Ashland announces validation of comprehensive science-based greenhouse gas emissions reductions targets

Rhea-AI Summary

Ashland Inc. (NYSE: ASH) has had its science-based greenhouse gas emissions reductions targets validated by the Science Based Targets initiative (SBTi), committing to reduce absolute scope 1 and 2 GHG emissions by 50.4% from a FY2022 baseline year by FY2032, as well as reduce absolute scope 3 GHG emissions by the same percentage within the same timeframe. The company's commitment is aligned with the United Nations (UN) compact sustainable development goals (SDGs) and demonstrates a strong environmental, social, and governance (ESG) commitment.

WILMINGTON, Del., Nov. 30, 2023 (GLOBE NEWSWIRE) -- The Science Based Targets initiative (SBTi) has validated the science-based greenhouse gas (GHG) emissions reductions targets submitted by Ashland Inc. (NYSE: ASH) as conforming with the SBTi Criteria and Recommendations. The company has joined more than 6,500 businesses who have committed to the SBTi to reduce emissions in line with climate science.

Ashland has set near-term science-based targets across scopes one, two, and three in line with 1.5°C emissions scenarios to ensure the strongest ambition in the short-to -medium term committing to reduce absolute scope 1 and 2 GHG emissions 50.4 percent by FY2032 from a FY2022 baseline year* and to reduce absolute scope 3 GHG emissions 50.4 percent within the same timeframe.

“Ashland is proud to announce our ambitious science-based targets that reflect our purpose to responsibly solve for a better world,” said Guillermo Novo, chair and chief executive officer, Ashland. “As a global leader in additives and specialty ingredients, we understand the importance of environmental, social and governance commitments.  Reducing our GHG emissions helps mitigate climate change and our actions contribute to our customers sustainability goals.”

The Science Based Targets initiative (SBTi) is a global body enabling companies and financial institutions to set ambitious emissions reduction targets in line with the latest climate science. The initiative is a collaboration between Carbon Disclosure Project (CDP), the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF) and one of the We Mean Business Coalition commitments. The SBTi defines and promotes best practice in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies’ targets.

Ashland’s commitment is aligned with the United Nations (UN) compact sustainable development goals (SDGs), which support good environmental stewardship, social welfare and well-being, and governance and transparency.

“To share the most important material issues with our stakeholders and reduce environmental impact, Ashland will also continue reporting in line with the Global Reporting Initiative and Sustainable Accounting Standards Board standards for the chemical industry,” said Sarah Phelan, director sustainability and environmental health and safety, Ashland. “These organizations hold companies and their suppliers to higher social and ethical standards while innovating with a clear conscience for the environment and humanity. We will continue working to increase transparency in ESG, by participating in Sedex Members Ethical Trade Audit (SMETA) audits, disclose on EcoVadis, and strive for key certifications to support increased transparency and disclosures.”

About Ashland 
Ashland Inc. (NYSE: ASH) is a global additives and specialty ingredients company with a conscious and proactive mindset for environment, social and governance (ESG). The company serves customers in a wide range of consumer and industrial markets, including architectural coatings, construction, energy, food and beverage, nutraceuticals, personal care and pharmaceutical. Approximately 3,800 passionate, tenacious solvers – from renowned scientists and research chemists to talented engineers and plant operators – thrive on developing practical, innovative and elegant solutions to complex problems for customers in more than 100 countries. Visit ashland.com and ashland.com/ESG to learn more. 

*The target boundary includes land-related emissions and removals from bioenergy feedstocks.

™ Trademark, Ashland or its subsidiaries, registered in various countries.

FOR FURTHER INFORMATION:

Investor Relations:	Media Relations:
Seth A. Mrozek	Carolmarie C. Brown
+1 (302) 594-5010	+1 (302) 995-3158
samrozek@ashland.com	ccbrown@ashland.com

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• Ashland Announces Science Based Targets 20231130

FAQ

What is the company name and ticker symbol mentioned in the press release?

The company mentioned in the press release is Ashland Inc. and its ticker symbol is NYSE: ASH.

What are Ashland Inc.'s science-based greenhouse gas emissions reductions targets?

Ashland Inc. has committed to reducing absolute scope 1 and 2 GHG emissions by 50.4% from a FY2022 baseline year by FY2032, as well as reduce absolute scope 3 GHG emissions by the same percentage within the same timeframe.

What initiative has validated Ashland Inc.'s science-based greenhouse gas emissions reductions targets?

The Science Based Targets initiative (SBTi) has validated Ashland Inc.'s science-based greenhouse gas emissions reductions targets.

How does Ashland Inc.'s commitment align with the United Nations (UN) compact sustainable development goals (SDGs)?

Ashland Inc.'s commitment aligns with the United Nations (UN) compact sustainable development goals (SDGs) by supporting good environmental stewardship, social welfare and well-being, and governance and transparency.

What organizations does Ashland Inc. report in line with for the chemical industry?

Ashland Inc. reports in line with the Global Reporting Initiative and Sustainable Accounting Standards Board standards for the chemical industry.