Renewi’s ESG evaluation by S&P remains best-in-class
08 November 2022
Renewi, the leading international waste-to-product company, proudly shares that the company has been recognized for its focus on recycling and key role in the circular economy by sustainability rating company Standard & Poor Global Ratings (S&P). Thanks to its actions to increase its market leading recycling rate, produce more low carbon secondary raw materials and ongoing reduction of Greenhouse Gasses (GHG) emissions, Renewi was again evaluated at 83, with strong preparedness.
Otto de Bont, Renewi’s Chief Executive Officer: “Our customers and our society at large increasingly demand a more sustainable approach to waste management and we are proud that our efforts are being recognized as the best-in-class in our industry. The score reflects the seamless integration of our business and sustainability strategies. We will continue to push the boundaries of recycling with significant innovation investments across our portfolio, from advanced sorting technologies to the production of high quality secondary materials from waste streams such as fridges, mattrasses, glass, food waste and building materials.”
In the Environmental section of the report, S&P Global Ratings states that ‘Renewi's solid environmental performance reflects its role as a key enabler of the circular economy, in collaboration with partnering companies and the community’ and that ‘Renewi's waste recycling rate of 67% is well above its peers' average of 41%’. We have launched our innovation initiative Mission 75 to achieve a recycling rate 75% and produce 1 million additional tonnes of secondary raw materials by 2025.
Furthermore, S&P Global Ratings says our ‘operations contribute to lower GHG emissions throughout the value chain’ because ‘recycling helps avoid the carbon emissions that usually result from the use of virgin materials to make new products’. Our own carbon footprint is also expected to further decline, primarily driven by continued ‘greening’ of our fleet and by ramping up our transition to renewable energy sources through increased renewable electricity procurement and solar and wind energy production on our sites.
Renewi is well on track in the Social and Governmental domains and S&P Global Ratings highlights how ‘Renewi has intensified dialogue and collaboration with customers, and is diversifying and tailoring its product offerings’, leading to an upgrade from Good to Strong for customer engagement. With our Renewi 2.0 programme we are further strengthening customer relationships, while meeting the increasing demand for sustainable products and greater use of secondary raw materials.
Renewi is reaping the benefits of strongly integrated business and sustainability strategies and S&P Global Ratings awards this approach with a ‘strong preparedness’ label for the future: “Renewi is well prepared to thrive as the world pivots towards a circular economy, given the company's strong capabilities in extending the economic life of the waste it handles”.S&P Global Ratings’ full report is available here.