BASF Strengthens Commitment to Sustainability with Enhanced TripleS Evaluation

BASF Strengthens Commitment to Sustainability with Enhanced TripleS Evaluation

(IN BRIEF) BASF, a global chemical company, has updated its sustainability assessment method called TripleS (Sustainable Solution Steering) to further advance its product portfolio towards climate protection, resource efficiency, and circular economy. TripleS, which has been in place since 2012 and recently updated, is used to evaluate all 45,000 BASF products based on sustainability criteria. The company aims to complete the reassessment by the end of the year and introduce a new key performance indicator (KPI) called “Sustainable-Future Solutions.” The updated assessment method will make it easier to identify innovative and sustainable products and make necessary adjustments to the portfolio. TripleS considers the entire value chain and aligns with industry standards and regulations. BASF’s commitment to sustainability is in line with the World Business Council for Sustainable Development’s Portfolio Sustainability Assessment and relevant legislations.

(PRESS RELEASE) LUDWIGSHAFEN, 31-May-2023 — /EuropaWire/ — BASF (ETR: BAS), the world’s largest chemical producer, has taken a significant stride towards sustainability by updating its sustainability assessment method, TripleS (Sustainable Solution Steering). The aim is to further align the company’s product portfolio with climate protection, resource efficiency, and circular economy principles. By doing so, BASF is committed to meeting the evolving sustainability requirements in its markets through innovative solutions. TripleS has emerged as a powerful driver of innovation within BASF.

Introduced in 2012 and recently updated, TripleS is currently being utilized to reassess all 45,000 BASF products. The company’s goal is to complete the reassessment of as many products as possible by the end of the year. This effort will lead to the establishment of a new key performance indicator (KPI) called “Sustainable-Future Solutions,” which will reflect the sales of Pioneer and Contributor products as a proportion of relevant sales. BASF intends to publish the new KPI in 2024.

The revamped assessment method will enable easier identification of products that contribute significantly to sustainability and drive innovation, as well as facilitate portfolio adjustments where necessary. Consistent with previous practices, BASF will phase out products with significant deficits from the market within five years. The TripleS method will be applied to BASF’s entire product portfolio across global applications.

“With TripleS, we systematically compile a complete sustainability profile of our products and also take into account factors that are not so easy to put into figures, such as social concerns,” said Dr. Martin Brudermüller, Chairman of the Board of Executive Directors of BASF SE, summarizing the advantages of the expanded method.

The evaluation process involves two steps. Firstly, the product is assessed against BASF’s internal, regulatory, customer-specific, and social requirements. If it meets these criteria, its sustainability contribution is then compared to competitor products in the second step. The evaluation encompasses the entire value chain, from raw material procurement to end product disposal, while considering regional, industrial, and application-specific variations.

By introducing the update, BASF aims to provide enhanced transparency to its customers and stakeholders, while ensuring compliance with the Portfolio Sustainability Assessment (PSA) of the World Business Council for Sustainable Development. The updated TripleS methodology also takes into account new legislations such as the EU Chemicals Strategy and the Toxic Substances Control Act (TSCA) in the United States.

For more information on the TripleS methodology, click here: https://www.basf.com/global/de/who-we-are/sustainability/we-drive-sustainable-solutions/sustainable-solution-steering.html

About BASF

At BASF, we create chemistry for a sustainable future. We combine economic success with environmental protection and social responsibility. More than 111,000 employees in the BASF Group contribute to the success of our customers in nearly all sectors and almost every country in the world. Our portfolio comprises six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care and Agricultural Solutions. BASF generated sales of €87.3 billion in 2022. BASF shares are traded on the stock exchange in Frankfurt (BAS) and as American Depositary Receipts (BASFY) in the United States. Further information at www.basf.com. 

Media contact:

Daniela Rechenberger
Corporate Media Relations
Battery Materials, Sustainability
+49 621 60-41040
daniela.rechenberger@basf.com

SOURCE: BASF SE