Wärtsilä’s focus on sustainability
Wärtsilä’s sustainable development is based on three closely interrelated pillars: economic, environmental and social performance. In the field of sustainable development, Wärtsilä's overriding focus is on the following:
- Economic: profitability
- Environment: environmentally sound products and services
- Social: responsible business conduct
The other core areas of sustainability are presented in the picture Wärtsilä and sustainability. Wärtsilä’s strategy for environmental and social responsibility is presented in the Strategy section. Wärtsilä sets corporate level sustainability targets for the core areas. Wärtsilä’s key product performance targets are currently related to providing solutions for sustainable shipping and smart power generation. Wärtsilä’s key operational sustainability targets are currently related to the improvement of energy efficiency and zero injuries.
From a sustainability impact point of view, product-related environmental issues are the most significant for Wärtsilä. The use of Wärtsilä’s products has environmental impacts both locally and globally. Other dimensions of sustainability have mainly local impacts.
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Economic performance involves meeting the expectations of shareholders and contributing towards the well-being of local societies. This requires the company’s operations to be profitable and competitive. Economic performance, besides creating economic added value for the company’s stakeholders, also calls for promoting well-being in the local communities where the company operates. Good economic performance establishes a foundation for other aspects of sustainability and safeguards the company’s future operating capabilities.
Environmental protection means sound management of natural resources and operating on the terms of the environment. Protecting the air, soil and water, as well as combatting climate change and using natural resources in a sustainable way, are all important objectives, whether these apply to Wärtsilä’s own operations or to how the company’s products are used. Environmental performance also requires the company to identify the lifecycle environmental impacts of its products and to reduce these impacts through proactive research and development.
Continuous improvement of environmental performance is both a challenge and an opportunity. Wärtsilä continuously develops and improves its operations with the help of certified environmental management systems. Strong focus on environmental performance in R&D and product development reduces the environmental impact of products. Climate change and other environmental concerns increase the demand for environmentally sound products.
Social performance involves following good practices and procedures in stakeholder relations. This requires continuous co-operation with suppliers, partners and local organisations.
The Code of Conduct and its related policies set the boundaries for Wärtsilä’s business operations and their development in line with the Group’s strategy. The other central aspects of good social performance are creating a safe working environment and operating procedures, ensuring the well-being of the company’s employees and developing personal skills and competencies.
These aspects uphold the ability of the employees to do their work as well as raise efficiency and improve Wärtsilä’s position as a desirable employer. Product safety means responsibility towards the company’s customers and its own personnel.
Alongside compliance with the safety requirements, essential aspects of product safety also include product support and training. Promoting good social performance requires seamless collaboration throughout the Group network.