More than 98% of our carbon footprint stems from our suppliers (upstream) and our customers (downstream). In 2018, our value chain emissions were 5% lower than in 2017.
Upstream, our biggest impact is from emissions of the raw materials we buy, such as pigments, resins and solvents. In our raw material sourcing, we join forces with our suppliers to greatly increase the share of bio-based materials, recycled content or raw materials produced with renewable energy. In addition, we learn to make better use of raw materials.
Downstream, the applications we provide to consumers also generate emissions when used, for example from solvents and curing temperatures. We continue to offer our customers technologies and solutions that enable them to reduce their own emissions and material use, for example through lower curing temperatures, low or zero solvents, water-based solutions and using fewer layers of paint.
We 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.
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