B Corps meet the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose
Novamont’s commitment to be a force for global regeneration with higher purposes than mere profit was strengthened today by being awarded the prestigious ‘B Corp’ Certification.
The Italian bioplastics manufacturer has joined 3,423 companies spanning 150 industries in 71 countries across the world that are verified as ‘Benefit Corporations’ by the independent body ‘B Lab’.
The certification establishes that in addition to generating profit for shareholders, B Corp companies also create a positive impact on society and the environment, thus building a more inclusive and sustainable economy.
Only 2.8% of the 120,000 companies analysed by B Lab over the years have scored over 80, the threshold required to obtain certification, with the average value being 51.
With a score of 104, Novamont has become part of this global movement that is rewriting the way of doing business in the world, and has amended its company statute to acquire the legal form of a Benefit Corporation.
B Corps meet the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose. Its directors must adhere to strict guidelines and report annually on the impacts generated.
This significant paradigm shift represents an opportunity not only for individual companies, but also for the qualification of entire industries. The B Corp system provides a rigorous certification tool for the objectives and systemic results of Benefit Corporations.
“B Corps represent a complete paradigm shift which looks at companies as a force for regeneration and urges us to rethink the role of businesses in society to go well beyond today’s profit, and to ensure transparency and value across local areas”, said Catia Bastioli, CEO of Novamont. “We hope that the path undertaken by Novamont to obtain this important certification that assesses and reports on environmental and social impacts can be shared by an increasing number of companies and become a distinctive feature of our industry”, concluded Bastioli.
Novamont applies the principles of common benefit by using a bioeconomy model that provides the following:
- The regeneration of local areas through the rehabilitation of abandoned production sites and avoiding the use of virgin soil.
- The promotion of a circular model that maximises the recovery and treatment of biowaste to produce quality compost and reintegrate organic matter into our environment.
- The preservation and regeneration of soil vitality and health through the development of biodegradable and compostable products of plant origin that reduce pollution from plastics, and the promotion of sustainable agricultural practices that improve soil fertility.
- The development of innovative and sustainable production processes that help reduce carbon emissions along with research and innovation that transform waste and industry by-products into new applications.
- The contribution to a virtuous network of alliances with local stakeholders and different industry sectors that generate know-how on the subject of the circular bioeconomy, promote training activities in collaboration with public partners, and raise educational awareness around sustainable development.