Sustainability Strategy

We are committed to building a sustainable world worth living in for everyone. OMV aims to provide a secure supply of affordable energy for the sustainable development of society and the economy while respecting the environment.

OMV’s responsible approach to business stipulates the prevention and mitigation of sustainability risks associated with OMV’s activities. We also aim to seize the opportunities presented by taking a sustainable approach to business. Growing demand for energy and accelerating climate change pose immense challenges for the energy sector. OMV clearly recognizes that climate change is one of the most important global challenges today and fully supports the goals set forth by the Paris Climate Change Agreement. We are aware of our responsibility and we will live up to our commitment to the Paris Agreement and the EU climate targets. We are therefore transforming our business model step by step with the aim of reducing the carbon footprint of the Company. (For more information, see Climate Strategy.)

The Sustainability Strategy 2025 constitutes an integral part of the Corporate Strategy 2025 and is the sustainable component of OMV’s business ambitions. Sustainable business behavior is crucial for OMV to create and protect value in the long term, to build trust-based partnerships, and to attract customers as well as the best employees, investors, and suppliers. In our Sustainability Strategy 2025, we have set concrete, measurable, ambitious targets in five focus areas: Health, Safety, Security, and Environment (HSSE); Carbon Efficiency; Innovation; Employees; Business Principles and Social Responsibility. (for more information, see Strategy Targets 2025)(For more information, see our online report and the respective sections in this Report.). The Sustainability Strategy’s targets relating to OMV’s operations and products are aligned with the production, sales, and product portfolio plans set by the Corporate Strategy.

In 2020, OMV acquired a majority stake in leading polyolefins producer Borealis. Together with Borealis, OMV is committed to playing a leading role in driving the circular economy.

Like OMV, Borealis has set concrete sustainability targets. Borealis’ sustainability ambition is to create a world where there is no waste of resources, no emissions into the environment, and no harm to society, while delivering prosperity for Borealis. Borealis is committed to drive the transformation toward a circular plastics economy, to ensure process and chemicals safety, and to reduce its carbon footprint by improving energy intensity. Borealis also aims to increase its share of renewable energy, achieve zero continuous flaring, and drive innovation. (For more information, see Borealis’ Annual Report).

In 2021, we will update our Corporate Strategy and integrate Borealis’ targets, including sustainability ambitions, into the overall OMV strategy. The strategic targets referred to throughout this Report do not yet include Borealis.

OMV intends to allocate significant resources to the implementation of the Sustainability Strategy 2025. EUR 1 bn will be invested by OMV and Borealis in innovative energy and circular economy solutions such as ReOil^® and Co-Processing by 2025.