Dow Inc. Midland, Michigan, has released its second annual comprehensive environmental, social and governance (ESG) report.
The company says the report reflects the interdependency between the environment and society, innovation and science, collaboration and action and builds on 18 consecutive years of voluntary sustainability reporting and three years of inclusion and diversity reporting.
"The challenges facing our local and global communities are increasingly complex and interconnected, and demand a collaborative and integrated approach," says Jim Fitterling, chairman and CEO of Dow. "They also require game-changing ideas fueled by science. As a science and technology company, we eagerly take on the responsibility of finding answers to the most pressing challenges of our time. This is central to our purpose as a company. It is central to our growth strategy. And it is central to driving best-in-class performance and accountability."
The company says it is intensifying its actions to reduce global carbon emissions and achieve a carbon-neutral Dow by 2050. Dow says it will reduce CO2 emissions by about 2 million metric tons per year while growing underlying earnings by an estimated $2 billion by 2025. Executing a plan to decarbonize and grow the company:
announced plans to build a net-zero carbon emissions, integrated ethylene cracker and derivatives site in Fort Saskatchewan, Alberta;
outlined a roadmap to reduce current CO2 emissions from operations in Terneuzen, the Netherlands, by more than 40 percent by 2030; and
expanded access to renewable energy to more than 900 megawatts, maintaining Dow's position as one of the top 20 global corporations using renewable, clean energy.
The company also began accelerating sustainability investments to enable design for recyclability and more circular plastics by:
scaling supply partnerships with companies such as Mura Technology and Fuenix to produce circular feedstocks from advanced recycling processes;
committing to delivering circular polymers from advanced recycling by the end of 2022; and
investing in collaborative actions to minimize and manage plastic waste through partnerships such as the Alliance to End Plastic Waste.
In 2021, the company enabled the collection, reuse or recycling of 23,000 metric tons of plastic scrap, up from 8,000 metric tons in 2020. By 2030, Dow says it will enable 1 million metric tons of plastic per year to be collected, reused or recycled through direct actions and partnerships.
Additionally, Dow has invested a total of $50 million into impact funds over the last two years, recycling infrastructure and key technologies to transform waste into solutions that support a circular economy
Read the full 2021 ESG report here.
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