Renewi is a purpose-led organisation, with each of us deeply inspired by our goal to protect the planet by giving new life to used materials. This purpose is supported by our six values, which define what we are and how we act. These values are used in a practical way daily, and in this report I would like to illustrate how we turn them into real core drivers of our success.
Success built on living our values
Safety is the first of our six values and, as I outlined last year, the Company’s Board and Executive leadership wanted to see a step-change improvement in our safety culture and performance. During the past year we have appointed a new Safety, Health, Environmental and Quality (SHEQ) Director, Jeanine Peppink-Van der Sterren, who is part of the Excom. We have also started to implement the International Sustainability Rating System (ISRS) to provide structure and better data for all our safety and compliance activities. We continued to embed our Lifesaving Rules (LSR) and promote better incident reporting. While we can never be complacent or satisfied with safety, we are pleased to report a 36% reduction in lost time accidents in the year, with no fatalities or near-fatal incidents. Despite this improvement, we remain vigilant to risks and continually focused on improvements.
Sustainability is fundamental to everything we do and is considered by the Board in every major decision we make. I am pleased to report a further increase in our recycling rate during the year to 67.2%, another step towards our Mission75%. This year we report according to the requirements of the Taskforce for Climate-Related Financial Disclosures (TCFD) for the first time. During 2022 we will lay out further ambitious plans to reduce our own carbon footprint alongside our ongoing success in avoiding three million tonnes of carbon annually for our customers. Innovation. Innovation underpins our ability to deliver our purpose. We continually seek to invest in new technologies to increase our recycling rates and in new processes to digitise our activities. This year, our Board has committed over €100m to projects, such as advanced sorting installations in Flanders, to deliver €20m additional EBIT by FY26. Our Innovations Team continues to build our innovation pipeline, originate prospects, and validate their potential for further investment.