In light of the constant increase in global temperatures, increasing risks associated with climate change, and stricter environmental policies, societies are at a crossroad where sound environmental decisions need to be taken. This is particularly applicable to the chemical industry where the sustainability of processes is all the more relevant to decision-making. This article supports the development of a holistic industrial environmental index (IEI) to assess the sustainability of industrial solvent-based processes. Several metrics are reviewed to individually assess particular aspects of the process in terms of materials, equipment, energy, environmental health and safety (EHS) considerations, and the product’s entire life cycle. The metrics are later used to support the development of an aggregate and holistic IEI using a composite indicator method. The developed methodology and framework can pave the way for environmentally sound decision-making in industries and spark the development of dedicated assessment indices similar to IEI that can be applied to a wide array of other industries.