GOODYEAR FURTHER DEMONSTRATES ITS COMMITMENT TO CORPORATE RESPONSIBILITY IN 2021 REPORT

Rhea-AI Summary

The Goodyear Tire & Rubber Company (NASDAQ: GT) released its 2021 Corporate Responsibility Report, highlighting significant sustainability progress. Key achievements include a demonstration tire made of 70% sustainable materials, a 24% reduction in greenhouse gas emissions intensity, and a commitment to net-zero emissions by 2050. The company aims for a 100% sustainable tire by 2030. Goodyear has also improved fuel efficiency with a 32% reduction in rolling resistance. The report reflects Goodyear's dedication to responsible operations, sustainable sourcing, and fostering an inspiring workplace culture.

Positive

• Demonstration tire developed with 70% sustainable materials, moving towards 100% by 2030.
• Achieved a 24% reduction in greenhouse gas emissions intensity compared to 2010.
• A long-term goal of net-zero greenhouse gas emissions by 2050.
• Improved fuel efficiency with a 32% reduction in rolling resistance.

Negative

• None.

AKRON, Ohio, June 23, 2022 /PRNewswire/ -- The Goodyear Tire & Rubber Company (NASDAQ: GT) today released its report on corporate responsibility performance for 2021. The report summarizes the progress the company made toward achieving its short- and long-term sustainability goals while further demonstrating its commitment to ethical and sustainable processes, materials and programs.

"While our 2021 report affords us the opportunity to reflect on the progress we have made along our sustainability journey, it is also an opportunity for us to look ahead," said Chairman, CEO and President Richard J. Kramer. "Sustainability is a cornerstone of our business strategy and an integral part of our culture. Our engaged team of more than 70,000 Goodyear associates around the world will continue to deliver high-quality products and advanced mobility solutions enabled by responsibly managed materials in an efficient, responsible manner. We are committed to helping our customers reach their sustainability goals and to building a better future to keep the world moving today and tomorrow."

Goodyear's 2021 report is organized around the four pillars of the company's corporate responsibility framework, Goodyear Better Future: Sustainable Sourcing, Responsible Operations, Advanced Mobility and Inspiring Culture. Some of the report's highlights are described below.

Sustainable Sourcing: In 2021, Goodyear scientists and engineers developed a demonstration tire made of 70% sustainable materials. This is significant progress toward the company's goal of creating a tire made 100% from sustainable materials by 2030. The demonstration tire has 13 featured ingredients, including three different carbon blacks produced from methane, carbon dioxide and plant-based oil; soybean oil; rice husk ash silica; and polyester recycled from plastic bottles and other plastic waste.

Responsible Operations: In addition to announcing its long-term climate ambition of net-zero greenhouse gas emissions by 2050, Goodyear continued its work to reduce its environmental impact. In 2021, the company achieved a 24% reduction in greenhouse gas emissions intensity and an 18% reduction in energy intensity compared to a 2010 baseline. Goodyear also reduced global water consumption by 17% compared to a 2020 baseline.

Advanced Mobility: In 2021, Goodyear continued its focus on improving fuel efficiency by achieving a 32% reduction in rolling resistance and an 8.8% reduction in tire weight in its global consumer tire portfolio, from a 2005 baseline.

Inspiring Culture: In 2021, associate membership in Goodyear's Employee Resource Groups (ERGs) continued to grow, and one additional ERG was added bringing the total number of Goodyear ERGs to eight. More than 3,300 associates worldwide are members of Goodyear ERGs. 

"The accomplishments of 2021 are many, and I'm excited about the progress we are making along our journey," added Ellis A. Jones, vice president and chief sustainability officer. "This is a team effort, involving all of our associates across the globe. We have a strong foundation in place, which will allow us to continue to identify opportunities and overcome challenges."

Goodyear's 2021 report was prepared in accordance with the Global Reporting Initiative (GRI) Standards: Core option.

The 2021 Goodyear Corporate Responsibility Report can be found on the Goodyear Corporate Responsibility website.

About The Goodyear Tire & Rubber Company

Goodyear is one of the world's largest tire companies. It employs about 72,000 people and manufactures its products in 57 facilities in 23 countries around the world. Its two Innovation Centers in Akron, Ohio, and Colmar-Berg, Luxembourg, strive to develop state-of-the-art products and services that set the technology and performance standard for the industry. For more information about Goodyear and its products, go to www.goodyear.com/corporate.

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SOURCE The Goodyear Tire & Rubber Company

FAQ

What are the key highlights of Goodyear's 2021 Corporate Responsibility Report?

Goodyear's 2021 report highlights include a demonstration tire with 70% sustainable materials, a 24% reduction in greenhouse gas emissions intensity, and improvements in fuel efficiency.

What sustainability goals has Goodyear set for the future?

Goodyear aims to develop a tire made from 100% sustainable materials by 2030 and has set a long-term goal of net-zero greenhouse gas emissions by 2050.

How has Goodyear improved its environmental impact?

In 2021, Goodyear achieved a 24% reduction in greenhouse gas emissions intensity and an 18% reduction in energy intensity compared to a 2010 baseline.