Sustainability Report 2023 published – Feintool receives strong ESG rating
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Feintool plays a shaping role in the transition to the low-carbon economy. The Group supports systematic development of young talent and leadership, develops innovative products to advance the green energy mega-trend, and works to reduce its internal ecological footprint. The latest Sustainability Report, covering financial year 2023, details the related initiatives. Furthermore, an ESG assessment performed by Morningstar Sustainalytics yielded the favorable result of “Low Risk.”
Feintool is an international technology and market leader in electrolamination stamping, fineblanking, and forming. We supply the automotive industry as well as high-end industrial manufacturers. Our portfolio includes precision parts for rotors and stators in electric vehicles and wind turbines.
Feintool once again proved its innovative aptitude in 2023 by increasing its share of sales related to carbon-friendly applications to above 60 percent. Fostering sustainable growth without neglecting established markets is also reflected in the fortification of Feintool’s governance policy. Dr. Marcus Bollig is newly responsible for sustainability on the Board of Directors. Additionally, an ESG component will be incorporated into management remuneration starting this year. In line with new legally mandated due diligence obligations, Feintool assessed the potential social and ecological risks in the upstream and downstream value chains for steel in 2023. Steel is by far the most important material, or primary product, for the parts business of the Feintool Group. This raw material is therefore the risk assessment’s predominant factor.
Environmental action at Feintool includes the company’s self-imposed goal of halving greenhouse gas emissions stemming from internal operations (Scopes 1 and 2) by 2030. In 2023, the Group reduced carbon emissions by 23 percent compared with the benchmark year of 2019. Targeted measures on all three continents and the procurement of additional green power in Japan made strides toward this goal in the reporting year. These actions reduced annual energy consumption by around 4 700 MWh and carbon emissions by 1 400 tCO2e. The proportion of electricity procured from renewable energy sources is now 40 percent. Analysis of greenhouse gas emissions along the supply chains (Scope 3), particularly for steel, is not yet complete.
Contributing to the circular economy
Feintool achieved remarkable results in recycling in 2023. One hundred percent of metal production waste and more than 90 percent of hazardous waste were recycled. This is an excellent result bearing in mind the complexity of our waste streams. Each type of waste requires its own specific recycling method. Comprehensive waste management practices at Feintool have led to a very high recycling rate of 99 percent.