Supplier engagement
Circular economy
Following the principles of the circular economy – the use of bio-based and recycled raw materials combined with improved solutions for our customers – has the potential to be our biggest contributor to the Paris agreement. Building on our track record of renewable energy, we will now also focus on reducing carbon emissions through renewable raw materials. Currently, approximately 5% of organic raw materials are from renewable sources.
How do we apply circular economy at AkzoNobel?
Overall the paints and coatings industry is at an early stage, but as a leading company we are at the forefront and working with partners, big suppliers and universities to develop more innovative products. For instance:
- High quality coatings with 25% recycled content
- Creating pigments from the carbon black harvested from used tires in a collaboration with Black Bear; and joint research with Dutch universities as part of the Chemical Building Block Consortium, which aims to develop bio-based resins from crustaceans and wood. We have gone through trials and pilot testing and are now at the stage where we will accelerate our pathway to resource productivity and circular economy
- Our Paint the Future collaborative innovation challenges include a focus area to identify circular solutions, allowing us to benefit from technologies and innovations to further our ambitions towards a circular economy
We will also continue to support the recommendations of the Financial Stability Board (FSB) Task Force on Climate-related Financial Disclosures (TCFD). Risks and opportunities related to climate change and the transition towards a circular economy are assessed via our risk management process. We manage those risks and opportunities by working with suppliers and customers. Governance is integrated into our management cycle. We are partnering with industry peers and the World Business Council for Sustainable Development (WBCSD) to further implement the TCFD recommendations as they apply to our company.
