Towards a joint network for Portfolio Sustainability Assessments

“We need a common approach and shared language to progress sustainability. Portfolio Sustainability Assessments are an excellent vehicle” said Ann Dierckx, Sustainability Director at Cefic during a joint workshop on the topic with the World Business Council for Sustainable Development and management consulting company Arthur D. Little on 13 November 2019 in Brussels.

Cefic strives for a common approach towards harmonising sustainability assessments by promoting the WBCSD Portfolio Sustainability Assessment (PSA) methodology for the chemical industry. By uniting under the same standards and with a common language, companies can boost credibility while better anticipating risks and seizing improvement opportunities.

PSA methodology started about ten years ago. Throughout the years, evaluating sustainability performance has evolved from doing surveys to developing in-company tools. Having in-company assessment tools creates a common understanding within the company of what sustainable performance is. In addition to the environmental and societal benefits, companies who perform PSAs also report tangible business benefits. Benefits such as more robust strategies and a higher growth rate of sustainable solutions.

It is now time to create a joint PSA network – where companies adhere to the same methodology and use a common language. Learning from best practices leads the way. Twelve companies already formed a working group under the umbrella of the WBCSD. This is just the beginning, more is to come from our sector. Stay tuned!