Chemours Reaches Important Milestone in Its Sustainability Journey; Receives Approval of Science-Based Emissions Reduction Targets

Rhea-AI Summary

Chemours announced the approval of its near-term science-based greenhouse gas (GHG) emissions reduction targets by the Science Based Target initiative (SBTi). This includes a 60% cut in Scope 1 and 2 emissions and a 25% reduction in Scope 3 emissions per ton of production by 2030. Chemours is among a select group of chemical companies to have these targets validated by the SBTi, a global body backed by organizations like the World Resources Institute and the World Wildlife Fund. The initiative supports ambitious emissions reductions aligned with climate science. The approval aligns with Chemours' sustainability goals established in 2018 and follows their 2023 Sustainability Report, which shows a 52% reduction in Scope 1 and 2 emissions from 2018 levels. Dr. Amber Wellman, Chemours' Chief Sustainability Officer, highlighted this milestone as evidence of the company's leadership in environmental responsibility.

Positive

• Approval of science-based emissions reduction targets by SBTi.
• 60% reduction in Scope 1 and 2 GHG emissions by 2030.
• 25% reduction in Scope 3 emissions per ton of production by 2030.
• Achieved a 52% reduction in Scope 1 and 2 emissions from 2018 baseline.
• Recognition as one of the few chemical companies with SBTi-approved targets.

Negative

• None

WILMINGTON, DE / ACCESSWIRE / June 18, 2024 / The Chemours Company ("Chemours") (NYSE:CC), a global chemistry company, recently announced that the Science Based Target initiative (SBTi) has approved Chemours' near-term science-based greenhouse gas (GHG) emissions reduction targets. This includes the Company's existing goal of an absolute 60% reduction in Scope 1 and 2 GHG emissions by 2030 and a new Scope 3 target to reduce emissions by 25% per ton of production by 2030.

"Receiving approval for our near-term science-based emissions reduction targets from the SBTi marks a critical milestone in Chemours' sustainability journey. We are committed to making a meaningful impact in the global fight against climate change, including through our sustainable offerings and responsible manufacturing practices," said Dr. Amber Wellman, Chemours Chief Sustainability Officer. "Since Chemours established its Corporate Responsibility Commitment goals in 2018, we have strived for continued progress and improvement. This validation signals we are moving in the right direction, and we are proud to be a leader in our industry. Working together with our partners, we will continue to create a better world through the power of our chemistry."

Chemours is among a small group of chemical companies to have their near-term emissions reduction targets approved by SBTi-a global body enabling businesses to set ambitious emissions reductions targets in line with the latest climate science. The initiative is a collaboration between the Carbon Disclosure Project (CDP), World Resources Institute (WRI), the World Wildlife Fund (WWF), and the United Nations Global Compact, which Chemours signed in 2018. 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.

This announcement follows the release of Chemours' 2023 Sustainability Report, which details the Company's action against its Corporate Responsibility Commitment goals. This year's report, titled "Partnering for Progress," demonstrates Chemours' significant work towards reaching its Scope 1 and 2 targets by achieving a 52% reduction from its 2018 baseline.

Forward-Looking Statements

This press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical or current fact. The words "believe," "expect," "will," "anticipate," "plan," "estimate," "target," "project" and similar expressions, among others, generally identify "forward-looking statements," which speak only as of the date such statements were made. These forward-looking statements may address, among other things, our near-term greenhouse gas emissions reduction targets, our commitments on climate change, and our progress against our Corporate Responsibility Commitment goals, all of which are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements are based on certain assumptions and expectations of future events that may not be accurate or realized, such as full year guidance relying on models based upon management assumptions regarding future events that are inherently uncertain. These statements are not guarantees of future performance. Forward-looking statements also involve risks and uncertainties that are beyond Chemours' control. Matters outside our control, including general economic conditions, geopolitical conditions and global health events and weather events, have affected or may affect our business and operations and may or may continue to hinder our ability to provide goods and services to customers, cause disruptions in our supply chains such as through strikes, labor disruptions or other events, adversely affect our business partners, significantly reduce the demand for our products, adversely affect the health and welfare of our personnel or cause other unpredictable events. Additionally, there may be other risks and uncertainties that Chemours is unable to identify at this time or that Chemours does not currently expect to have a material impact on its business. Factors that could cause or contribute to these differences include the risks, uncertainties and other factors discussed in our filings with the U.S. Securities and Exchange Commission, including in our Annual Report on Form 10-K for the year ended December 31, 2023 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024. Chemours assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law.

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Contact Info:
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SOURCE: The Chemours Company

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FAQ

What emissions reduction targets has Chemours achieved?

Chemours has achieved a 52% reduction in Scope 1 and 2 GHG emissions from its 2018 baseline.

What are Chemours' new emissions reduction targets?

Chemours aims to reduce Scope 1 and 2 GHG emissions by 60% and Scope 3 emissions by 25% per ton of production by 2030.

When did Chemours receive approval for its emissions reduction targets?

Chemours received approval for its emissions reduction targets from the Science Based Target initiative in June 2024.

What is the Science Based Target initiative (SBTi)?

The SBTi is a global body that enables businesses to set ambitious emissions reduction targets in line with the latest climate science, backed by organizations like the World Resources Institute and the World Wildlife Fund.

How does Chemours' approval by SBTi impact its sustainability efforts?

The approval validates Chemours' commitment to significant GHG emissions reductions and aligns with their Corporate Responsibility Commitment goals, reinforcing their leadership in environmental sustainability.