April 10, 2024
Sponsored by Cambrex, SOCMA’s 2024 ESG workshop gathered representatives from 14 specialty chemical companies to discuss the continued prioritization of advancing sustainability initiatives through the lens of business continuity.
Held at Cambrex’s facility in Charles City, IA on Tuesday, April 9, attendees aimed to:
- Network with companies & professionals advancing their sustainability programs
- Gain insight on how to comply, grow and maintain a company’s sustainability program.
- Explore key principles and best practices in ethical sourcing and supplier management.
- Identify how to leverage green energy sources to reduce a company’s scope 2 footprint.
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A SHARED JOURNEY
This year’s workshop was developed to focus on enhancing each attendee’s sustainability strategy.
Seth Levine, Cambrex’s Senior Director of Regulatory Affairs, set the stage with an inspiring kickoff, unveiling Cambrex’s sustainability journey from inception to cutting-edge initiatives.
From emission reduction programs to advanced wastewater treatment methods and safe waste management, Seth outlined Cambrex’s unwavering commitment to environmental stewardship. He projected annual sustainability reports will become the norm in coming years as reporting standards continue to evolve. Yet, he acknowledged a pivotal challenge: finding the balance for setting realistic metrics and targets in all areas of sustainability, despite them being driven by Global Initiatives and multiple stakeholders —a focus that resonated with those around the table.
Additional topics of discussion included:
- Navigating the EcoVadis rating process,
- Understanding Global Trends in Sustainability
- Maximizing Supply Chain Ethics in Specialty Chemical Manufacturing
- Navigating Scope 2 and Green Energy Transition
FINAL TAKEAWAYS
Specialty and batch chemical companies are investing in sustainability and utilizing EcoVadis to benchmark their sustainability efforts. This year, SOCMA provided specific details on how to navigate the EcoVadis rating process, including obtaining and maintaining a favorable rating. The opportunity to hear firsthand from companies who have successfully gone through the new process was a highlight of the workshop. To be successful:
- Familiarize yourself with EcoVadis’ assessment methodology. Understand the criteria and indicators they use to evaluate sustainability performance. This understanding will help you interpret your score effectively.
- Pay close attention to the feedback provided by EcoVadis along with your score. Request your raw score, it will help you understand the areas where you scored well and where improvements are needed is crucial for targeted action.
- Compare your score not only against the industry average but also against your own previous assessments. This will help you track your progress over time and identify trends.
- Identify the key areas where you received low scores or where improvements are most needed. Prioritize these areas based on their significance to your organization and their potential impact on your overall EcoVadis score.
STAY CONNECTED
Information sharing and networking continues to be a primary factor in attending SOCMA’s ESG Workshop. SOCMA members are encouraged to join SOCMA’s ESG & Sustainability Committee and participate in quarterly calls to connect and build best practices beyond the event. To join, contact Emy Reyes at enoma@socma.org.
FIND RESOURCES
SOCMA developed resources are available in our free industry resource library