Croda International Plc

Carbon per million dollars of revenue. The legacy industry-standard reference (CDP, MSCI). Useful for cross-sector context, but distorted by margin — high-margin firms appear artificially efficient. Read alongside the operational and asset intensities for the full picture.

OpEx (operating expenditure) is the running cost of the business — staff, services, energy, materials. This shows how carbon-intensive operations are per million dollars of spend. Removes the margin distortion that revenue-based ratios introduce.

EVIC (Enterprise Value Including Cash) is the firm's total capital footprint — equity + debt + cash + minority interest. The EU's standard intensity measure (SFDR PAI 3) — answers: how much carbon does each million of capital deployed in this business produce?

PP&E (Property, Plant & Equipment) plus leased real-estate assets is the firm's physical infrastructure on the balance sheet. This shows the carbon intensity of that physical footprint — uses Scope 1+2+3 for consistency with the other headline intensities. Surfaces stranded-asset risk for asset-heavy firms.

Croda has reduced absolute Scope 1+2 emissions by 28% from 2018 baseline, on track for its SBT of 46.2% reduction by 2029. At the Chocques (France) site - one of Croda's largest - most steam is supplied by an external waste-to-energy incinerator (84-94% of steam demand 2018-2024), with a new more efficient incinerator partnership signed for completion 2027. All Croda sites have decarbonisation roadmaps (target met 2022). The firm has 'reassessed how we procure energy' alongside designing decarbonisation into capital investment decisions, supported by an internal carbon price.

Croda's net zero roadmap (illustrative diagram, p13) shows permanent carbon removals only deployed in 2050 to neutralise residual emissions (no more than 10% of baseline, per SBTi Net Zero definition). The interim pathway to 2030 relies on energy investments, value chain engagement, sustainable bio-based raw material sourcing, supply chain emission reductions and efficiency savings - not on offsets or removals. No removals tonnage disclosed for 2024.

• Manufacturing heat decarbonisation and process efficiency

  High-heat chemical reactions are the firm's largest operational emission source. Levers include waste-heat steam recovery (Chocques new incinerator partnership for 2027 commissioning), site-level decarbonisation roadmaps at all locations (achieved 2022), and embedding an internal carbon price into capital investment decisions.

• Right First Time and process waste elimination

  Quality Assurance lever targets 99.5% Right First Time by 2030 (98.62% in 2024, vs 98.42% in 2023). Zero process waste to landfill achieved with >99% of process waste diverted in 2024. Reduces material/energy/emissions intensity per tonne of product.

• Water use impact reduction in water-stressed basins

  50% water use impact reduction target by 2030 vs 2018 baseline; top four sites in water-stressed regions (India, Brazil, France, Spain) achieved >25% reduction by end-2024. Total water withdrawal 3,248 Ml in 2024 (down 30% vs 2018). Chocques concentrator investment expected to cut water for steam-generation by 15%, reducing site groundwater demand by 3%; closed-water-loop engineering studies underway.

• Supplier engagement - EcoVadis, SBTi alignment and SiGREEN carbon data

  90.5% of key suppliers (2023: 83%) meet minimum EcoVadis score of 45. 66% of raw material volume covered by public carbon-reduction commitments; 45% from suppliers with verified SBT or following SBT guidelines (2023: 16%). Supplier-specific carbon data obtained for 23% of raw material volumes; SiGREEN platform launched via Together for Sustainability (TfS) to automate carbon-data collection; carbon now a factor in supplier award decisions.

• Bio-based raw material sourcing transitioning beyond virgin crops

  56% of organic raw materials bio-based in 2024 (target 75% by 2030; missed 2024 milestone of 71% post-divestiture). RSPO Mass Balance is primary standard for palm-derivative products (88.2% of palm derivatives certified RSPO MB; 100% of Consumer Care palm ingredients RSPO certified on mass-balance basis). Moving beyond primary crops to consider recycled/waste materials.

• Downstream Scope 3 / product-level carbon footprint data

  Product Carbon Footprint (PCF) statements made available for >2,000 products across all markets (since 2023). Supports customer Scope 3 decarbonisation, including ~1,500 Beauty Care + 600 Home Care ingredients. Downstream Scope 3 first measured 2023, with refined methodology in 2024 to identify hotspots.