Sustainability & ESG
Sustainability reporting
Since 2015, we report every year on our progress against our targets. The first two years in separate sustainability reports, since 2018 in our annual report in which we integrated the reporting on non-financial information such as environmental, social, human rights, anti-bribery and anti-corruption topics. The information about diversity is available in our Corporate Governance Statement.
This Recticel Group 2023 Annual Report consolidating our financial and non-financial information has been structured considering the European Sustainability Reporting Standards (ESRS) for Europe’s Corporate Sustainability Reporting Directive (CSRD), which will replace the Non-Financial Reporting Directive (NFRD) from 1 January 2025. The new CSRD regulation will radically increase the transparency of corporate progress in the area of sustainability. Its overall aim is to harness potential and position Europe as a forerunner in the transition to a fully sustainable and inclusive economic and financial system in accordance with the European Green Deal and the UN Sustainable Development Goals.
Limited assurance
Since 2017, a limited assurance is performed by PwC. For FY2023, the following sustainability KPIs were in scope:
| Chapter in the Annual Report 2023 of Recticel NV | The selection of sustainability KPIs |
|---|---|
| Chapter “6.1.6.2 GHG emissions – scope 1, 2 & 3” | Recticel Group GHG emissions - scope 1 GHG emissions (in tCO2e) |
| Recticel Group GHG emissions - scope 2 GHG emissions (in tCO2e) | |
| Recticel Group GHG emissions - scope 3 GHG emissions (in tCO2e) | |
| Chapter “6.2.9. S9 - Diversity metrics” - table 1 |
Gender distribution in number and percentage at top management level amongst Recticel employees [KPI: Gender diversity in senior management positions (Recticel HG 18+)] |
| Chapter “6.2.13. S13 - Training and skill development metrics” -table 2 | % employee participation in governance and cybersecurity e-learning including Legal, Cybersecurity and Safety, as well as expanding new offerings based on specific needs detected during the annual Employee Performance Management Discussion - Governance and cybersecurity programmes. |
| Chapter “6.2.14. S14 - Health and safety metrics” - table 6 | Frequency 1 (Lost Time Accidents) |
| Frequency 2 (Lost Time Accidents + Restricted Work Cases + Medical Treatment Cases) |
Taxonomy
The EU Taxonomy, a classification system for sustainable economic activities, has been a requirement since July 2021 and its application in tandem with the CSRD will provide a more comprehensive and rigorous foundation for the achievement of the European Green Deal objectives.
Recticel Group performed a screening of its economic activities against the six environmental objectives:
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Climate change mitigation |
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Climate change adaptation |
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Sustainable use and protection of water and marine resources |
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Transition to a circular economy |
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Pollution prevention and control |
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Protection and restoration of biodiversity and ecosystems |
We reviewed our relevant management practices to assess whether the requirements for EU Taxonomy alignment were met for the fiscal year 2023. The information below provides a breakdown of our eligible and aligned economic activities in 2023 that make a substantial contribution to climate change mitigation. The economic activities of Soundcoat in our Acoustic Solutions division are not eligible for any of the six EU Taxonomy criteria.
| Environmental Objective | ECONOMIC ACTIVITY | EU TAXONOMY CATEGORY OF ECONOMIC ACTIVITY | TECHNICAL SCREENING CRITERIA |
| Climate change mitigation | Insulation boards | Category 3.5 Manufacture of energy efficiency equipment for buildings |
Insulating products with a lambda value lower or equal to 0.06 W/mK |
| Insulated panels | Category 3.5 Manufacture of energy efficiency equipment for buildings |
External wall systems with U-value lower or equal to 0.5 W/m²K Roofing systems with U-value lower or equal to 0.3 W/m²K |
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| Vacuum insulated panels for buildings | Category 3.5 Manufacture of energy efficiency equipment for buildings |
Insulating products with a lambda value lower or equal to 0.06 W/mK | |
| Thermo-acoustic boards | Category 3.5 Manufacture of energy efficiency equipment for buildings |
Insulating products with a lambda value lower or equal to 0.06 W/mK |
88.9% of the Recticel Group activities turnover are EU Taxonomy eligible and potentially also EU Taxonomy aligned. The required due diligence policies and procedures to make these activities EU Taxonomy aligned will be implemented throughout 2024.
The detailed EU Taxonomy reporting tables can be found in the 2023 Annual Report, Environmental Statement, Chapter 6.1.11, page 95 – 101.
