DuPont Commits to Set Science-Based Targets for GHG Emissions Reduction

Rhea-AI Summary

DuPont (NYSE: DD) has announced its commitment to set science-based targets for greenhouse gas (GHG) emissions reduction, aligned with the Paris Agreement goals. The company aims to establish targets for Scope 1 and 2 emissions and develop Scope 3 targets in collaboration with the Science Based Targets initiative (SBTi). DuPont has already reduced its Scope 1 and 2 emissions by 16% since 2019 and plans a 30% reduction by 2030, alongside sourcing 60% of its electricity from renewable resources. The company is also part of the RE100 initiative and has signed a VPPA to support its renewable energy goals.

Positive

• Commitment to set science-based GHG emissions reduction targets in line with the Paris Agreement.
• Reduced Scope 1 and 2 GHG emissions by 16% since 2019.
• Plans to decrease GHG emissions by 30% and source 60% of electricity from renewables by 2030.
• Involvement in RE100 and a VPPA expected to deliver 528,000 MWh of renewable electricity annually.

Negative

• None.

WILMINGTON, Del., July 21, 2022 /PRNewswire/ -- DuPont (NYSE: DD) today announced it has committed to setting science-based targets to reduce greenhouse gas (GHG) emissions in line with the Science Based Targets initiative (SBTi), a partnership between CDP, the UN Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). As part of its commitment, DuPont plans to work closely with SBTi to determine GHG emissions reduction targets for Scope 1 and 2 emissions aligned with the Paris agreement which sets the goal of limiting global warming to 1.5°C. In addition, DuPont will also work with SBTi to develop its Scope 3 GHG emissions target.

SBTi defines and promotes best practice in setting science-based emission reductions targets and brings together a team of experts to provide independent assessment and validation of targets. 

"At DuPont, our deep understanding of science and technology, along with our close collaboration with customers, enables us to help create sustainable solutions that have the potential to create positive change in the world," said DuPont Chief Technology and Sustainability Officer Alexa Dembek. "Setting and achieving goals aligned with SBTi is a critical step to reducing our climate impact and builds on our long-term commitment to protect the planet by reducing the carbon footprint in our operations and value chains in partnership with customers and suppliers."

In 2019, DuPont announced its Acting on Climate goal as part of its sustainability strategy. The company has been making progress against its goal to reduce Scope 1 and 2 GHG emissions by 30% compared to the 2019 baseline and source 60% of its electricity from renewable energy sources and credits by 2030, and to deliver carbon neutral operations by 2050. As reported in DuPont's 2022 Sustainability Report, the company has reduced Scope 1 and 2 emissions by 16% since 2019.

DuPont is a member of RE100, a global environmental initiative led by the Climate Group in partnership with CDP, which brings together companies committed to shifting the source of electricity used globally in their operations to renewable energy. In 2021, the company also signed a virtual power purchase agreement (VPPA) with a subsidiary of NextEra Energy Resources, LLC. The VPPA project is scheduled to commence operations in 2023 and is expected to deliver approximately 528,000 megawatt hours (MWh) of wind-generated renewable electricity annually to the local grid. This is equivalent to approximately 25% of the company's total electricity needs today.

For more information about DuPont's sustainability initiatives, visit dupont.com/sustainability.

About DuPont

DuPont (NYSE: DD) is a global innovation leader with technology-based materials and solutions that help transform industries and everyday life. Our employees apply diverse science and expertise to help customers advance their best ideas and deliver essential innovations in key markets including electronics, transportation, construction, water, healthcare and worker safety. More information about the company, its businesses and solutions can be found at www.dupont.com. Investors can access information included on the Investor Relations section of the website at investors.dupont.com.

DuPont™ and all products, unless otherwise noted, denoted with ™, ^SM or ® are trademarks, service marks or registered trademarks of affiliates of DuPont de Nemours, Inc.

Cautionary Statement Regarding Forward Looking Statements

This communication contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "target," and similar expressions and variations or negatives of these words.

Forward-looking statements address matters that are, to varying degrees, uncertain and subject to risks, uncertainties, and assumptions, many of which that are beyond DuPont's control, that could cause actual results to differ materially from those expressed in any forward-looking statements. Forward-looking statements are not representations or warranties or guarantees of future results.

Forward-looking statements include statements which relate to the purpose, ambitions, commitments, targets, plans, objectives, and results of DuPont's sustainability strategy. Forward-looking statements include statements related to the standards and measurement of progress against the company's sustainability goals, including metrics, data and other information, which are based on estimates and assumptions believed to be reasonable at the time. The actual conduct of the company's activities and results thereof, including the development, implementation, achievement or continuation of any goal, program, policy or initiative discussed or expected in connection with DuPont's sustainability strategy may differ materially from the statements made herein. The use of the word "material" for the purposes of statements regarding our sustainability strategy and goals should not be read as equating to any use of the word in the company's other disclosures or filings with the U.S. Securities and Exchange Commission.

See DuPont's most recent annual report and subsequent current and periodic reports filed with the U.S. Securities and Exchange Commission for further description of risk factors that could impact the expectations or estimates implied by the Company's forward-looking statements, including (i) the ability to meet expectations regarding the timing, completion, accounting and tax treatments, and benefits, including integration, related to portfolio changes; (ii) risks and costs related to indemnification of legacy liabilities; (iii) risks and uncertainties related to operational and supply chain impacts or disruptions, including ability to offset increased costs, obtain raw materials, and meet customer needs, and (iv) other risks to DuPont's business and operations. Unlisted factors may also present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business or supply chain disruption, operational problems, financial loss, legal liability to third parties, loss of key customers, reputational harm and similar risks, any of which could have a material adverse effect on DuPont's consolidated financial condition, results of operations, credit rating or liquidity. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. DuPont assumes no obligation to publicly provide revisions or updates to any forward-looking statements whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.

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SOURCE DuPont

FAQ

What are DuPont's new goals for GHG emissions reduction?

DuPont has committed to setting science-based targets for reducing Scope 1, 2, and 3 GHG emissions in line with the Paris Agreement.

How much have DuPont's GHG emissions been reduced since 2019?

DuPont has reduced its Scope 1 and 2 GHG emissions by 16% since 2019.

What is the timeline for DuPont's sustainability goals?

DuPont aims to achieve a 30% reduction in GHG emissions by 2030 and deliver carbon-neutral operations by 2050.

What is the significance of the VPPA signed by DuPont?

The VPPA is expected to provide approximately 528,000 MWh of renewable electricity annually, covering about 25% of DuPont's total electricity needs.

How is DuPont associated with the Science Based Targets initiative?

DuPont will work with SBTi to set and validate its GHG emissions reduction targets.