The economic crisis caused by the Ukraine war has driven up inflation and interest rates, with households facing higher bills for food, rent, and other essentials, as well as spending more on servicing loans and other debts. As a result, an increasing number of people are at risk of eviction and homelessness, being cut off from electricity and heating or unable to pay for life-saving medication.
In response, Borealis has joined forces with the Austrian Red Cross and launched the Borealis-ISH-Fund. Based on a needs analysis, the new fund focuses on helping young families and elderly people in emergency situations where no other support is available. In addition to receiving financial aid, recipients benefit from a consultation with the Austrian Red Cross to help them avoid similar situations in the future.
Inquiries for support must be made via the Austrian Red Cross, and details on how to get access to the fund can be found on Individuelle Spontanhilfe – Rotes Kreuz.
To maximize the impact of its engagement and to align Borealis’ social engagement activities with the Company’s Purpose and its Strategy 2030, the Borealis Social Fund focuses on three areas: Education & Social Integration, Water & Energy, and Waste & Resource Efficiency.
“We strongly believe that businesses can only grow sustainably in a stable society, and that Borealis’ prosperity is directly linked to the progress of our local communities. We are, therefore, delighted to be able to support at-risk people through this new partnership as social integration is a focal point of the Borealis Social Fund”, comments Thomas Gangl, Borealis CEO.
"An increasing number of people are struggling to make ends meet and can barely afford life’s basic necessities. As a result, social mobility stagnates, and child poverty remains a major issue. We would like to thank Borealis for setting up an Individual Spontaneous Aid Fund, which will enable the Red Cross to provide financial support to elderly people and families with young children in these difficult times”, confirms Michael Opriesnig, Austrian Red Cross General Secretary.
1 Source: Statistik Austria
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This news is also available in German language.
About Borealis
Borealis is one of the world’s leading providers of advanced and sustainable polyolefin solutions and a European front-runner in polyolefins recycling. In Europe, we are a market leader in base chemicals and fertilizers. We leverage our polymer expertise and decades of experience to offer value adding, innovative and circular material solutions for key industries such as consumer products, energy, healthcare, infrastructure and mobility.
In re-inventing essentials for sustainable living, we build on our commitment to safety, our people, innovation and technology, and performance excellence. We are accelerating the transformation to a circular economy of polyolefins and expanding our geographical footprint to better serve our customers around the globe.
With head offices in Vienna, Austria, we employ 7,600 employees and operate in over 120 countries. In 2022, we generated a net profit of EUR 2.1 billion. OMV, the Austria-based international oil and gas company, owns 75% of our shares, while the remaining 25% is owned by Abu Dhabi National Oil Company, or ADNOC, based in the United Arab Emirates (UAE). We supply services and products to customers around the globe through Borealis and two important joint ventures: Borouge (with ADNOC, headquartered in the UAE); and Baystar™ (with TotalEnergies, based in the US).
www.borealisgroup.com | www.borealiseverminds.com
About Borealis Social Fund
Established in 2008, the Borealis Social Fund, underpins Borealis’ role as a socially responsible company. Each year, a portion of the Group’s net profit is dedicated to the Fund, based on clearly defined allocation rules. To maximize the impact of its engagement and to align Borealis’ social engagement activities with the Company’s Purpose and its Strategy 2030, with its strong focus on sustainability, the Group has defined three areas of social engagement that directly contribute to the UN Sustainable Development Goals (UN SDGs): Education & Social Integration, Water & Energy, and Waste & Resource Efficiency.
Borealis believes that young people’s ideas, creativity, and skills will determine the future of the economy and social stability. Therefore, the Borealis Social Fund nurtures young people’s interest in chemistry and science, supports the educational system to meet future challenges, and integrates marginalized, poor, and underprivileged people.
Another focus area of the Fund is to provide access to safe drinking water, and reliable, affordable renewable energy in developing and emerging countries, under the umbrella of Water for the World, a program established by Borealis and Borouge.
Furthermore, Borealis is committed to preventing plastic waste in the environment by helping to establish efficient and low-cost circular waste management systems in emerging and developing countries. Launched in 2017 by Borealis and Systemiq, Project STOP works hand in hand with city governments to create effective waste management systems in Indonesia.
For more information on the Borealis Social Fund: www.borealisgroup.com/company/sustainability/social-engagement
About Austrian Red Cross
The Red Cross – out of love for the people
15 million Red Cross employees worldwide have committed themselves to the seven Red Cross principles: humanity, impartiality, neutrality, independence, voluntariness, unity, and universality. In 192 Red Cross or Red Crescent Societies, they have the same goal: to improve the lives of people in need and the socially disadvantaged through the power of humanity.
With over 90,000 volunteers and full-time employees as well as community service and voluntary social year participants at more than 900 locations, the Red Cross is the largest humanitarian non-profit organization in Austria. The majority of the employees work in the best-known Red Cross service area, the rescue service. But the Red Cross helpers are also active in blood donation, nursing, disaster relief at home and abroad, international cooperation as well as in the Youth Red Cross, in the Tracing Service and numerous other areas of activity. Out of love for the people.
For more information on the Austrian Red Cross: www.roteskreuz.at
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