69 Climate related opportunities Energy cost reductions from transition to renewable energy As we transition towards fully renewable energy in the coming decades, we anticipate that the cost of renewables will fall below current prices, driving down our cost of energy. By investing in solar, wind, and other renewable energy projects, we can secure stable, lower-cost energy sources that are less vulnerable to the price volatility associated with fossil fuels. This transition not only aligns with global decarbonization efforts but also positions our company to benefit from government incentives, tax breaks, and subsidies related to renewable energy adoption. We aim to enhance our total energy consumption to 70% from renewable sources by 2027, with a current share of renewable energy of 48%. Resource management and efficiency a) Energy efficiency Improving energy consumption represents a crucial opportunity to reduce both our environmental footprint and our operational costs. By optimizing energy use through smart energy management systems and advanced technologies as practices—such as upgrading to energy-efficient equipment, and implementing, and enhancing insulation and lighting—we can achieve substantial reductions in energy consumption. These measures not only decrease our reliance on non-renewable energy sources but also lead to significant cost savings, contributing to the overall profitability of the organization. We have already implemented 8 energy conservation projects resulting in 0.6 million kWh savings per year and we look forward to enhancing our energy efficiency practice. b) Green Chemistry and Sustainable Innovation Over the years, we have embedded green chemistry principles into the core of the company’s value, turning it into a key opportunity for improving operational efficiency and reducing specific water consumption. By minimizing the environmental impact of our process development, we have significantly enhanced our sustainability performance. Our ‘Greenness Index’ has earned industry recognition more than once recently for our contributions to Water Conservation, Resource Conservation, and Solvent Management within our process development. Looking ahead, we see green chemistry innovations as part of our long-term sustainability strategy, not only for developing more sustainable products but also for unlocking new revenue streams. This approach strengthens our sustainability commitments and also encourages broader environmental actions within the industry peers.
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