Li-Cycle Releases Comprehensive 2023 Sustainability and Modern Slavery Reports

Image Collage from Li-Cycle

(Credit: Li-Cycle)

by | May 28, 2024

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Li-Cycle Holdings Corp., a leading global lithium-ion battery resource recovery company, has published its 2023 Sustainability Report, offering detailed insights into its ESG performance alongside its first Modern Slavery Report in compliance with Canada’s Fighting Against Forced Labour and Child Labour in Supply Chains Act.

ESG Integration and Strategic Alignment

The 2023 Sustainability Report highlights Li-Cycle’s commitment to integrating ESG principles across its operations. Key highlights include enhanced data tracking for greater transparency, zero critical safety incidents since inception, and significant waste management and emissions reduction progress. The report aligns with the updated Sustainability Accounting Standards Board (SASB) Standards for Waste Management: 2023 and considers the United Nations Global Compact (UNGC) Sustainable Development Goals.

Operational and Community Milestones

Li-Cycle has achieved numerous operational milestones, including diverting 84% of managed materials from landfills and producing no Scope 1 emissions from its recycling processes. The company also completed a comprehensive climate change risk assessment and strengthened its health, safety, environmental, and quality management systems in line with International Organization for Standardization (ISO) standards. Li-Cycle also joined the UNGC, reinforcing its commitment to corporate sustainability.

The company implemented a Human Rights Policy to uphold ethical standards and protect workers and communities. Li-Cycle procured renewable energy for its Germany Spoke, which is the first lithium-ion battery recycling facility in Europe. In North America, more than 180 employee-led safety improvements were implemented in its operations. The company also achieved its Board gender diversity target, reflecting its dedication to an inclusive corporate culture.

CEO’s Perspective, Future ESG Goals and TCFD Alignment

Ajay Kochhar, President and CEO of Li-Cycle emphasized that sustainability is integral to the company’s DNA and overarching strategy. The publication of both the 2023 Sustainability Report and the 2023 Modern Slavery Report highlights the global team’s commitment to recycling critical battery materials safely and responsibly. Li-Cycle aims to drive the global transition to a net-zero economy through a localized and circular battery supply chain.

Looking ahead, Li-Cycle will refine and expand its ESG programs while enhancing data collection and reporting systems. The company plans to align with the Taskforce on Climate-Related Financial Disclosures (TCFD) by 2025, improving the quality of its climate change disclosures.

Modern Slavery Report Initiatives

Li-Cycle’s inaugural 2023 Modern Slavery Report outlines steps to uphold human rights and prevent exploitation within its supply chains. Prepared in accordance with Canada’s Fighting Against Forced Labour and Child Labour in Supply Chains Act, the report details actions to combat forced labor and child labor, reflecting the company’s strong commitment to ethical business practices.

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