The resource conservation qualities of 50,000 products has been assessed by chemicals company BASF.
A Sustainable Solution Steering method has been used to systematically review and evaluate the sustainability of products worth €56 billion (£45.5 billion).
BASF has analysed the data from around 80 per cent of its products over the past three years looking at the cost effectiveness, resource conservation and health and safety criteria of its products among other measures.
Based on the result, it has been able to split its products into four categories. These are:
- Accelerators – these make a substantial contribution in the value chain to sustainability. 22 per cent of its products by sales are in this category.
- Performers – these are solutions that meet the standard market requirements for sustainability. Around 73 per cent of products are in this category.
- Transitioners – are products where specific sustainability issues have been identified and concrete action plans defined. These recommendations are in the process of being implemented, with 4.5 per cent of products in this category.
- Challenged – are applications with a significant sustainability concern and BASF is developing action plans for these products to find solutions. These represent 0.5 per cent of its products by sales.
By the end of 2014, the whole product portfolio will have been analysed and BASF aims to increase the number of products in its Accelerators category.
BASF chairman Kurt Bock said: “It is becoming increasingly important to our customers to be able to combine economic, environmental and societal demands.
“We see this development as a business opportunity for BASF, and intend to seize it in a targeted manner. This approach forms an integral part of our corporate purpose: ‘We create chemistry for a sustainable future’.
“By analysing our entire portfolio with respect to sustainability and systematically expanding on especially sustainable solutions, we underscore this endeavour.”