Greif Announces New Science-Aligned Greenhouse Gas Emissions Reduction Target

Rhea-AI Summary

Greif, Inc. (NYSE: GEF, GEF.B) announced a new goal to reduce absolute Scope 1 and 2 greenhouse gas emissions by 28% by 2030, aligning with climate science to limit global warming. The company will explore Scope 3 emissions and aims for a net-zero carbon goal by the end of 2023. Greif has committed to sustainability for over 15 years and achieved an 11% reduction in emissions per unit of production in 2019. The company will enhance energy efficiency and partner with Schneider Electric for renewable energy solutions.

Positive

• New goal to reduce Scope 1 and 2 GHG emissions by 28% by 2030.
• 11% reduction in emissions per unit of production achieved in 2019.
• Partnership with Schneider Electric for renewable energy solutions.

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• None.

DELAWARE, Ohio, April 22, 2021 /PRNewswire/ -- Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial packaging products and services, today announced it has set a new goal to reduce its absolute Scope 1 and 2 greenhouse gas (GHG) emissions 28% by 2030. This target aligns to the prevailing climate science limit of keeping global warming to well below 2 degrees Celsius. The Company will also further investigate its Scope 3 GHG emissions and make a determination about pursuing a net-zero carbon aspiration by the end of 2023. Greif's new goal builds upon the Company's near 15-year commitment to sustainability and an 11% emissions reduction per unit of production achieved in 2019.

Pete Watson, Greif's President and Chief Executive Officer, commented, "At Greif, we are committed to being a conscientious global citizen, a responsive community neighbor and a responsible steward of our natural resources. As a packaging leader, it is our responsibility to safeguard the resources provided to us and to minimize our impact on the environment. We will continue to seek out ways to advance our sustainability commitment for the benefit of future generations."

Greif will pursue a strategic approach to achieving its new goal by building upon its existing investments in energy efficient equipment and by examining options to further utilize other alternative energy sources. In addition, the Company will partner with Schneider Electric's Energy & Sustainability Services team to source offsite, large-scale renewable energy.

"The urgency of climate change and its impacts makes taking science-based climate action the business imperative of the decade," said John Hoekstra, Vice President of Sustainability and Renewable Energy at Schneider Electric. "Greif's new carbon reduction goal will accelerate this transition in the packaging industry and we're proud to be their partner in the journey."

Greif is also committed to helping its customers meet their own decarbonization and resource conservation goals through circular economy practices. These efforts focus on producing products that are lighter weight and utilize fewer virgin raw materials and more recycled content while continuing to meet high performance standards. The Company developed the Greif Green Tool, a lifecycle assessment (LCA)-based calculator that provides customers the ability to select the most environmentally-friendly packaging products, in turn helping them to meet their own sustainability targets. Learn more about the Greif Green Tool here.

About Greif, Inc.

Greif is a global leader in industrial packaging products and services and is pursuing its vision: In industrial packaging, be the best performing customer service company in the world. The Company produces steel, plastic and fibre drums, intermediate bulk containers, reconditioned containers, flexible products, containerboard, uncoated recycled paperboard, coated recycled paperboard, tubes and cores and a diverse mix of specialty products. The Company also manufactures packaging accessories and provides filling, packaging and other services for a wide range of industries. In addition, Greif manages timber properties in the southeastern United States. The Company is strategically positioned in over 40 countries to serve global as well as regional customers. Additional information is on the Company's website at www.greif.com. 

Contact:

Matt Eichmann
740-549-6067
matt.eichmann@greif.com

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SOURCE Greif, Inc.

FAQ

What is Greif's new greenhouse gas emissions reduction goal?

Greif aims to reduce its absolute Scope 1 and 2 greenhouse gas emissions by 28% by 2030.

What are Scope 1, 2, and 3 emissions in relation to Greif?

Scope 1 and 2 emissions are direct and indirect GHG emissions from operations, while Scope 3 emissions include all other indirect emissions in the value chain.

What was the emissions reduction percentage Greif achieved in 2019?

Greif achieved an 11% reduction in emissions per unit of production in 2019.

Who is partnering with Greif to achieve its sustainability goals?

Greif is partnering with Schneider Electric's Energy & Sustainability Services team.

What is the timeline for Greif's net-zero carbon aspiration?

Greif plans to determine its pursuit of a net-zero carbon goal by the end of 2023.