Voestalpine

No leading practices were identified for this company.

No leading practices were identified for this company.

No leading practices were identified for this company.

No leading practices were identified for this company.

The Voestalpine Group has outlined ambitious and detailed targets to reduce its environmental footprint. By 2029, it aims to decrease its combined scope 1 and 2 emissions by 30% and its scope 3 emissions by 25%, all relative to the 2019 baseline. Moreover, it plans to achieve a 50% reduction in carbon dioxide emissions (scope 1 and 2) by the same year. Further, it intends to achieve climate neutrality by 2050. It is worth noting that the company has also set a target to reduce scope 3 emissions by 25% by 2029, using 2019 as the base year. The company discloses its scope 1, 2 and 3 emissions from 2017 onwards. It clearly defines the scope and boundaries for the emissions and discloses location-based scope 2 emissions. Data on the company’s scope 3 emissions is available from 2017 and includes a detailed breakdown of the categories. The company also uses a third-party verification process to ensure its data quality.  The company has established precise goals for reducing its emissions. Nevertheless, to enhance the credibility and effectiveness of these targets, the company should consider getting them validated by the independent Science Based Targets initiative (SBTi).

Voestalpine has outlined a detailed strategy to achieve climate neutrality by 2050, including specific energy consumption targets and the implementation of a standardised environmental management system across its production facilities. The company actively engages in low-carbon technology research and collaborates with industry partners, exemplified by its participation in the EU-funded H2FUTURE project, showcasing a strategic shift towards sustainability. However, there is no evidence of the company’s corporate-level strategy to reduce scrap within its operations. Furthermore, the company lacks disclosure of its activities related to selling or reusing co-products and waste within its operations and upstream phases of its value chain. While the company states that stakeholder management supports the communication of its Sustainability Strategy, the company does not provide a clear process for reporting progress on its climate transition plan. Additionally, it does not provide detailed financial projections or cost estimates for its climate strategy, nor has it conducted climate scenario analysis.

Voestalpine has been transparent in disclosing its research and development (R&D) expenditure over the past three years, which includes investments in low-carbon technologies. It also discloses investment and research in several projects to promote the integration of hydrogen technology. However, there is a lack of quantitative data concerning the company’s investment in non-mature climate technologies. The company discloses investment and research in several projects to promote the integration of hydrogen technology. However, it does not publicly disclose the share of its revenues from low-carbon products and services over the past three years.

Voestalpine has implemented a climate-related supplier engagement strategy, addressing 95% of its supplier-related scope 3 emissions. The company actively collects climate-related information from suppliers and employs a corporate social responsibility (CSR) checklist to monitor their compliance. Furthermore, Voestalpine monitors and reviews climate policies of associations and think tanks, with board oversight and the coordination of its Group Environment department. It publicly endorses significant climate policies and commits to global low-carbon initiatives like the Paris Agreement. The company is also actively involved in climate change initiatives, showing a well-structured commitment to environmental sustainability. However, Voestalpine has not yet assessed the overall impact of its supplier engagement on emissions reduction, and there is no indication that emissions reduction requirements are explicitly included in its key procurement templates.

Voestalpine Group sets ambitious targets in line with the Paris Agreement. By 2029, its aims include a 30% reduction in scope 1 and 2 emissions, a 25% decrease in scope 3 emissions, and a 50% cut in carbon dioxide emissions. The company also has a long-term commitment extends to achieve climate neutrality by 2050.

Voestalpine has diverse business models with varying carbon footprints. Its greentec steel initiative integrates all activities towards carbon-neutral steel production. Its collaborations with industry and science partners, such as on the H2FUTURE project, demonstrate strategic repositioning towards sustainability.

The company aims to decrease its combined scope 1 and 2 emissions by 30% and scope 3 emissions by 25% by 2029 compared to 2019. Its emissions data from 2017 shows an overall declining trend.

In pursuit of its Paris Agreement targets, Voestalpine is employing diverse business models with varying carbon footprints, such as its greentec steel initiative for carbon-neutral steel production, and its collaboration on the H2FUTURE project.

Voestalpine’s transition plan towards the Paris Agreement involves the greentec steel programme and renewable energy investments, targeting net-zero carbon dioxide emissions by 2050. While the company is transparent about its strategy and actions, there are gaps in its disclosure of emissions intensity data, waste management and the updating process for its transition plan.

No evidence was found of the company’s commitment to social dialogue or of the categories of stakeholders the company engages with on a just transition. Furthermore, no evidence was found to demonstrate the company’s ongoing social dialogue and meaningful engagement with affected stakeholders.

No evidence was found of the company undertaking low-carbon transition planning to mitigate the social impacts of the transition on workers, affected stakeholders and its business relationships. Additionally, no evidence was found to demonstrate the company’s engagement in social dialogue and with stakeholders in its just transition planning.

No public commitment by the company was found stating its intention to create and support access to green and decent jobs as part of the low-carbon transition. Moreover, no evidence was found of the company’s actions to promote these jobs in a way that ensures gender balance and inclusion of vulnerable groups.

No relevant disclosure was found of the company’s assessment of employment dislocation risks. The company discloses its actions to provide reskilling and upskilling opportunities for workers and affected stakeholders. For instance, it provides a diverse range of offerings and employee training and development to continue education within the organisation. It invests more than EUR 90,000 on average in training for apprentices. However, no relevant disclosure was found of the company embedding equality of opportunity for women and vulnerable groups in these actions. Furthermore, no evidence was found of the company having a process for identifying skills gaps for workers and affected stakeholders or a public commitment to help workers displaced by the transition to reskill or upskill.

No relevant disclosure was found to show if the company identifies the impacts of the low-carbon transition on social protection for workers and affected stakeholders, nor how it contributes to their social protection. Additionally, no evidence was found that the company expects its business relationships to contribute to the social protection of their workers and affected stakeholders.

Furthermore, no relevant disclosure was found to show how the company identifies any misalignment of its lobbying activities with policies and regulations that support the just transition, nor of the measures it takes to address misalignment. Furthermore, no evidence was found that the company lobbies for policies and regulations for green and decent job creation; retention, education and reskilling; and social protection for workers.

The company commits to respecting human rights and the ILO fundamental rights at work. However, no other company policies or commitments for human rights were found in the public domain. This includes the necessary policies and systems by which the company can ensure respect for basic human rights in its operations and supply chain, such as human rights due diligence.

The company commits to respecting the health and safety of its workers and expects the same commitment from its business relationships. However, no evidence was found of the company having a time-bound target for paying all workers a living wage. While the company discloses the proportion of its direct workforce covered by collective bargaining agreements, no relevant disclosure was found of the company’s required working hours. The company discloses some indicators of workforce diversity, such as age and gender. However, no relevant disclosure was found of additional indicators of workforce diversity. Nevertheless, the company commits to gender equality and women’s empowerment

The company commits to protecting personal data. However, no evidence was found of the company having a privacy statement regarding the collection, sharing and access to personal data. While the company discloses its global tax strategy, no relevant disclosure was found of the corporate income tax it pays in each relevant jurisdiction. The company does not have a policy prohibiting bribery and corruption, nor a lobbying and political engagement policy. Nonetheless, it specifies that it does not make political contributions. No relevant disclosure was found of the company’s expenditure on lobbying activities.