Sustainability support for IMI
With a long and illustrious history, global engineering company IMI knows a thing or two about adapting to change. And the Birmingham-based company has started a new chapter addressing the challenges of sustainability.
Understanding the benefits of expert guidance, IMI approached Ricardo in 2020 seeking help with identifying the most effective way to address the complex and rapidly changing sustainability and net-zero agenda.
IMI, a FTSE250 specialist engineering company, designs, manufactures and services highly engineered products that control the precise movement of fluids. Its innovative technologies, built around valves and actuators, enable vital processes to operate safely, sustainably, cleanly, efficiently and cost effectively. It operates in many sectors such as life sciences, energy, commercial buildings and transportation.
The organisation works as one big team, but operates through three divisions – IMI Precision Engineering, IMI Critical Engineering and IMI Hydronic Engineering – and employs approximately 10,000 people in more than 50 countries.
IMI has committed to taking strong action to tackle climate change and developing a roadmap for emissions reduction that is consistent with the level of decarbonisation required to keep global temperature increase to 1.5°C, compared to pre-industrial temperatures.
It recognises the importance of climate change and the wider sustainability agenda globally – not only how climate change may impact on its operations and market but, importantly, how IMI can minimise the impact on the environment by reducing energy and water use, pollution, waste and single use plastics.
Ricardo’s specialists have supported IMI across the business with both sides of this double materiality. They identified these areas for priority support:
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To understand a carbon footprint and net-zero strategy (including Scope 3 assessment).
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To develop a leading ESG strategy and approach to reporting on ESG issues.
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To develop a sustainable products policy, including LCA of selected products.
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To understand climate-related risks and opportunities and start reporting in line with the Task Force on Climate-Related Financial Disclosures (TCFD) framework.
This work has since expanded and Ricardo has been appointed as IMI’s strategic sustainability partner.
Ricardo has also helped IMI understand and address how climate change may impact and influence its business and markets with Ricardo conducting a climate-risk scenario assessment in accordance with the TCFD methodology.
IMI and Ricardo have worked together to assess the company’s product portfolios, evaluating sustainability at different stages of the product life cycle (materials and design, production and customer use). The assessment will help capture risks and opportunities related to the products in the portfolio.
More recently, Ricardo has begun to support IMI in engaging with suppliers to set a strategy for the reduction of Scope 3 emissions. Future opportunities will focus on supporting the implementation of the net-zero strategy and publication of their ESG strategy.
"Breakthrough Engineering for a Better World, is at the heart of everything we do and determines how we act as a business. As we continue to progress our ESG ambitions, Ricardo have been instrumental in supporting us and helping us to develop our understanding of the material issues impacting our business and our stakeholders. We have benefited from their expertise and guidance and we continue to value the partnership we have built with Ricardo." said John Jones, Head of Sustainability at IMI.
Ricardo’s support is enabling IMI to become more resilient to climate and legislative changes and to communicate the long-term sustainability of their business to investors and other stakeholders through non-financial disclosures.
Find out more about IMI's road to net zero.
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