EUROAPI

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.

In 2022, 87% of electricity purchased by the Group was from renewable sources, with five of six industrial sites at 100% renewable. The Group actively purchases renewable electricity through long-term Power Purchase Agreements (PPAs), Guarantees of Origin (GO) and Renewable Energy Certificates (RECs). Solar PV panels scheduled for installation at Haverhill (UK) in 2023. A 17 MW biomass boiler project initiated at Saint-Aubin-lès-Elbeuf to replace existing gas boiler, expected to cut CO2e by 76% when operational in 2026.

The Group targets carbon neutrality (Scopes 1, 2, 3) by 2050, defined as balance between emitting and absorbing carbon via carbon sinks. The strategy focuses primarily on emissions reduction via decarbonization of energy supply rather than dedicated removals or offsets purchasing. No specific DAC, BECCS or nature-based removal programs are disclosed at this stage.

• Energy efficiency and natural gas substitution at industrial sites

  All six industrial sites pursuing ISO 50001 energy management certification by end-2023. New buildings adopt carbon-neutral design prohibiting fossil fuels for heating. A 17 MW biomass boiler replacing gas at Saint-Aubin-lès-Elbeuf will cut site CO2e by ~76% when operational in 2026. Total energy consumption fell 9.2% vs 2020.

• Fleet electrification

  Group targets electric and hybrid vehicles only by 2025, and electric-only fleet by 2035, addressing Scope 1 mobile combustion emissions.

• Waste reduction and circular solvent recycling

  Waste represents ~20% of Scope 3 emissions. The Group rolled out waste reduction programs across priority sites: Frankfurt to regenerate 800 tons of toluene/year via new distillation column in 2023; Vertolaye to add 3,000 tons distillation capacity; Budapest installing acetone distillation for 240 tons/year. Two of six sites now achieve 'zero waste to landfill'.

• Green chemistry and responsible innovation in API processes

  R&D programs apply 12 principles of green chemistry. Examples: flow chemistry at Haverhill (Sevelamer with water replacing solvents); biocatalysis at Budapest; biotechnology intensification at Brindisi and Saint-Aubin-lès-Elbeuf reducing chemical steps. Process Mass Intensity (PMI) metric being introduced for new projects.

• Purchased goods decarbonisation (solvents, acids/bases, biotech feedstocks)

  Purchased goods represent ~50% of Scope 3 emissions. The Group implemented programs focused on solvent recovery (68% solvent recycling rate in 2022), acids/bases reduction, and biotechnology yield improvements. Major €40M investment at Saint-Aubin-lès-Elbeuf to improve vitamin B12 fermentation productivity, halving water consumption.