Through our business operations, we create long-term value while seeking to balance environmental, social, and business aspects – for our company, for our stakeholders, and for society. Sustainability is an essential component of our Group strategy. In 2020, we formulated new, strategic sustainability goals, which build on what we have achieved in recent years (for further information, see “Strategy”). The separate, combined non-financial (Group) report has been integrated into our 2020 Sustainability Report.
Our sustainability strategy revolves around leveraging science and technology to achieve progress for mankind. With this we are help to to solve the problems described the United Nations’ (UN) 17 global Sustainable Development Goals (SDGs). Through our business activities, we want to be economically successful and create value for society. At the same time, we endeavor to avoid generating subsequent costs for society.
With our sustainability strategy, we are pursuing three specific goals across seven focus areas. We are currently carrying out numerous projects and initiatives in these focus areas and will continue to do so in the future. This framework reflects those fields in which our business operations can contribute most to achieving five of the SDGs.
In order to assess the sustainability of our products, technologies, and business activities, we have developed Sustainable Business Value (SBV), a method that enables us to evaluate our positive and negative impacts on society along our entire value chain. In addition to ESG (Environmental, Social, Governance) parameters, SBV also incorporates economic, ethical, and digital aspects as well as the benefit of the product itself. This gives rise to a monetary value that quantifies, for example, the societal benefits a product offers, which helps us drive sustainability across our business operations and position ourselves for future success.
* The contents of this chapter or section are voluntary and therefore not audited. However, our auditor has read the text critically.