Key takeaway
What This Development Means
ChemScore 2024 highlights limited progress by chemical companies in adopting safer chemicals, with Yara leading the rankings. Despite rising investor scrutiny and regulatory pressures, hazardous chemical use remains prevalent. Notable improvements by companies like Lanxess and Indorama Ventures suggest potential for industry-wide change.
What is ChemScore 2024?
ChemScore 2024 ranks the world's largest chemical companies based on their use of hazardous chemicals, transparency, and commitment to safer alternatives.
Which companies performed best in ChemScore 2024?
Yara topped the rankings, followed by SABIC and Indorama Ventures, due to their leadership in chemical management and transparency.
Source basis: https://chemsec.org/reports/chemscore-2024-key-findings/
The ChemScore 2024 rankings reveal slow progress by the world’s largest chemical companies in transitioning to safer alternatives. Yara, a fertiliser giant from Norway, claimed the top spot for transparency and chemical management. However, most companies continue relying heavily on hazardous chemicals, despite rising investor scrutiny and regulatory pressures.
Limited Progress In Safer Chemicals Transition
The ChemScore 2024 rankings, published by ChemSec, highlight ongoing challenges in the chemical industry. Despite a steady increase in average scores over the five years of ChemScore, the use of hazardous chemicals remains widespread. Only a handful of companies, like Lanxess and Indorama Ventures, stand out for their proactive measures to phase out harmful substances.
Yara's Leadership In Transparency And Sustainability
Yara claimed the top rank this year with its full disclosure of hazardous chemical portfolios and commitment to improving chemical management practices. "Earning the top score is a testament to our dedication to safety and sustainability," said Rune Bratteberg, VP of Product Stewardship at Yara.
Industry Giants Lagging Behind
While Yara and others made strides, major companies such as BASF and Dow continue to score poorly. BASF, the world’s largest chemical producer, has shown little improvement in reducing its toxic footprint, maintaining a portfolio of 135 hazardous chemicals without sufficient transparency.
Investor And Regulatory Pressures Mount
Investor engagement with ChemScore has surged, growing from $4.4 trillion in 2021 to $20 trillion in 2024. This reflects increasing pressure on chemical producers to phase out hazardous substances and adopt sustainable practices. Despite this, many companies continue to view safer chemical transitions as cost-prohibitive.
Positive Trends And Industry Highlights
Lanxess reduced its use of SIN List chemicals by 70%, while Indorama Ventures remains a leader in Asia for its commitment to phasing out toxic substances. SABIC continues to lead in transparency and circular economy practices. However, most of the industry remains far from the standards necessary to mitigate long-term environmental and health risks.
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