Air Products Wins Both Overall Community Care Award and Dual Carbon Contribution Award in China

Rhea-AI Summary

Air Products (NYSE: APD) was honored at the 13th China Philanthropy Festival and 2023 ESG Summit, winning the Overall Community Care Award and the Dual Carbon Contribution Award for its exceptional social impact and commitment to China's green and low-carbon development. The company has been recognized for nine consecutive years at this event and is making significant investments in clean energy projects, including China's first commercial-scale liquid hydrogen production facility.

Insights

Sustainability Analyst

As industries globally pivot towards sustainability, companies like Air Products that engage in corporate social responsibility (CSR) initiatives and contribute to sustainable development are increasingly relevant. Their recognition at the China Philanthropy Festival and ESG Summit indicates a strong alignment with China's Dual Carbon goals, which aim for carbon peaking by 2030 and carbon neutrality by 2060. Such alignment not only enhances corporate reputation but also aligns with investor interests in environmentally responsible companies.

The company's efforts in establishing a liquid hydrogen production facility and hydrogen fueling stations suggest a strategic investment in clean energy infrastructure. This is indicative of Air Products' commitment to the hydrogen economy, which is expected to play a crucial role in decarbonizing hard-to-abate sectors. By leading in this space, Air Products may benefit from first-mover advantages as demand for clean energy solutions grows.

Market Research Analyst

In the context of China's market, Air Products' CSR and sustainability initiatives may positively influence consumer and B2B client perceptions, potentially leading to increased market share and brand loyalty. The company's focus on serving energy and environment markets through innovative solutions like the LIN Ambassador Program and Safe and Healthy Drinking Water Program demonstrates a commitment to long-term value creation beyond immediate financial gains.

Investments in clean energy projects, such as the hydrogen production facility, align with global trends towards energy transition and may position Air Products favorably against competitors. This strategic direction could attract investors with a focus on long-term growth and sustainability, potentially impacting the company's stock performance positively.

Energy Sector Analyst

The development of hydrogen infrastructure in China by Air Products is a significant move in an industry that is critical for achieving carbon neutrality. The construction of China's first commercial-scale liquid hydrogen production facility and hydrogen fueling stations is a testament to the company's commitment to innovation in clean energy. This infrastructure is essential for enabling the adoption of hydrogen as a fuel source, particularly in logistics and public transportation and may provide Air Products with an edge in a rapidly evolving energy sector.

Moreover, the focus on hydrogen solutions for hard-to-abate industrial sectors showcases an understanding of the complexities involved in reducing emissions in industries like steel and cement production. Air Products' role in this transition could have significant implications for the energy sector's trajectory towards sustainability and for stakeholders looking to invest in companies that are at the forefront of the energy transition.

SHANGHAI, Jan. 25, 2024 /PRNewswire/ -- Air Products (NYSE: APD), a world-leading industrial gases company serving China for 37 years, won both the Overall Community Care Award and the Dual Carbon Contribution Award for 2023 at the 13^th China Philanthropy Festival and 2023 ESG Summit in Beijing on January 23-24. Air Products was among 15 leading companies from various industries that received the Overall Community Care Award and one of 15 winners of the Dual Carbon Contribution Award.

Air Products has been honored for nine consecutive years at this influential event for its outstanding social impact. This year marks the first time the company has also received recognition for its ongoing commitment and contributions to China's green and low-carbon development.

Co-organized annually by key Chinese mainstream media outlets, the China Philanthropy Festival advocates charitable spirit and undertakings. This year's event also recognized ESG (environmental, social, and governance) performance in support of China's Dual Carbon goals of carbon peaking by 2030, carbon neutrality by 2060, and sustainable development. Around 900 participating companies were evaluated by a judging panel, which included leaders and experts from charitable organizations, institutions, consulting firms and the media, based on sustainability, creativity, adaptability, credibility and level of influence. 

"We are proud to be recognized nine times in a row at the event for our ongoing community efforts. The Dual Carbon Contribution Award carries extra meaning because it is testimony to our unwavering commitment to China's sustainable development," said Saw Choon Seong, China president at Air Products. "Air Products' two-pillar growth strategy, with a focus on serving energy, environment and emerging markets and solving the most significant sustainability challenges, is aligned with the company's vision for a better world. We will continue to collaborate closely with governments, customers and other stakeholders here to drive decarbonization and address societal needs throughout the 14^th Five-Year period and beyond."

In China, Air Products' major corporate social responsibility (CSR) initiatives include the LIN (liquid nitrogen) Ambassador Program to foster the next generation's innovative and scientific mindset through LIN demonstrations, and the Safe and Healthy Drinking Water Program to provide safe and direct drinking water for children in rural schools. These two programs have collectively benefited over 110,000 students and teachers from more than 200 schools across 27 cities. Last year also marked the company's 10^th anniversary of employee volunteer activities.

Air Products has been helping customers and industries improve sustainability performance through its sustainable offerings and is making significant investments in clean energy projects. In Haiyan, Jiaxing city, Zhejiang province, the company is building China's first commercial-scale liquid hydrogen production facility and has established an Asia Hydrogen Application Technology Center to support evolving needs for hydrogen solutions for hard-to-abate industrial sectors. Air Products is also installing commercial hydrogen fueling stations in the Yangtze River Delta region and for other major fuel cell vehicle demonstration clusters. Last year, the company brought onstream its first hydrogen fueling station in Changshu city, Jiangsu province, jointly built with Chengzhi Shareholding to pilot zero-emission transportation in logistics operations and public buses.

About Air Products

Air Products (NYSE:APD) is a world-leading industrial gases company in operation for over 80 years focused on serving energy, environmental, and emerging markets. The Company has two growth pillars driven by sustainability. Air Products' base business provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, and food. The Company also develops, engineers, builds, owns and operates some of the world's largest clean hydrogen projects supporting the transition to low- and zero-carbon energy in the heavy-duty transportation and industrial sectors. Additionally, Air Products is the world leader in the supply of liquefied natural gas process technology and equipment, and provides turbomachinery, membrane systems and cryogenic containers globally.

The Company had fiscal 2023 sales of $12.6 billion from operations in approximately 50 countries and has a current market capitalization of about $60 billion. Approximately 23,000 passionate, talented and committed employees from diverse backgrounds are driven by Air Products' higher purpose to create innovative solutions that benefit the environment, enhance sustainability and reimagine what's possible to address the challenges facing customers, communities, and the world. For more information, visit www.airproducts.com or follow us on LinkedIn, X, Facebook or Instagram.

Cautionary Note Regarding Forward-Looking Statements: This release contains "forward-looking statements" within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's expectations and assumptions as of the date of this release and are not guarantees of future performance. While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including the risk factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2023 and other factors disclosed in our filings with the Securities and Exchange Commission. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in the assumptions, beliefs or expectations or any change in events, conditions or circumstances upon which any such forward-looking statements are based.

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SOURCE Air Products

FAQ

What awards did Air Products win at the 13th China Philanthropy Festival and 2023 ESG Summit?

Air Products won the Overall Community Care Award and the Dual Carbon Contribution Award for its exceptional social impact and commitment to China's green and low-carbon development.

What is the ticker symbol for Air Products?

The ticker symbol for Air Products is APD.

What is the LIN Ambassador Program by Air Products?

The LIN Ambassador Program by Air Products fosters the next generation's innovative and scientific mindset through LIN demonstrations.

What is the Safe and Healthy Drinking Water Program by Air Products?

The Safe and Healthy Drinking Water Program by Air Products provides safe and direct drinking water for children in rural schools.

Where is Air Products building China's first commercial-scale liquid hydrogen production facility?

Air Products is building China's first commercial-scale liquid hydrogen production facility in Haiyan, Jiaxing city, Zhejiang province.