On July 5, Oleon signed a land acquisition agreement with Central Spectrum in the presence of Yang Amat Berhormat Dato' Seri Amirudin Shari, Chief Minister of Selangor, and His Excellency Mr. Pascal Gregoire, Ambassador of Belgium to Malaysia. It was an important milestone for Oleon's continued growth in Malaysia.
Choosing sustainable packaging is important to Oleon as it can reduce the carbon footprint of the product for both customer and producer. But what does it mean “the best choice for sustainable packaging”? If we take into account the key principles of circular economy, we should first look for solutions that reduce packaging, then to re-use and recycle packaging to keep them in use. Today, 100% of the packaging used by Oleon for our finished products is recyclable and 30% is made from recycled materials.
With our new purpose “Serving the Earth”, Oleon and its shareholder the Avril Group are committed to create a response for the challenges the earth is facing. Recently, Oleon developed a new sustainability scoring tool that is in line with the 12 principles of green chemistry and the Sustainable Development Goals of the United Nations. The tool helps to further embed the eco-design of our products in the early stages of our innovation process.
In our effort to reduce our greenhouse gas emissions, Oleon looks at both large and small actions to reach our target of 30% reduction by 2030. While travel has a smaller impact on our global greenhouse gas emissions, we believe it is important to show our commitment in all areas, as even smaller actions can have a big impact. One of these actions is our transition to a fully electric car fleet by 2023. By making the transition to electric cars, Oleon will save 346T of CO2 per year, equivalent to the energy use of 44 households.
Renewable raw materials are at the heart of our business. More than 95% of the raw materials we source are renewable and we continuously take action to protect our natural resources and biodiversity. Next to this, we search for greener alternatives to the functional properties that now only can be provided by (partially) non-renewable raw materials. Moreover, Oleon also strives to reduce the impact of all our raw materials by making sustainable choices, not in the least to reduce the carbon footprint of our products.
As of 2022, Oleon and its shareholder the Avril group will embark on a voluntary journey and join the Science Based Targets initiative (SBTi). This initiative is a joint project of the Carbon Disclosure Project CDP, the United National Global Compact, the World Resource Institute (WRI) and the World Wildlife Fund (WWF). SBTi aims to encourage companies to set greenhouse gas emission reduction targets consistent with scientific recommendations in an effort to limit the global temperature increase to 2°C above preindustrial level.
At Oleon, our purpose is to Serve the Earth. That is why we continuously push ourselves to develop & improve our product portfolio in terms of sustainability & responsibility towards the planet. This is how Radialube® E.CO2 was born, a new product line that will guarantee the lowest carbon footprint for a given performance. This new addition to our portfolio, will help our customers in their efforts towards reaching their sustainability targets and it will enable them to make better lubricants.