All the Elements for a Better World: Albemarle Publishes 2023 Sustainability Report

Rhea-AI Summary

Albemarle released its 2023 Sustainability Report, titled 'All the Elements for a Better World'. The report highlights the company's achievements in sustainability, including earning an EcoVadis Gold Medal and achieving an IRMA 50 level performance score for its Salar de Atacama site in Chile. Additionally, Albemarle announced an agreement with Martin Marietta Materials for repurposing byproduct material from its Kings Mountain Mine Project. The company is on track to meet its sustainability targets, such as reducing freshwater usage and carbon emissions. The report adheres to global sustainability standards, emphasizing Albemarle's commitment to creating value for stakeholders and a resilient world.

Positive

• Earned EcoVadis Gold Medal for business sustainability assessment.
• Achieved IRMA 50 level performance score for Salar de Atacama site, first for any lithium producer.
• Agreement with Martin Marietta Materials to repurpose byproduct material sustainably.
• On track to reduce freshwater usage by 25% by 2030 in Chile and Jordan.
• Energy Storage business on track to grow carbon-intensity neutral through 2030.
• Achieved 2023 target of collecting primary emissions data from key suppliers.
• Specialties business on track to reduce carbon emissions by 2030.
• On track to reduce sulfur oxide emissions by 90% by 2027.

Negative

• None.

CHARLOTTE, N.C., June 12, 2024 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity, and health, today published its 2023 Sustainability Report, All the Elements for a Better World, detailing updates on sustainability strategy execution and the important progress made toward achieving the company's sustainability goals.

"As a purpose-driven and values-led organization, sustainability is core to who we are and how we choose to operate," said Albemarle Chairman and CEO Kent Masters. "This report reflects our commitment to provide enduring value for our stakeholders as we seek to create a more resilient world. The progress to date is a credit to the employees, investors, customers and communities who share our vision for the future."

Sustainability Report Highlights

• Earned an EcoVadis Gold Medal for the company's annual business sustainability assessment including 21 sustainability criteria, placing Albemarle in the top 95^th percentile among all companies rated in the past year.
• Conducted a new double materiality assessment to identify the sustainability issues that matter most to Albemarle and its stakeholders resulting in updated areas of focus for the company such as waste and circularity, responsible sourcing, innovation, talent and culture.
• Announced an innovative agreement with Martin Marietta Materials to make beneficial use of extracted non-ore-bearing material from Albemarle's proposed Kings Mountain Mine Project. The agreement allows Albemarle the opportunity to repurpose byproduct material by delivering it to nearby Martin Marietta's Kings Mountain Quarry in a sustainable and responsible manner.
• Achieved Initiative for Responsible Mining Assurance (IRMA) 50 level performance score for the Salar de Atacama site in Chile, becoming the first lithium producer to complete an independent audit and have its report published by IRMA.
• Expanded life cycle assessments, including completing Albemarle's first in-house product carbon footprint study of elemental bromine produced in Magnolia, Arkansas.
• Continued to build on strong customer relationships, including a new partnership with Caterpillar Inc., to collaborate on solutions to support a full circular battery value chain and sustainable mining operations.

Highlights on Target Progress

• On track to reduce the intensity of freshwater usage by 25% by 2030 in Chile and Jordan, due to the Chilean operations reaching the target ahead of schedule with the optimization of the thermal evaporator at the La Negra site.
• Energy Storage business is on track to grow in a scope 1 and 2 carbon-intensity neutral manner through 2030, due in part to the acquisition of 100% renewable electricity for sites in Chile and Kings Mountain, North Carolina, and increased renewable electricity in Silver Peak, Nevada, and Xinyu, China.
• Achieved 2023 target of collecting primary emissions data from suppliers that represent 75% of our raw material carbon footprint.
• Specialties business is on track to reduce absolute scope 1 and 2 carbon emissions by 2030.
• The company is on track to reduce sulfur oxide emissions by 90% by 2027 and continues to evaluate technology options to achieve this target.

The report was developed with reference to the Global Reporting Initiative (GRI) standards, the Sustainability Accounting Standards Board (SASB) standards, and recommendations outlined by the Task Force on Climate-Related Financial Disclosures (TCFD).

To read Albemarle's 2023 Sustainability Report, visit the company's newly refreshed website at www.albemarle.com. The website's new sustainability section features reporting content, including management approach, policies, and sustainability data downloads, in addition to global enterprise information on business units, product offerings and other corporate updates. The sustainability hub will also feature the company's upcoming Sustainability Day video on highlights from the report in late June 2024.

About Albemarle
Albemarle Corporation (NYSE: ALB) leads the world in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. We partner to pioneer new ways to move, power, connect and protect with people and planet in mind. A reliable and high-quality global supply of lithium and bromine allows us to deliver advanced solutions for our customers.

FORWARD-LOOKING STATEMENTS

The 2023 Sustainability Report and our sustainability webpage contain statements relating to Albemarle's operations, growth strategies and sustainability plans that are based on our current expectations, anticipations and beliefs regarding the future, which constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on assumptions that we have made as of the date hereof and are subject to known and unknown risks and uncertainties, often contain words such as "anticipate," "believe," "estimate," "expect," "design," "target," "project," "commit," "aim," "intend," "may," "outlook," "scenario," "should," "would," and "will." Forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company's control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this report. Unless legally required, Albemarle undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Standards of measurement and performance made in reference to our environmental, social, governance and other sustainability plans and goals may be based on protocols, processes and assumptions that continue to evolve and are subject to change in the future, including due to the impact of future regulations. Factors that could cause Albemarle's actual results to differ materially from the outlook expressed or implied in any forward-looking statement include: changes in economic and business conditions; financial and operating performance of customers; timing and magnitude of customer orders; fluctuations in lithium market prices; production volume shortfalls; increased competition; changes in product demand; availability and cost of raw materials and energy; technological change and development; fluctuations in foreign currencies; changes in laws and government regulation; regulatory actions, proceedings, claims or litigation; cyber-security breaches, terrorist attacks, industrial accidents or natural disasters; political unrest; changes in inflation or interest rates; volatility in the debt and equity markets; acquisition and divestiture transactions; timing and success of projects; performance of Albemarle's partners in joint ventures and other projects; changes in credit ratings; and the other factors detailed from time to time in the reports Albemarle files with the SEC, including those described under "Risk Factors" in Albemarle's most recent Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q, which are filed with the SEC and available on the investor section of Albemarle's website (investors.albemarle.com) and on the SEC's website at www.sec.gov.

Media Contact:
Hailey Quinn, +1 (980) 299-5640, Hailey.Quinn@albemarle.com
Investor Relations Contact: 
Meredith Bandy, +1 (980) 999-5768, Meredith.Bandy@albemarle.com

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SOURCE Albemarle Corporation

FAQ

What are the key highlights of Albemarle's 2023 Sustainability Report?

Key highlights include earning an EcoVadis Gold Medal, achieving IRMA 50 level performance score, and a sustainable agreement with Martin Marietta Materials.

How did Albemarle perform in the EcoVadis business sustainability assessment?

Albemarle earned an EcoVadis Gold Medal, placing in the top 95th percentile of companies rated.

What sustainability initiative did Albemarle achieve at the Salar de Atacama site?

Albemarle achieved an IRMA 50 level performance score, becoming the first lithium producer to complete an independent audit published by IRMA.

What is Albemarle's agreement with Martin Marietta Materials about?

The agreement involves repurposing byproduct material from Albemarle's Kings Mountain Mine Project to Martin Marietta's Kings Mountain Quarry.

What are Albemarle's targets for reducing freshwater usage?

Albemarle aims to reduce freshwater usage intensity by 25% by 2030 in Chile and Jordan, with Chilean operations already reaching this target.

Is Albemarle's Energy Storage business on track with its sustainability goals?

Yes, it is on track to grow in a carbon-intensity neutral manner through 2030.

What carbon emission targets has Albemarle set for its Specialties business?

Albemarle aims to reduce absolute scope 1 and 2 carbon emissions by 2030.

What are Albemarle's goals for sulfur oxide emissions?

Albemarle is on track to reduce sulfur oxide emissions by 90% by 2027.