Global Chemical Trends
Although society has welcomed the many benefits that chemical products bring to daily life—ultimately becoming accustomed to their added value and taking them for granted—it has also become increasingly aware that the growing presence of chemical products and operations comes at a price. The growing awareness of the environmental impact of chemical operations has resulted in legislative and consumer-driven pressure on the industry to adopt more sustainable approaches, such as implementing strict emission controls or corporate social responsibility initiatives. Also, new product development requires more sustainable process designs involving (bio) catalyzed reactions and the replacement of traditional solvents and hazardous reagents with renewable materials. Finally, new product applications require the implementation of comprehensive product stewardship management systems that include product databases and client training. In addition, to revive the public distrust generated by the growing awareness of the burden of chemical operations; environmental, health & safety excellence, coupled with progressive management of social issues, will remain important aspects of chemical companies’ long-term sustainability. As for environmental issues, the carbon challenge will remain on top of the agenda.
Enabler and Challenges
Various global and local factors lay ahead in our efforts to achieve the organisation’s business strategic objectives in a sustainable manner. PTTGC conducted a review and identified the enabler and challenges to our business sustainability as follows:
- Innovation Management In order for PTTGC to remain competitive, we will need to continue to innovate to realign our product portfolios towards green products and processes through in-house research and development, external collaboration and acquisition of other company for proven know-how.
- Product Stewardship Beyond bearing the costs of adhering to legislative frameworks, PTTGC has recognized the importance of avoiding the economic consequences of developing products that run the risk of being banned in the future. Both PTTCH are PTTAR are signatory to Responsible Care with commitments to improve our performance on environment, safety and product stewardship.
- Human Capital Because human ingenuity is the primary ingredient for innovation, PTTGC seeks to attract and retain the best talent from our former companies both PTTGC.
- Climate Strategy Active corporate strategies that seek out related business opportunities and mitigate carbon risks and its ramifications for water supply and related issues will be a driving force in securing companies’ future competitiveness. The focus in climate change mitigation that PTTGChave in common is energy efficiency, whereas product carbon labelling is what PTTCH specifically focus.
- Good Governance Increased corporate governance and transparency are particularly relevant our mission to become a truly global chemical company. By being active in different local markets, PTTGC must simultaneously comply with international standards and local regulations in order to establish successful long business relationships. PTTGCare now signatories of the United Nations Global Compact.
- Sustainability of Operations Stronger corporate commitment towards mitigating the environmental impact of manufacturing operations, the remediation of environmental damage caused by accidents and the improvement of safety in the work place.
- Supplier Standards Proactive engagement with suppliers and effective management of non-compliance can prevent reputational damage and unwanted or unexpected costly corrective actions. PTTGChave approved vendor system to manage the suppliers and safety training for contractors working on site.