group’s strategy to be recognized as an industry leader in sustainable development.
At the center of DOMO’s new sustainability strategy is a commitment to:
- Reduce scope 1 and 2 greenhouse gas (GHG) emissions by 40% by 2030 and 80% by 2040 vs. 2019, with a climate neutrality target by 2050
- Increase electricity from renewable sources to 50% by 2030 and 100% by 2040 against a 2019 baseline of 4%
- Double the share of circular products in Engineered Materials sales by 2030 from today’s 10% baseline
DOMO has already made significant progress towards the first two targets, reducing CO2 emissions from 400 kilotons in 2019 to 350 kilotons today, and increasing its electricity from renewable sources from 4% in 2019 to 10% today.
DOMO’s new targets demonstrate the company’s commitment to proactively drive climate protection and a circular economy along the entire value chain, making a significant contribution to the chemical industry’s ambitions to achieve global CO2 reductions.
“Sustainability is at the core of our corporate strategy and the center of our mission and vision,” said Yves Bonte, Chief Executive Officer. “Following our customers’ feedback on sustainability targets, DOMO is taking the initiative to lead in sustainability. In very close partnership with our customers, suppliers, and society, we aim to become a benchmark for sustainable development and social responsibility. Ultimately, we want to be recognized among the best in our industry by 2030,” he added.
Ambitious GHG emissions reductions
DOMO will achieve GHG emissions reductions through various initiatives that include partnerships, new recycling technologies, and significant investment in feedstock availability. DOMO will invest in energy efficiency and renewable energy while waste fuels and biomass improvements will complete the CO2 reduction plan.
In recycling, DOMO is aiming for process improvements with its “Move4Earth” feedstock, including dissolving technologies, chemical recycling, and recycling from production waste. Further details will be announced at K 2022 in October. DOMO’s low carbon footprint solutions, including the TECHNYL® 4EARTH® brand with industry-leading recycling technology, all contribute to its customers’ CO2 reduction ambitions.
DOMO Beyond: The strategic component
DOMO Beyond is the company’s strategic sustainability management system that outlines DOMO’s ambition and sustainable development approach. It includes concrete mid- and long-term actions for key stakeholders – Planet, Employees, Communities, Investors, Suppliers, and Customers. It also comprises its system of governance as well as annual performance measurements.
“We are fully committed to deliver on those ambitious objectives,” said Wilfred Debus, Chief Corporate Development Officer. “We will succeed together with strategic partners jointly committed to the same ambitious targets as us. We aim to co-create future sustainable ecosystems in polyamide recycling as well as innovative decarbonized processing routes,” he added.
The revised targets will help DOMO contribute to the UN Sustainable Development Goals, supported by governance to ensure its people, planet and performance objectives are met. DOMO’s sustainability governance and resource system, as well as dedicated processes for regular self-assessment and transparent reporting, complement the company’s commitment to engaging with all stakeholders.
Taking Action: First Sustainability Report
Today, on July 13th, DOMO releases its first sustainability report covering the 2021 reporting year, underscoring the priority of the company’s investment in this area. This sets the baseline for a series of annual reports in which DOMO will communicate its progress and milestones towards industry sustainability leadership by 2030. Highlighting DOMO’s journey over the past year, the report showcases its current engagement and plans for the aggressive targets and long-term ambitions in the challenging areas of Planet Care, Responsible Employer, and being a Partner of Choice. The full report can be accessed directly through sustainabilityreport.domochemicals.com.
The recent “HyDom” project with Hynamics, an EDF Group subsidiary, sets the stage for DOMO’s sustainable energy plans as it swiftly takes action to achieve zero-carbon for 100% of the hydrogen used at the Belle-Étoile industrial site, in Saint-Fons, France. In addition, DOMO will announce its first Group EcoVadis rating in autumn, expecting to achieve a rating within the industry’s standards.
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