German chemical giant BASF and sustainability software and services provider Thinkstep plan to collaborate on marketing the Sustainable Solution Steering method developed by BASF for portfolio management.
The two companies said the aim of the collaboration is to support BASF customers as well as outside organizations in assessing and steering their portfolio with an eye to sustainability criteria. To this end, the consultancy plans to integrate the chemical group’s method into its Thinkstep.one platform.
Using the externally validated method, BASF said it has analyzed some 60,000 product applications over a three-year period, divided them into categories and assessed them according to their sustainability relevance. In this way, it hopes to increase sustainability along its value chains.
By making the method available to other organizations, the world’s largest chemical producer said it hopes to contribute to the development of more sustainable solutions across companies and along entire supply chains.
While businesses have been applying internationally recognized standards such as life cycle assessment and carbon footprint printing to assess single products and processes, BASF noted that up to now no generally recognized industrial standard exists for the measurement and systematic management of an entire portfolio.