Sustainable Solutions in the Injection Molded Plastic Industry: A Comprehensive ESG Guide [Business]
Sustainability has come to the fore as a key pillar in developing an environmentally friendly injection molded plastic solution. Injection molders have exhibited a commitment to environmental, social and governance (ESG) practices amidst burgeoning plastic pollution. In May 2022, UNESCO’s Ocean Literacy Portal stated that plastic waste contributes 80% of all marine pollution. Meanwhile, merely 9% of plastic waste is recycled and 22% is mismanaged, according to an OECD report. Molding solution strategists across automotive, medical devices and packaging industries will emphasize reducing plastic waste and carbon emissions yet providing safe and reliable products with increased user experience.
Embracing ESG principles have become invaluable to providing sustainably-focused services that foster teamwork and enhance lives and the livelihoods of the global community. In essence, forward-looking companies seek strong governance to integrate sustainability measures at every level and ensure their products are in line with environmental and social commitments. Stakeholders, including customers, employees, communities, investors, trade groups, industry associations and lenders, are investing in ESG goals to unlock growth potentials.
Key Companies in this theme
• ExxonMobil Corp.
• BASF SE
• DuPont de Nemours, Inc.
• Dow, Inc.
• Huntsman International LLC
Is your business one of participants to the Injection Molded Plastic Industry? Contact us for focused consultation around ESG Investing, and help you build sustainable business practices
Environmental Perspective
Industry leaders have upped their focus on minimizing carbon footprint and managing climate change risks. Reducing and reusing waste could be prevalent with bullish investment in waste diversion and recycling solutions. For instance, in December 2022, Exxon started one of the largest advanced recycling facilities in Texas, to break down plastics and transform them into raw materials for new products. The Baytown facility can process over 80 million pounds of plastic waste per year. The U.S. giant is contemplating recycling 1 billion pounds annually of used plastics by 2026.
Sustainable companies have furthered their commitment to mitigate emissions in their operations. The company has injected over USD 10 billion in research, development and deployment of lower-emission energy solutions over the past two decades, according to the ExxonMobil 2021 Energy and Carbon Summary Report. Buoyant investments in ESG could make a difference and help stakeholders reach their goals.
Social Perspective
Incumbent players expect that promoting diversity, equity and inclusion (DEI), workplace safety, well-being and inclusivity will provide avenues of growth. Stakeholders have prioritized a sustainable framework to underscore employability and a work culture that can bolster the team’s performance. For instance, since 2022, BASF has been measuring employees’ sense of belonging with the inclusion index. It has a host of Employee Resource Groups globally—the LGBTQ+ network celebrated its 10th anniversary in Ludwigshafen, Germany, in 2022.
Occupational safety has grabbed headlines as one of the major segments of the social pillar. The European company is gearing up to minimize lost-time injuries not exceeding 0.1 per 200,000 working hours by 2025. BASF furthered its emphasis on human rights and social standards. The company stated that 151 human rights-related complaints were received by phone, email and post in 2022, down from 206 in the preceding year. Diversity, safety and well-being will continue to be indispensable to further sustainable production in the injection molded plastic industry.
Governance Perspective
The strength and effectiveness of a company largely depend upon transparency, corporate behavior, ethics & compliance, corporate governance and board diversity. A zero-tolerance policy for harassment and anonymous reporting tools could be prevalent. For instance, at Dow, 395 matters were reported to the Office of Ethics and Compliance (OEC) in 2021. The Board oversees the company’s ESG priorities to ensure accountability and transparency. It introduced enhanced carbon emissions reporting and improved climate risk disclosure and GHG intensity metrics to bolster ESG reporting and disclosures, according to its 2nd annual integrated ESG report published in July 2022.
The company also upped its efforts on diversifying the board and ESG disclosures. The U.S.-headquartered company elected three new members in 2021 and 2022. Besides, as of August 2021, Dow’s board of directors was 55% women or U.S. ethnic minorities, exhibiting a commitment to inclusive corporate culture. The 2021 INtersections ESG Report included disclosures in line with the Global Reporting Initiative (GRI) standards, Sustainability Accounting Standards Board (SASB), Taskforce on Climate-related Financial Disclosures (TCFD) and World Economic Forum (WEF) Stakeholder Capitalism Metrics.
With the global economy expanding, governance practices exhibit the company’s commitment to all stakeholders and concerted efforts toward long-term viability. Accordingly, well-established players and startups are poised to prioritize ESG strategies. For instance, Barnes Group emphasized women in leadership positions, indicating that four out of 12 directors are women, according to its 2021 ESG report. Meanwhile, in September 2021, DuPont announced it joined RE100 global initiative to propel its sustainability profile and exhort commitment to 100% renewable electricity by 2050. These trends suggest injection molders will likely up their sustainability quotient to tap into the global landscape. It is worth noting that Grand View Research valued the injection molded plastic market at USD 284.7 billion in 2021.
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- European Pharmaceutical Industry ESG: https://astra.grandviewresearch.com/european-pharmaceutical-industry-esg-outlook
- Clinical Trials Industry ESG: https://astra.grandviewresearch.com/clinical-trials-industry-esg-outlook
- Antibiotics Industry ESG: https://astra.grandviewresearch.com/antibiotics-industry-esg-outlook
About Astra – ESG Solutions by Grand View Research
Astra is the Environmental, Social, and Governance (ESG) arm of Grand View Research Inc. - a global market research publishing & management consulting firm.
Astra offers comprehensive ESG thematic assessment & scores across diverse impact & socially responsible investment topics, including both public and private companies along with intuitive dashboards. Our ESG solutions are powered by robust fundamental & alternative information. Astra specializes in consulting services that equip corporates and the investment community with the in-depth ESG research and actionable insight they need to support their bottom lines and their values. We have supported our clients across diverse ESG consulting projects & advisory services, including climate strategies & assessment, ESG benchmarking, stakeholder engagement programs, active ownership, developing ESG investment strategies, ESG data services, build corporate sustainability reports. Astra team includes a pool of industry experts and ESG enthusiasts who possess extensive end-end ESG research and consulting experience at a global level.
For more ESG Thematic reports, please visit Astra ESG Solutions, powered by Grand View Research
Innovations Driving ESG in Smart Agriculture Industry [Business]
Stakeholders are establishing ethos to bolster environmental, social and governance (ESG) performance in the smart agriculture industry. Forward-looking players are enriching the lives of producers and consumers through sustainable innovation to minimize environmental footprint. State-of-the-art technologies, including precision farming, automation, sensors and cloud computing, have become the next big thing in the agriculture industry. ESG investors are expected to drive capital flows to help farmers overcome livelihood and other barriers to adopting environmentally friendly smart technologies.
Governing bodies and watchdogs have vouched for building resilience for people, agriculture food system and sustainability to augment agricultural productivity and incomes. An unprecedented spike in the global population and shifting diets have spurred the demand for smart agriculture to manage cropland, forests and livestock.
A feature story on the World Bank website claimed that acute food insecurity in 2023 could overtake the food crisis witnessed in 2007-2008. With agriculture being prone to climate change, weather variability, soaring temperature and invasive crops have elicited challenges and opportunities for investors and other stakeholders. The World Bank infers that agriculture produces around 19–29% of total greenhouse gas (GHG) emissions.
Environmental Perspective
The agriculture sector is witnessing a seismic shift with an increased focus on minimizing emissions, preventing deforestation and bolstering productivity. Climate-smart agriculture has become paramount to avoid or reduce GHG emissions, reflecting expectations from stakeholders that businesses should deliver not only profits & revenue but also ESG performance. Extreme weather events showed the repercussions of climate change on agriculture.
Farms are expected to count on bespoke solutions to foster their sustainability strategies. For instance, Argus Controls uses a proprietary control algorithm to automate the growing process and forecast specific needs, including watering, lighting and feeding cycles. With sustainable production gaining a stronghold, the North American cannabis cultivation and manufacturing experts unveiled Sustainable Cannabis Coalition (SCC) in January 2021 to propel sustainability practices in the cannabis industry.
Social Perspective
Farmers and investors are responding to the need for sustainable agricultural practices to underpin economic and nutrition livelihoods, employee safety & well-being and reinforce diversity, equity and inclusion. AGCO Corporation initiated the FOCUS 2.0 program with a 40-step blueprint to create a robust safety culture. It reduced its total case incident rate (TCIR) by 14% in 2022 vis-à-vis the preceding year, the company mentioned in the 2022 Sustainability Report.
The American agricultural machinery manufacturer underscored employee engagement through programs, including Voices. Predominantly in 2022, almost 20,000 employees shared their voices in the annual Voices Survey. The company noted that its engagement score stood at 69% and is on course to take the tally to the 75% target by 2025. The U.S.-based company collaborated with the Faça Um Bem Incrível" (Make a Great Good) social project in Brazil that redirects fresh produce which would otherwise go to waste. The initiative fostered over 150 rural workers and 20 local food producers.
Is your business one of participants to the Smart Agriculture Industry? Contact us for focused consultation around ESG Investing, and help you build sustainable business practices
Governance Perspective
The need for the Board to provide sustainability strategy, goals and policies has fueled the significance of sound governance, transparency, ethics & compliance, diversity and good corporate behavior. For instance, Cargill formed an ESG Committee to underscore governance and accountability. It has teamed up with the World Economic Forum, the World Business Council for Sustainable Development (WBCSD) and Tropical Forest Alliance (TFA) to undergird operation and stakeholders' engagement.
The company has strengthened its ethics & compliance portfolio to set a foundation for sustainable growth. Cargill completed over 80,000 hours of mandatory online compliance training in 2022 on bribery and corruption, monitoring government donations & gifts and entertainment expenses. In January 2022, the company celebrated Ethics Week to foster employee ethics.
ESG investors expect farmers to overcome hurdles to adopt smart farming strategies. Accordingly, organic and inorganic strategies will be pronounced in the near terms. For instance, farmers in Sri Lanka augmented land under irrigation by 15% during the dry season, largely due to their training in the alternate wetting and drying (AWD) techniques. These dynamics validate Grand View Research's valuation of the global smart agriculture market at USD 14.44 billion in 2021 which could witness a double-digit CAGR of 10.8% between 2022 and 2030.
Related Reports:
- Mushroom Industry ESG: https://astra.grandviewresearch.com/mushroom-industry-esg-outlook
- Plant-based Meat Industry ESG: https://astra.grandviewresearch.com/plant-based-meat-industry-esg-outlook
- Dairy Product Industry ESG: https://astra.grandviewresearch.com/dairy-product-industry-esg-outlook
About Astra – ESG Solutions by Grand View Research
Astra is the Environmental, Social, and Governance (ESG) arm of Grand View Research Inc. - a global market research publishing & management consulting firm.
Astra offers comprehensive ESG thematic assessment & scores across diverse impact & socially responsible investment topics, including both public and private companies along with intuitive dashboards. Our ESG solutions are powered by robust fundamental & alternative information. Astra specializes in consulting services that equip corporates and the investment community with the in-depth ESG research and actionable insight they need to support their bottom lines and their values. We have supported our clients across diverse ESG consulting projects & advisory services, including climate strategies & assessment, ESG benchmarking, stakeholder engagement programs, active ownership, developing ESG investment strategies, ESG data services, build corporate sustainability reports. Astra team includes a pool of industry experts and ESG enthusiasts who possess extensive end-end ESG research and consulting experience at a global level.
For more ESG Thematic reports, please visit Astra ESG Solutions, powered by Grand View Research
Understanding the Role of ESG in the Digital Payments Industry [Business]
Financial institutions and technology vendors have repurposed their strategies on digital payments—more so—on the back of a dip in physical cash. Add to it the technological innovations that have leveraged online banking. Cash may still be the king; electronic payment, however, is giving a run for the money. An exponential rise in smartphone usage, surging internet penetration and growth in e-commerce have made electronic payment a force to reckon with. Meanwhile, the luxury of contactless and fast payments comes with caveats—environmental, social and governance challenges.
Amidst climate change, a volatile economy and the Russia-Ukraine war, society, businesses and governments have exhibited a strong commitment to foster an inclusive workplace, accentuate low-carbon energy solutions, bolster transparency and create long-term value. Several financial institutions have started carbon offset programs, providing rewards and loyalty points. In September 2021, Ascenda joined forces with Patch to enable consumers to redeem their rewards points for carbon offsets, helping reduce and eliminate GHG emissions.
PayPal Propels Science-Based Targets (SBTs)
Carbon footprints from the digital payment ecosystem have prompted financial institutions to up their sustainable strategies. A study from Cambridge inferred that Bitcoin used 80% more energy consumption in 2021 compared to the preceding year. Digital wallets reportedly consume less energy vis-à-vis cryptocurrencies, offering opportunities galore. In March 2022, Helpful rolled out digital wallets that it claims can save up to 80% of the CO2 produced from payment transactions.
The potential risks posed by adverse weather conditions on facilities have encouraged companies, such as PayPal to underscore science-based GHG emission reduction targets. The Fintech player achieved 100% renewable energy sourcing for its data centers in 2021, while it reached 90% total energy use in 2022. The American giant formed science-based emission reduction targets—to minimize absolute operational GHG emissions by 25% by 2025. In 2022, the company set the goal to engage 75% of its suppliers (in terms of spending) to SBTs by 2025 and Its IT asset management team retired 338 metric tons of IT hardware across the data center services.
Global Payments Underscores Philanthropic Activities
The social criterion emphasizes a shifting business environment where companies are gearing up to enhance workplace diversity, financial literacy, social equity and health & wellness. In 2021, Global Payments Plano, Texas office teamed up with the National Breast Cancer Foundation (NBCF) and collected USD 1,600 for charity. Besides, the Lindon, Utah team formed a canned food drive to donate 2,500 cans to a local food bank. Taking the philanthropic work further, the company doled out USD 5 million in 2021 to underpin several organizations, such as Red Cross, the American Heart Association, UNCF, Leukemia & Lymphoma Society, Susan G. Komen and Mercer Medical School.
To reinforce financial literacy and economic inclusion, the Fintech company offers around 4 million (especially small and medium-sized businesses) locations globally with digital commerce solutions, allowing acceptance of more than 140 payment methods. Meanwhile, the U.S.-based company has propelled its DEI strategies to augment female representation to 47% and boost the number of people of color to 39% by 2025.
Is your business one of participants to the Digital Payments Industry? Contact us for focused consultation around ESG Investing, and help you build sustainable business practices
JP Morgan Embeds Transparency and Accountability
Corporate governance has become a value proposition to impel ethics & compliance, board diversity, transparent work culture, independence and anti-corruption activities. In 2021, directors at JP Morgan were offered education on DEI, cybersecurity, its climate risk management framework and technology. The Board in the financial service company has ramped up corporate culture and values, boosting diversity in leadership positions. As of April 2022, Out of ten, there were four women directors and one black director. Further, women accounted for 37% of seats on the Operating Committee (as of December 2021).
While digital solutions have become invaluable in the economy, data privacy and cybersecurity threats have sent alarm bells to stakeholders. The Global Cybersecurity and Technology Controls organization analyzes changes in global threats and monitors JP Morgan’s operations. In 2022, the company was involved in policy issues, such as software bills of materials, evolving U.S. National Institute of Standards and Technology (NIST), zero trust and notification. The need to protect the global financial system and underpinning cybersecurity will help companies achieve ESG goals.
Fintech players have expedited their strategies to undergird climate solutions and build financial confidence among underserved and vulnerable communities. In the 2021-2022 ESG Report, American Express announced an infusion of USD 3 billion toward DEI initiatives and underrepresented groups through 2025. During the Earth Month of 2022, the financial service company asserted that at least 70% recycled or reclaimed plastic would be used to make most plastic cards by 2024. The rising footprint of contactless- and card payments against the backdrop of the COVID-19 pandemic has made electronic payment the next big thing. The global digital payments market size stood at USD 68.61 billion in 2021 and will expand at a CAGR of 20.5% between 2022 and 2030, reports Grand View Research.
Related Reports:
- Digital Lending Industry ESG: https://astra.grandviewresearch.com/digital-lending-industry-esg-outlook
- Real-time Payments Industry ESG: https://astra.grandviewresearch.com/real-time-payments-industry-esg-outlook
- E-commerce Industry ESG: https://astra.grandviewresearch.com/e-commerce-industry-esg-outlook
About Astra – ESG Solutions by Grand View Research
Astra is the Environmental, Social, and Governance (ESG) arm of Grand View Research Inc. - a global market research publishing & management consulting firm.
Astra offers comprehensive ESG thematic assessment & scores across diverse impact & socially responsible investment topics, including both public and private companies along with intuitive dashboards. Our ESG solutions are powered by robust fundamental & alternative information. Astra specializes in consulting services that equip corporates and the investment community with the in-depth ESG research and actionable insight they need to support their bottom lines and their values. We have supported our clients across diverse ESG consulting projects & advisory services, including climate strategies & assessment, ESG benchmarking, stakeholder engagement programs, active ownership, developing ESG investment strategies, ESG data services, build corporate sustainability reports. Astra team includes a pool of industry experts and ESG enthusiasts who possess extensive end-end ESG research and consulting experience at a global level.
For more ESG Thematic reports, please visit Astra ESG Solutions, powered by Grand View Research
