BURLINGTON, ON, Jan. 17, 2022 /CNW/ - EcoSynthetix Inc. (TSX: ECO) ("EcoSynthetix" or the "Company"), a renewable chemicals company that produces a portfolio of commercially proven bio-based products, today announced that it has received a Platinum designation by EcoVadis, a globally recognized agency for business sustainability ratings of supply chains. By achieving the Platinum rating, EcoSynthetix scored within the top one percent of the 85,000 companies rated.
"Retailers and manufacturers are placing more and more emphasis on who participates in their supply chains and the sustainability profile of their suppliers. We are increasing our disclosure and transparency with established ratings organizations to ensure the broadest possible market awareness of the positive sustainability attributes of our biopolymers and the impact they can have on a manufacturer's carbon footprint, as well as our overall environmental, social and governance practices. This Platinum recognition from EcoVadis is the first result of that approach," said Jeff MacDonald, CEO of EcoSynthetix. "As sustainable and healthier alternatives to conventional petroleum-based binders, our biopolymers provide material benefits to a manufacturer's impact on the environment. Many companies have established and promoted ambitious goals for reducing their carbon footprint significantly by 2030. EcoSynthetix expects to be climate positive in 2022, which demonstrates the impact we can have for our customers' supply chains."
The EcoVadis scorecard provides an independent assessment of a company's sustainability management system performance. It measures 21 corporate social responsibility criteria, grouped into four key areas: Environment, Labour & Human Rights, Ethics and Sustainable Procurement. The Platinum designation is the highest rating and only one percent of the companies measured attain this designation. EcoVadis' evidence-based ratings are validated by a global team of experts and are adapted to more than 200 industry categories, 160 countries, and companies of all sizes. Its actionable scorecards provide benchmarks, insights, and a guided improvement journey for environmental, social and ethical practices.
A climate positive company enables carbon footprint reductions by customers through the use of its products or technology that avoid 100% of the carbon emissions associated with the business. EcoSynthetix expects to generate a 1:1 carbon cover in 2022, making EcoSynthetix a climate positive company.
As part of its broader approach to sustainability, the Board of Directors of EcoSynthetix has approved the Company's Environmental, Social & Governance Policy. EcoSynthetix has established Environmental Stewardship, Social Responsibility and Governance as its key ESG principles together with three core pillars and the metrics that it will use to report progress.
- People: Reflects the ability of EcoSynthetix to attract and retain fully engaged, diverse employees and to ensure the health and safety of our people. Measures include diversity and health and safety reporting.
- Planet: Reflects the Company's dependencies and impacts on the natural environment. Measures in this pillar include greenhouse gas emissions from internal footprint, sustainability advantages of its products in the market and product innovation.
- Governance: Reflects the Company's purpose, strategy and accountability. Measures include criteria for managing risk and ethical behaviour.
About EcoSynthetix Inc. (www.ecosynthetix.com)
EcoSynthetix, a 2022 climate positive company, offers a range of sustainable engineered biopolymers that allow customers to reduce their use of harmful materials, such as formaldehyde and styrene-based chemicals. The Company's flagship products, DuraBind™ and EcoSphere®, are used to manufacture wood composites, paper and packaging, and enable performance improvements, economic benefits and carbon footprint reduction. The Company is publicly traded on the Toronto Stock Exchange (T:ECO).
SOURCE EcoSynthetix Inc.
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