Promateris announces joining the United Nations Global Compact, the world's largest corporate sustainability initiative. At the same time, Promateris publishes the ESG report for 2021
Promateris announces joining the United Nations Global Compact, the world's largest corporate sustainability initiative. At the same time, Promateris publishes the ESG report for 2021, the second report of the company on this topic.
"The responsibility of a company starts with a clear understanding and transparent communication of the decision-making process. Therefore, joining the UN Global Compact complements our commitment to social, environmental, and good governance activities. We are determined and motivated to play a major role in the transition to a future based on biodegradable and compostable products that will help decarbonize the Romanian industrial sector and reduce the global carbon footprint," stated Tudor Georgescu, CEO of Promateris.
By joining the UN Global Compact, Promateris commits to promoting the 10 Principles of this initiative on human rights, labor standards, environment, anti-corruption, and contributing to the achievement of the 17 Sustainable Development Goals included in the 2030 Sustainable Development Agenda by the United Nations.
According to the 2021 ESG report, which includes the 2021 sustainability results, Promateris recorded a 100% reduction in polyethylene production last year. The company also recycled 1,707 tonnes of bio-based industrial waste and reintroduced 89%of it back into production in the same year, with the remaining 11% to be reintroduced into production in 2022. Promateris has a 100% recycling rate of bio-based industrial waste.
In 2021 Promateris was awarded a grant of100.000 euros for the installation of a photovoltaic system, thus marking the first step in the company's transition to green energy. At the same time, Promateris has started investing in the local development of corn starch pellets, the raw material from which biodegradable and compostable packaging is made. This project will significantly impact the sustainability of the supply chain and the development of the local economy. Once the station is up and running, Promateris will become the first company in Central and Eastern Europe to produce raw material based on corn starch.
In 2021, the company invested in developing its own R&D laboratory, in order to develop proprietary compostable packaging formulations. Eco design is at the centre of our preoccupation, in order to offer products with a closed loop life cycle, respecting the principles of circular economy.
"Sustainability is at the core of Promateris' business development in the years to come. For more than five years, we have refocused our efforts on delivering added value to our clients and creating opportunities for all our partners and employees. We have also been and continue to be involved in local communities through social and environmental actions and by improving our supply chains," added Tudor Georgescu.
The Promateris ESG report for 2021 can be accessed on the company's website at the following LINK.
Between 2018 and 2021, Promateris has invested over 10 million euros in bio-based packaging and targets additional investments of another 15 million euros in the next five years in projects that respect the principles of the Green Pact launched by the European Union. Promateris aims to reach a turnover of 100 million euros by 2025 and an EBITDA of 15 million euros. The group intends to carry out this plan by growing its business in the key markets in which it already operates and by entering new markets, but also through developing its product portfolio.
Promateris was awarded a new grant from EEA & Norway Grants within the "Green energy for bio-based and compostable packaging production" project. Promateris develops the project in partnership with the Norwegian company Norsk Energi.
Promateris reports a consolidated turnover of 37.8 million euros in 2021, up 62% from the same period last year. The group recorded a consolidated EBITDA of over 6 million euros, 129% increase compared to 2021.