2023 Sustainability Report: Becoming an Active Part of the Solution

Historically, the business world has always been part of the problem. Today we want to be an active part of the solution.

Aquafil publishes an annual sustainability report to offer transparency into our progress and invite accountability into our continued journey toward circularity and beyond. We recognize that sustainability cannot be achieved solely through environmental initiatives, and strive to put equal effort into our social and governance initiatives. 

In 2023, Aquafil made substantial progress toward achieving our sustainability goals. To ensure this progress continues, we adopted an ESG policy that defines Aquafil’s sustainability principles and how they integrate into our business model, ensuring a responsible approach for long-term, sustainable growth. The Group has also actively invested in research and development to chart new sustainable and circular paths for the entire sector.

Our continued advancements in sustainability has led to an increase in Aquafil’s Morningstar Sustainalytics ESG Risk Rating, an assessment that provides a concise snapshot of the Group’s environmental, social and governance performance. Aquafil’s rating has improved by 4.7 points over 2022 and now positions the Group as the best-ranked company globally in the “Textiles” sub-category, reflecting the efforts made over the past year to achieve our sustainability goals.

Environmental Goals & Achievements

In the last year alone, Aquafil invested 10.7 million Euro on research and development activities to develop cutting-edge technologies and circular products that reduce the industry’s negative impact on the planet. Among many initiatives and milestones, these investments have enabled us to:

• Start reporting our Scope 3 emissions, which will allow us to measure (and reduce) our impact on the entire supply chain;
• Carry out a Climate Change Risk and Vulnerability Assessment to assess our exposure to risks arising from climate change;
• Conduct a Biodiversity Impact Assessment to examine and limit the impact of our activities on local flora and fauna; and 
• Invest in efficiency measures to reduce water consumption by 23% in 2023.

Another exciting environmental achievement was the development of the first international standard (ISO) to measure the release of microplastics by the textiles industry. ISO standard 4484-2 provides the global textile community with a method to precisely and unambiguously measure the release of microplastics, systemically correlate the effects to determine what causes the release and construct products in a way that would limit their microplastic footprint. 

Social Goals & Achievements

Aquafil continues to invest in our own employees, recognizing that they are our greatest asset in working towards a circular economy. Last year, we defined our DE&I policy to ensure greater equity and opportunity among all employees, and we launched a Talent Management project to identify, enhance and retain top talent within the Group. We also delivered almost 45,000 hours of training to all company roles, a 35% increase in hours over 2022, with a particular focus on environmental issues.

For our external social initiatives, Aquafil provided aid and support to 12 organizations across the globe, double the minimum amount we set as a goal for the year. We also established and received approval on our Human Rights Policy and Green Procurement Policy in an effort to set higher standards for our vendors and partners.

Governance Goals & Achievements

While Aquafil sets high standards for the organizations we work with, we set even higher standards for our own Group under the guidance of our Board of Directors, Controls, Risks and Sustainability Committee, Appointments and Remuneration Committee and now our newly formed ESG Committee. Through these checks and balances, Aquafil has established a new remuneration and incentives policy with ESG parameters and updated our Code of Conduct with anti-corruption measures. 

A key to our governance goals is to acquire voluntary certifications that attest to our adherences to the highest environmental, social and quality standards. In 2023, the Group earned three new ISOs for Aquafil Asia Pacific and one for our U.S. plant in Cartersville, Georgia.

Together, We Can Make a Difference

In a world that is changing at increasing speed, and not always for the better, Aquafil’s strategy for creating long-term value remains constant, an anchor in the sea of challenges to which we are continuously exposed. However, we cannot do it alone. The collaboration and involvement of all stakeholders will be essential to address the global challenges ahead and to close the loop.

I encourage you to download our 2023 Sustainability Report to learn more about Aquafil’s efforts to address the challenges facing our world, and discover how we can each do our part to make a difference, together.

Author: Giulio Bonazzi, CEO, Aquafil Group