Speciality Chemicals Magazine JAN / FEB 2022 | Page 60

SUSTAINABILITY
‣ • New digital and emerging technologies can support with improving data management , accelerate innovation and the transition to new business models . Digitalisation is a crucial step in helping the chemical industry meet upcoming regulatory requirements , such as the design of safe and sustainable chemicals , and with the development of new , innovative business models
• Opportunity for new partnerships and value chain cooperation : To achieve a more sustainable and circular economy it will not be sufficient to change the modus operandi of a single industrial sector . On the contrary , it requires the cooperation of the complete value chain . This will provide new opportunities for partnerships and can therefore leverage new applications and market shares
• Sustainability draws investors : Voluntary and regulatory initiatives will influence the financial decisions of a growing proportion of investors
• The implementation of Green and Sustainable Chemistry improves company reputation and provides multiple economic advantages : It helps to attract and retain customers , resource talents and investors . It also improves production efficiency , reduction of material and energy use and the minimisation of waste all result in cost savings . For some sectors , this is the main driver for applying the principles of Green and Sustainable Chemistry
Developing a strategy
Successfully navigating the transition to Green and Sustainable Chemistry demands that a company has a clear strategy on the topic aligned with that for its overall business . This will need to be dynamic and responsive to continuing developments in policy and regulation , and in the ambitions of customers , end consumers and also of suppliers . Nevertheless , that need for flexibility and a degree of uncertainty as to the objective should not be a cause of complacency , although it requires some plurality in the traditional strategy model questions of ‘ Where are we now ?’, ‘ Where do we need to get to ?’ and ‘ How do we get there ?’. Diagnosis of the company ’ s portfolio against key sustainability metrics reflecting the principles of sustainable chemistry will identify risks in existing products and their underlying chemistry and indicate opportunities for future development of the portfolio . Analysis of the regulatory and customer landscapes will provide a further context against which the portfolio can be mapped and its prospects rated . Existing R & D programmes can be mined for options to improve performance , and investment planned for further innovation that will support a mid- to long-term trajectory towards the sustainable chemical portfolio of the future . Periodically , the implementation of a sustainable chemistry strategy will need to be stress tested against emerging regulations and the evolving demands of customers . Scenario analysis can help provide companies with insight as to potential future outcomes in this regard , and inform contingency plans for the business to be prepared should the landscape shift as , for example , new sustainability issues come unexpectedly to the fore . •
Ruaa Ahmad
PRINCIPAL CONSULTANT
ERM GMBH k + 49 6102 206 214 J ruaa . ahmad @ erm . com j www . erm . com
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60 SPECIALITY CHEMICALS MAGAZINE ESTABLISHED 1981