2020 Integrated Report


Aquivion® (pictured)

Our Aquivion® innovation is a key material for hydrogen production. It is crucial for electrical storage and conversion devices such as fuel cells, electrolyzers and flow batteries used in conjunction with zero-emission electricity sources.

Solvay is committed to achieving strong ratings in both financial and sustainability indexes to maintain our stakeholders’ trust. Feedback from ratings agencies is invaluable to measure our strengths as well as areas where we need to improve.

Strong assets to build on

Ratings agencies found several strengths, including our Sustainable Portfolio Management (SPM) methodology and its use to make strategic decisions. The SPM is a risk and opportunities analysis we do for each product in each market, according to multiple sustainability criteria. They also singled out our Solvay Way sustainability reference framework, which has enabled around 50% of our employees to be actively involved in sustainability action plans in 2020. The agencies commend our strong materiality analysis (based on best practices such as GRI, SASB) and the high-quality of reporting with our Annual Integrated report, ranked in the top 10 by the World Business Council for Sustainable Development (WBCSD) for the 3rd consecutive year. They commend our labor relations – especially our IndustriAll agreement, training programs and social dialogue – and our product stewardship, which is recognized as best-in-class.

Turning ratings into learnings to improve

We take ratings agencies’ comments on areas for improvement very seriously. The agencies want us to address operational eco-efficiency and the need to reduce emissions faster. We are doing this through our Solvay One Planet commitments, focusing on reducing emissions and effluents that could impact biodiversity. They refer to climate change risks and opportunities and water risks at the short, medium and long term: while rating agencies would like to see more disclosures on main risks and financial impacts, we prefer to analyze according to multiple dimensions, including financial, environmental, social, and reputational impacts. We also need to progress further on sustainable procurement actions and ethics in the value chain. They mention that improvement is needed in tax and fine transparency and note continuing media controversies involving Solvay.

The Group is strongly involved in the WBCSD working groups: our CFO Karim Hajjar is an active member of the “Redefining value” program. The goal of the program is to improve decision-making and external disclosure, eventually transforming the financial system to reward the most sustainable companies.

Solvay among the world’s 100 most sustainably managed companies

Solvay made the Wall Street Journal’s inaugural list of the 100 Most Sustainably Managed Companies in the World, ranking 52nd among the more than 5,500 publicly-traded businesses surveyed. The Wall Street Journal wrote that Solvay had notched “high marks on air quality, employee health and safety, and human rights and community relations.”

Our main indexes1

MSCI2 World Index

In 2020, Solvay received a rating of AAA (on a scale of AAA-CCC) in the MSCI ESG Ratings assessment.

BEL 20 Index

Solvay is a long-time component of the Brussels-based BEL 20 Index.

EcoVadis supplier sustainability ratings

Solvay is in the top 1% of chemical companies rated by EcoVadis.


Solvay is rated as a “Prime Company” with a score of B by the ISS-ESG, ranking among the leaders in chemicals.

FTSE 4 Good3

Solvay is in the FTSE4Good Index.


Solvay is ranked “B” by the CDP in the Climate Change 2020 questionnaire.

Ethibel Sustainability Index (ESI)

Solvay has been confirmed as a constituent of the Ethibel Sustainability Index (ESI) Excellence in 2020.

Vigeo Eiris

Solvay is a component of the Euronext Vigeo World 120 Index, ranking #2 in the chemical sector at the end of 2020.

1: Last updates on December, 2020, 2: MSCI ESG Research provides MSCI ESG Ratings on global public and a few private companies on a scale of AAA (leader) to CCC (laggard), according to exposure to industry-specific ESG risks and the ability to manage those risks relative to peers. 3: FTSE International Limited and Frank Russell Company 4: An international organisation, CDP analyzes how companies integrate climate change in their strategies