- Marks the 20th year of voluntary sustainability reporting
from the Company
- Includes comprehensive disclosures in accordance with
leading standards and frameworks for accountability and
transparency
MIDLAND,
Mich., June 18, 2024 /PRNewswire/
-- Dow (NYSE: DOW) released its 2023 INtersections
Report today, highlighting how the Company is advancing its
ambition to be the most innovative, customer-centric, inclusive and
sustainable materials science company in the world. The report also
highlights Dow's environmental, social and governance commitments
to deliver long-term value and best-in-class performance through
innovation and strategic collaborations that will support a more
sustainable future.
The report affirms Dow's focus on four key areas that are
critical to its business and stakeholders, including protecting the
climate, advancing a circular economy and safer materials,
cultivating a thriving team and community, and driving
accountability and best-in-class performance.
"This year's report demonstrates how Team Dow is putting our
ambition into action and collaborating to create innovative,
sustainable solutions through our materials science," said Dow
chair and CEO Jim Fitterling.
"Sustainability and inclusion are key drivers of our growth and are
integral to how we create value for our customers, communities and
shareholders. In 2023, we continued to make progress toward our
targets while driving positive change for people and the
planet."
The 2023 report marks the 20th year of voluntary sustainability
reporting from Dow and sixth year of inclusion, diversity and
equity reporting.
Notable accomplishments outlined in this year's report, which is
based on full-year 2023 data, include:
Protecting the climate
- Approved the final investment decision to build the
world's first net-zero Scope 1 and 2 emissions integrated
ethylene cracker and derivatives facility in Fort Saskatchewan, Alberta, Canada. The
project, which will decarbonize 20% of Dow's global ethylene
capacity, is critical to delivering on the Company's 2030
emissions reduction target while also contributing to the
commercialization of low-to-zero emissions products.
- Sourced more than 50% of Dow's purchased electricity, or
more than 1,000 megawatts (MW), from renewables, exceeding the
Company's 2025 target of 750 MW.
- Laid the groundwork to expand Dow's Protect the Climate
targets to include climate adaptation benchmarks focused
on water and nature. The new Water & Nature strategy is
designed to support resiliency for Dow sites and surrounding
natural ecosystems.
- Achieved Dow's 10-year 2025 Valuing Nature Goal two
years ahead of schedule, realizing $1.2
billion in net present value for business-driven projects
that enhance nature.
- Launched several innovative products that contribute to
Greenhouse Gas (GHG) emissions reductions, such as EcoSense™
2470 Surfactant for home care market, ENDURANCE™ HFDD-4201 SC
Compound for Cable Systems, and a new range of propylene glycol
(PG) solutions made from alternative feedstocks that are bio-based
or circular.
Advancing a circular economy and safer materials
- Aligned more than 89% of Dow's R&D innovation
pipeline to the focus areas of climate protection,
circular economy and safer materials.
- Worked alongside customers to create more circular,
high-performing solutions, including SURLYN™ REN and SURLYN™
CIR Ionomers using circular and bio-based feedstocks that help
create high-quality cosmetic packaging.
- Launched 12 new grades of REVOLOOP™ Recycled Plastics
Resins, Dow's global line of resins made with up to 70%
mechanically recycled post-consumer plastics waste.
- Received a CIO 100 Award for its Smart Search
tool that revolutionizes the search process for chemicals
and saves research time and cost by identifying leads for testing
materials amongst the over 200 million known chemicals.
Cultivating a thriving team and community
- Increased best-in-class employee resource group
participation by four percentage points from 2022, with
60.8% participation from Dow employees.
- Named one of the 25 World's Best Workplaces™ by
Great Place To Work® and FORTUNE.
- Partnered with 640 nonprofits, educational institutions
and other community organizations to accelerate social
change and create a more sustainable and equitable future.
- Achieved approximately $335
million of certified diverse and small business spend
globally, surpassing its $275
million target.
Driving accountability and best-in-class performance
- Enhanced disclosures for Board of Director
qualifications, enterprise risk management and leadership
succession planning.
- Refreshed the Dow Code of Conduct in alignment with
industry best practices.
- Continued to outpace industry peers in the
percentage of Board members and executive leadership who are U.S.
ethnic minorities.
Building on the longstanding commitment to transparency and
accountability to the stakeholders, the Company advanced
disclosures in several areas in its 2023 report, including:
- Launched a comprehensive Water & Nature
strategy, committing to sustainable water management and the
protection of biodiversity.
- Made significant strides in disclosing quantitative progress
toward its Transform the Waste goals and defining clear
metrics to track and communicate its achievements.
- Includes enhanced disclosures in line with Green Bond
principles and specific investments like the
Fort Saskatchewan Alberta Canada
project.
- Enhanced its Scope 3 emissions reporting, aligning
it with its circularity strategy for end-of-life products.
- Committed to high integrity offsets for residual emissions,
ensuring that its Greenhouse Gas (GHG) Emissions Offset
Positioning reflects its dedication to credible and impactful
climate action.
The 2023 environmental, social and governance disclosures were
prepared in accordance with five leading standards and frameworks,
including the Global Reporting Initiative (GRI), the Greenhouse Gas
(GHG) Protocol, the Task Force on Climate-related Financial
Disclosures (TCFD), the Sustainability Accounting Standards Board
(SASB) and the World Economic Forum's (WEF) Stakeholder Capitalism
Metrics. Dow engaged Deloitte & Touche, LLP to perform a review
engagement and obtain limited assurance on management's assertion
related to disclosures presented in accordance with the 2021 GRI
Sustainability Reporting Standards as of, and for the year ended,
December 31, 2023, and related to
Scopes 1, 2 and 3 emissions presented in accordance with the
Greenhouse Gas (GHG) Protocol Corporate Accounting and Reporting
Standards under its Corporate Standards for the year ended
December 31, 2023.
About Dow
Dow (NYSE: DOW) is one of the world's
leading materials science companies, serving customers in
high-growth markets such as packaging, infrastructure, mobility and
consumer applications. Our global breadth, asset integration
and scale, focused innovation, leading business positions and
commitment to sustainability enable us to achieve profitable growth
and help deliver a sustainable future. We operate manufacturing
sites in 31 countries and employ
approximately 35,900 people. Dow delivered sales of
approximately $45 billion in 2023. References to Dow or
the Company mean Dow Inc. and its subsidiaries. Learn more about us
and our ambition to be the most innovative, customer-centric,
inclusive and sustainable materials science company in the world by
visiting www.dow.com.
For further information, please contact:
Sarah
Young
+1.989.638.6871
syoung3@dow.com
X: https://twitter.com/DowNewsroom
Facebook: https://www.facebook.com/dow/
LinkedIn: http://www.linkedin.com/company/dow-chemical
Instagram: http://instagram.com/dow_official
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SOURCE The Dow Chemical Company
