Uralchem has set out the ESG strategy until 2025
Uralchem Board of Directors has approved the ESG strategy until 2025. The document aims to provide a systematic approach to sustainable development and lay a foundation for further ESG business transformation. The ESG strategy is an integral part of the overall corporate strategy of Uralchem. The company plans to apply the principles of sustainable development to all its major business processes.
The ESG strategy contains ten priority areas, which are divided into basic and new challenges. The basic directions have been fundamental for the sustainable development of the company for many years. New challenges reflect current global ESG trends, including climate change, sustainable agriculture, human rights and sustainable supply chain development. Each of the ESG strategy areas has quantitative and qualitative targets, based on which the Board of Directors will annually track progress in implementing the strategy.
The strategy is focused on consistent improvements in environmental, social and corporate governance aspects. As part of the environmental aspect, special attention will be paid to the climate issue. In 2022, Uralchem plans to develop and approve a climate strategy that will help the company to get prepared for the introduction of the national and cross-border carbon regulation.
The social aspect is also an important issue within the ESG strategy. Uralchem aims to ensure the safety and well-being of the company’s employees and residents of the regions of its presence. In the coming years, Uralchem plans allocate significant efforts to the development of sports and its popularization, to support education and science, to create conditions for successful socialization and effective self-realization of youth, to develop the potential of youth and use it in the interests of innovative development of the company and the regions of its presence.
A major part of the social aspect is the development of sustainable agriculture. The company plans to provide over 20 thousand farmers with educational programs to increase the level of agronomic literacy, which in turn will help to increase the yield and quality of the main field crops, including in African countries. Through these activities, the company contributes to the achievement of UN Sustainable Development Goal 2: Zero Hunger.
As part of the corporate governance aspect, along with the issues of improving the corporate governance system and fighting corruption, Uralchem will focus its efforts on the development of a sustainable supply chain. The target for 2025 is to assess the ESG compliance of suppliers, which account for 50% of procurement by value.
“The main goal of our ESG strategy is to create a solid foundation for further improvement in the field of sustainable development. We see the world is changing and we’re ready to meet these changes. Uralchem realizes its responsibility and strives to contribute to improving the efficiency of agricultural production and ensuring food security. At the same time, we are focused both on solving global problems and on sustainable production, quality and safety of products, environmental protection in the regions of our presence and the well-being of our employees,” said Angelina Verba, Director for sustainable development and investor relations at Uralchem.