Albemarle Joins United Nations Global Compact CEO Water Mandate

Rhea-AI Summary

Albemarle Corporation (NYSE: ALB) has endorsed the UN Global Compact CEO Water Mandate, committing to advance water stewardship through six key areas: direct operations, supply chain management, collective action, public policy, community engagement, and transparency. The announcement includes a goal to reduce freshwater use intensity by 25% by 2030 in high-risk areas. Notable investments include $100 million in Chile for thermal evaporator technology aimed at reducing freshwater consumption by 30% per kilogram of lithium carbonate. Annual progress reports will be made via CDP disclosures.

Positive

• Endorsement of UN Global Compact CEO Water Mandate enhances corporate sustainability profile.
• Commitment to reducing freshwater use by 25% by 2030 demonstrates proactive risk management.
• Investment of $100 million in Chile to improve water efficiency.
• Development of process innovations in Jordan to expand production without increasing water use.

Negative

• None.

Company commits to six core water management areas and annual reporting

CHARLOTTE, N.C., April 22, 2022 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a leader in the global specialty chemicals industry, announced today that it has endorsed the United Nations (UN) Global Compact CEO Water Mandate, a global initiative in partnership with the Pacific Institute, that mobilizes business leaders to advance water stewardship practices.

With Albemarle's endorsement, the company commits to action and continuous improvement, over time, across six key areas of focus in water management and to report annually on progress through its CDP water disclosures and UN Global Compact communication. The six core areas for continuous improvement of water stewardship include direct operations, supply chain and watershed management, collective action, public policy, community engagement, and transparency.

"Efficient and responsible water use is a key component of our sustainability strategy," said Albemarle CEO Kent Masters. "Albemarle is committed to responsible management of our water resources and our sustainable business practices align directly with our endorsement of the CEO Water Mandate. Through this platform, we aim to proactively identify and manage business risks, create efficiency in our water use, realize cost savings through water use efficiency, and honor our sustainability commitments."

In 2021, Albemarle announced its goal to reduce the intensity of its freshwater use by 25% by 2030 in areas of high and extremely-high water risk, as defined by the Water Resource Institute. In La Negra, Chile, Albemarle has invested $100 million in thermal evaporator recycling technology to reduce fresh water use by 30% per kilogram of lithium carbonate. In Jordan, Albemarle has developed process innovations to expand production without increasing water intensity, including a current project to convert a waste stream into saleable product while reducing water and energy use.

Albemarle joins more than 200 global endorsing companies in the CEO Water Mandate platform. In 2021, Albemarle announced its membership to the UN Global Compact, a voluntary leadership platform for the development, implementation and disclosure of responsible business practices, and the largest corporate sustainability initiative in the world.

About Albemarle
Albemarle Corporation (NYSE: ALB) is a global specialty chemicals company with leading positions in lithium, bromine and 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.

About the CEO Water Mandate
The CEO Water Mandate is an initiative of the United Nations Global Compact in partnership with the Pacific Institute, that mobilizes business leaders on water, sanitation, and the Sustainable Development Goals for corporate water stewardship. Endorsers of the Mandate commit to continuous progress against six core elements (direct operations, supply chain and watershed management, collective action, public policy, community engagement and transparency) and in so doing understand and manage their water risks. Established in 2007 the Mandate was created out of the acknowledgement that global water challenges create risk for a wide range of industry sectors, the public sector, local communities and ecosystems alike. For more information, follow @H2O_stewards on Twitter and visit our website at ceowatermandate.org.

View original content to download multimedia:https://www.prnewswire.com/news-releases/albemarle-joins-united-nations-global-compact-ceo-water-mandate-301530573.html

SOURCE Albemarle Corporation

FAQ

What is Albemarle's commitment to water stewardship?

Albemarle has endorsed the UN Global Compact CEO Water Mandate and committed to six core areas of water management.

What are Albemarle's goals regarding freshwater usage?

The company aims to reduce the intensity of its freshwater use by 25% by 2030 in high-risk areas.

How much has Albemarle invested in water efficiency in Chile?

Albemarle has invested $100 million in thermal evaporator technology in Chile.

When did Albemarle announce its endorsement of the CEO Water Mandate?

The endorsement was announced on April 22, 2022.

What does the CEO Water Mandate focus on?

The CEO Water Mandate focuses on corporate water stewardship across six core areas.