Albemarle Joins as Founding Member of New U.S.-Based Zero Emission Transportation Association (ZETA)

Rhea-AI Summary

Albemarle Corporation (NYSE: ALB), a leader in specialty chemicals, has joined ZETA, a coalition aiming for 100% electric vehicle (EV) sales in the U.S. by 2030. This initiative seeks to enhance EV adoption, create jobs, and reduce carbon pollution. Key policy proposals include consumer EV incentives, emissions standards, infrastructure investments, early retirement incentives for legacy vehicles, and federal cooperation with local entities. With transportation now the primary source of U.S. carbon emissions, ZETA's formation highlights the urgent need for national leadership in clean transportation.

Positive

• Albemarle is a founding member of ZETA, promoting EV sales and environmental sustainability.
• Joining ZETA aligns with the growing clean transportation sector, potentially increasing Albemarle's market relevance.
• The initiative could create hundreds of thousands of new jobs and enhance Albemarle's brand reputation.

Negative

• None.

CHARLOTTE, N.C., Nov. 18, 2020 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a leader in the global specialty chemicals industry, announced today that it will serve as a founding member of ZETA, a first-of-its-kind U.S.-based coalition committed to achieving 100 percent electric vehicle (EV) sales by 2030.

ZETA will advocate for national policies to enable the full adoption of EVs throughout the light-, medium-, and heavy-duty sectors by 2030, which will support the creation of new jobs, secure American global EV manufacturing leadership, and significantly reduce carbon pollution.

"The U.S. is tracking behind other countries in driving the adoption of EVs and, as a result, the benefits EVs contribute to the environment," said Eric Norris, Albemarle President, Lithium. "As an industry leader and major U.S. producer of lithium, Albemarle is committed to powering the potential of clean energy and is excited to join ZETA's mission in positioning the U.S. to support a clean and sustainable environment."

The organization is calling for the following five key policy pillars:

1. Outcome-driven consumer EV incentives. Point-of-sale consumer incentives drive adoption, provide cost reductions and achieve real results in pushing transportation electrification. These incentives should be widely available to all EV models until there is substantial uptake.
2. Emissions performance standards enabling full electrification by 2030. Emission targets are a key piece of protecting public health and sending the correct market signals to support and accelerate the transition to zero emission transportation.
3. Infrastructure investments. Strong federal charging infrastructure investments will drive the electric transportation transition and ensure that the United States is leading the way in a clean recovery where everyone is better off.
4. Early retirement incentives for legacy vehicles. Even if every vehicle purchased moving forward is electric, without further action, full turnover of the U.S. vehicle inventory will take a generation. Incentivizing early retirements while encouraging EV adoption will speed the transition and meet the urgency of the moment.
5. Federal leadership and cooperation with sub-national entities. Federal support should invest in research and development, provide an aligned vision for electrification, and ensure local leaders are empowered with the expertise and resources to support full vehicle electrification.

"For the first time in a generation, transportation is the leading emitter of U.S. carbon emissions. By embracing EVs, federal policymakers can help drive innovation, create hundreds of thousands of new jobs and improve air quality and public health," said Joe Britton, Executive Director of ZETA. "ZETA's formation recognizes a pivotal moment for national leadership and reflects the will of the growing clean transportation sector."

ZETA is comprised of a diverse, non-partisan group of 28 founding members including, Albemarle Corporation, ABB Inc., Con Edison, Duke Energy, Pacific Gas & Electric, Rivian, Salt River Project, Tesla, Uber and Volta, among others. For more information, please visit www.zeta2030.org.

About Albemarle
Albemarle Corporation (NYSE: ALB), headquartered in Charlotte, N.C., is a global specialty chemicals company with leading positions in lithium, bromine and refining catalysts. We think beyond business-as-usual to power the potential of companies in many of the world's largest and most critical industries, such as energy, electronics, and transportation. We actively pursue a sustainable approach to managing our diverse global footprint of world-class resources. In conjunction with our highly experienced and talented global teams, our deep-seated values, and our collaborative customer relationships, we create value-added and performance-based solutions that enable a safer and more sustainable future.

We regularly post information to www.albemarle.com, including notification of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations, SEC filings and other information regarding our company, its businesses and the markets it serves.

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SOURCE Albemarle Corporation

FAQ

What is Albemarle's role in ZETA?

Albemarle serves as a founding member of ZETA, advocating for 100% electric vehicle sales in the U.S. by 2030.

What are the main goals of ZETA?

ZETA aims to increase EV adoption, create jobs, reduce carbon emissions, and drive national policies for a clean transportation future.

When was Albemarle announced as a founding member of ZETA?

Albemarle was announced as a founding member of ZETA on November 18, 2020.

How does ZETA plan to support EV adoption?

ZETA plans to implement consumer incentives, establish emission standards, invest in infrastructure, and encourage early retirement of legacy vehicles.

What is the significance of EVs in the U.S.?

Transportation has become the leading emitter of U.S. carbon emissions, making the shift to EVs crucial for environmental health.