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Identification and Management of Sustainability Topics

Sustainability topics and materiality assessment

The identification of those sustainability topics that matter most to our business and our stakeholders is an important foundation of our approach to sustainable development. We use the results to constantly enhance our sustainability management tools. They also provide a basis for guiding corporate processes to identify and manage potential opportunities and risks. The Materiality Assessment based on this is an essential element specifically of corporate reporting.

To derive the topics that are material for BASF we developed a new process in 2022 reflecting the recent changes in frameworks and regulations. We are using the concept of double materiality which acknowledges the two dimensions of impact materiality and financial materiality and taking into account positive and negative impacts along the value chain. In an update in 2023, we examined whether new topics had arisen or if the materiality of the topics from the previous years had significantly changed.

Following this concept, we have derived the following eleven material topics (in alphabetical order):

Variety of life on Earth and foundation for ecosystem services that are essential for nature and human well-being.
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Responsible business conduct based on values, principles, and practices.
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Release of substances into air and soil as a result of human activities.
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Mechanisms, procedures, and rules concerning the internal control, supervision, reporting, and decision making system of a company.
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Initiatives, policies, procedures, rules, and cultural elements concerning life in the workplace as well as the heterogeneity of an entity's workforce and equal opportunity and remuneration for employees of different backgrounds.
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Transformation of business activities, processes, and models through the use of digital technology and the protection, integrity and availability of data.
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Comprises climate change, emissions of greenhouse gases and energy consumption.
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The responsibility of an organization to ensure customer satisfaction and consumer rights.
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The use of water, including availability, distribution, and quality.
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The recording, reporting and analysis of business transactions beyond financial issues e.g. non-financial reporting / accounting.
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Financing and investments integrating non-financial topics and aiming to generate both financial and sustainable value.
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Supply chain activities and operations, as well as flows of resources and information along the value chain.
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The stability of a company’s finances, long-term value, reputation, human resources and production processes.
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Technological development of new products, services, and business models.
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Material management and resource usage and efficiency.
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Interaction with people or groups who may affect or be affected by the entity's activities and decisions.
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Last modified: February 2024

In annual updates, we check whether new topics are coming up and confirm if the importance and materiality of the identified topics changed significantly. Our list of material topics is then adjusted accordingly.