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dc.contributor.authorLioen, Dries
dc.contributor.authorVan den Bon, Noëmie
dc.contributor.authorVan den Meerssche, Sebastiaan
dc.date.accessioned2022-04-28T07:16:48Z
dc.date.available2022-04-28T07:16:48Z
dc.date.issued2021
dc.identifier.urihttp://hdl.handle.net/20.500.12127/7031
dc.description.abstractLeveraging sustainability from a business driver to a business model. The main objective of this In-Company Project at VYNCKE is to embed sustainability in all aspects of the organization and let it expand beyond the clean energy solution that is being offered. Sustainability is becoming more important than ever as climate change and new policies are pushing nations and companies to reach carbon neutral targets in the coming decades. What used to be a nice-to-have, has become a must-have due to pressure from different stakeholders. Also VYNCKE experiences this shift and the need to take action. The report can be split into 3 parts. In the first part, the regulatory trends & frameworks related to sustainability were investigated and analyzed for the potential impact on VYNCKE’s business. More specifically, the European Green Deal, Carbon Trading and Sustainable Development Goals were the most important topics considered. Desktop research and customer & expert interviews were the main research methods being used to map this out, combining theoretical with practical knowledge. In the second part, an internal and external assessment of VYNCKE in terms of sustainability was performed with the aim of identifying weaknesses of the business and possible opportunities to exploit. This analysis was made based on the insights gained during the desktop research and interviews with topic experts, customers & employees. The results of the second step directed the project to its last part, where a first attempt of a sustainability story & strategy – which was identified as a weakness for VYNCKE – was made based on further desktop research, interviews and a materiality assessment. First, sustainability – built upon the three pillars of economy, environment and society – is becoming a toppriority for many. A lot of companies are taking initiatives in communicating their sustainability strategy towards their stakeholders. An important framework are the Sustainable Development Goals (SDGs) of the United Nations, often used by companies to show their contributions to a sustainable world, as demanded by the public. On the legislative part, the new growth strategy of the EU, the EU Green Deal, is shaping the transition and new regulations are in the pipeline (e.g., EU Taxonomy). These are important for VYNCKE’s business and need to be monitored. A recurring theme when talking about sustainability is greenhouse gas (GHG) emissions. One way to let companies act in reducing GHG emissions is by putting a price on carbon. Two types of carbon markets exist: voluntary and mandatory. In the voluntary carbon market, companies can buy credits from sustainable projects to mitigate their GHG emissions to meet carbon neutral, net-zero, or other established emission reduction goals. They can also buy Renewable Energy Certificates or Guarantees of Origin to claim the green source of their electrical energy usage. Moreover, several reporting standards are in place to truthfully and reliably report about emissions and environmental impact. In the mandatory carbon market on the other hand, companies are obliged to meet legally binding caps on emissions. The most famous mandatory market is the European Union’s Emission Trading System (EU ETS), operating via the cap-and-trade principle. Here, companies pay for their emissions with allowances, the trading asset in the system. As many customers of VYNCKE are subject to EU ETS, and because biomass installations are excluded from the system, VYNCKE should use this as an additional selling point and should keep following up on the latest developments in similar systems that appear all over the world. Second, due to the growing importance of sustainability and pressure from all stakeholders, it is imperative that VYNCKE also develops its own sustainability strategy & story. Its clean technology should be supported by a sustainable vision and mission visible throughout the entire company. As a starting point, the environmental sustainability of biomass as an energy source should be well communicated and defended. However, not all biomass is sustainable and consequently VYNCKE must also embed certain sustainability criteria in its project selection. These criteria could be based on the Renewable Energy Directive, which include the protection of biodiversity and land with high carbon stock, sustainable sourcing, sustainable forest management and respect for the waste hierarchy. By doing so, VYNCKE enforces its sustainable solution by covering the on-site energy needs of the customers with their own waste & by-product flows, effectively killing 2 birds with 1 stone (waste management & energy provision). The local valorisation of waste streams entails a sustainable business model and contributes to the circular economy. To go even further, a sustainability strategy should overarch the story. To develop this strategy, a materiality assessment revealed the most material topics related to sustainability for VYNCKE’s stakeholders. On the economical aspect, public perception of biomass, innovation and digitalisation appear to be the three most material topics. On the environmental side, sustainable supply chain, CO2 neutral company and circular economy stood on top. On the social side, the most material topics were employee attraction, employee well-being and diversity, equity & inclusion. For each of these topics, actions are recommended which are classified in 3 categories: missions in progress, quick wins and challenges to take on. SDGs are also mapped onto those topics. This will benefit VYNCKE’s reputation towards its stakeholders and ensure that the business stays relevant in a sustainable-aware society. The main recommendation is to set up a sustainability task force that will set out the strategy, follow-up on it, and communicate about it within and outside VYNCKE’s walls. To improve environmental sustainability, VYNCKE should become a CO2 neutral company. An immediate action is to make employees aware of their ecological footprint and review traveling practices. Putting more effort in employee attraction will boost social sustainability at VYNCKE. This can be achieved by more pro-actively offering training and coaching sessions to all employees. Finally, for economical sustainability and to stay relevant in a future where sustainability becomes ever more important, VYNCKE should start a marketing campaign on the environmental sustainability of biomass as an energy source. To conclude, VYNCKE is in an ideal position to leverage sustainability from a business driver to a business model. Its clean energy solution is the ideal foundation to build a broader sustainability strategy that encompasses all activities that VYNCKE is involved with, from operations to HR, from supplier to customer. When VYNCKE embeds all of this and communicates this story & strategy strongly and consistently, the family business will be set up for another 100 years of success.
dc.description.sponsorshipVyncke
dc.language.isoen
dc.titleLeveraging sustainability from a business driver to a business model
refterms.dateFOA2022-04-28T08:41:04Z
dc.source.numberofpages99
vlerick.knowledgedomainSpecial Industries: Energy
vlerick.supervisorRamos, Ariana
dc.identifier.vperid223415
vlerick.companynameVyncke
vlerick.companysupervisorWeyne, Vincent
vlerick.companysupervisorTytgat, Justine
vlerick.programmeMGM Gent
vlerick.typebusresprojectIn-Company Project


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