BOSTON, March 25, 2024 –Today Orbia Advance Corporation, S.A.B. de C.V. (BMV: ORBIA*) released its 15th annual Impact Report, which encompasses the company’s overall business performance as well as key accomplishments in advancing life around the world.
“Amidst challenging conditions and a changing global landscape, Orbia remains committed to its purpose to advance life around the world. What’s good for the world is simply good business, and we were especially proud that the external pressures of 2023 did not stall our delivery of offerings that contribute to solving the world’s toughest challenges, spanning food and water security, information access and connectivity and decarbonization and the energy transition,” said Sameer Bharadwaj, CEO of Orbia. “Our resilience as a business truly comes down to resilient people committed to making a difference.”
Added Bharadwaj, “In 2023 we maintained a solid market position and delivered within our adjusted guidance by upholding operational and commercial excellence, exercising financial discipline and investing in strategic initiatives to accelerate a net-zero future. We made large strides in our efforts to enable the North American energy transition through two flagship projects to manufacture PVDF and LiPF6, which are key components of EV batteries. In addition, we saw our first Orbia Ventures portfolio company reach unicorn status, Ascend Elements, and look forward to continuing our partnership with them to commercialize Hydro-to-Anode® graphite recycling technology that generates 99.9% pure graphite from used lithium-ion batteries.”
“At Orbia, we aspire to create a better future for all,” said Tania Rabasa Kovacs, Vice President of Sustainability and Corporate Affairs at Orbia. “Our growth strategy and governance approach alike are anchored in sustainability and aligned to addressing the UN Sustainable Development Goals. Looking to the future, we will continue advancing on the three pillars of our sustainability strategy: developing sustainable solutions, committing to low-impact, resilient operations and accelerating new technologies through impactful ventures. To achieve net-zero by 2050 we must continue to evolve our business to create the most value to customers in their decarbonization journeys and remain transparent and accountable in our reporting.”
Over the past few years Orbia has taken meaningful steps to advance its strategy, including receiving approval of near term scope 1, 2 and 3 emissions reduction targets by the Science Based Targets initiative (SBTi), making environmental, social and governance metrics a key component of short-term incentive compensation plans, updating its climate risk and opportunity assessment as well as its materiality assessment to include a double-materiality approach and introducing a supplier code of conduct.
The report also outlines Orbia’s efforts to maintain a world-class company culture. During 2023, Orbia launched its first employer brand and employer value proposition (EVP) which engaged over 20,000 employees in celebrating bringing their common purpose to advance life around the world to life, every day and everywhere. In addition, Orbia increased its percentage of women in management to 23% and maintains a board of directors that is 72% independent and 27% female and was recognized by Forbes as a Top Global Company for Women.
Highlights of Orbia’s progress in the 2023 Impact Report include:
- Increased the percentage of Orbia revenues that contribute to the United Nations (UN) Sustainable Development Goals to 65% from 61% in 2022;
- Decreased scope 1 & 2 emissions by 28% and scope 3 emissions by 20% compared to the 2019 baseline as well as reduced sulfur oxide emissions by 84% compared to the 2018 baseline, surpassing the Sustainability-Linked Bond commitment;
- Decreased process waste sent to landfill since 2022 by 45% and increased the percentage of Orbia manufacturing plants sending zero waste to landfill to 71%;
- Reached more than 25,000 people in Latin America through Water, Sanitation and Hygiene (WASH) programs and contributed more than 20,000 volunteer hours through the Volunteering with Purpose program;
- Planned two new projects in partnership with Solvay and Kanto Denka Kogyo in the U.S. to manufacture PVDF and LiPF6: key components for the lithium-ion batteries that power electric vehicles (EVs);
- Furthered circularity and decarbonization initiatives in every business, with new programs in PVC recycling, carbon credits for large-scale crops and eco-friendly product portfolios;
- Invested $7.1 million from Orbia Ventures in seven environmental impact-focused startups as well as conducted 10,000 hours of innovation-related training for employees.
Orbia’s strong progress toward its impact goals continues to receive accolades. In 2023, Orbia received a listing on the Dow Jones Sustainability Indices (DJSI) for the fifth year in a row, the title of “ESG Trendsetter” by NASDAQ, upgraded rating to BBB from MSCI and a low-risk profile in Sustainalytics and Gold Medal from Ecovadis, for the second-consecutive year, among other honors.