Goodyear Opts For Renewable Energy In European And Turkish Plants

Rhea-AI Summary

The Goodyear Tire & Rubber Company (NASDAQ: GT) announced the adoption of 100% renewable energy at its plants in Europe and Turkey by 2022. This initiative is part of a broader climate strategy aiming to cut carbon emissions intensity by 25% from 2010 levels by 2023. With the purchase of approximately 700,000 megawatt-hours of renewable electricity, Goodyear expects to reduce its carbon footprint by up to 260,000 tons. The first phase includes plants in France, Germany, Luxembourg, Poland, Slovenia, Turkey, and the Netherlands.

Positive

• Transition to 100% renewable energy at European and Turkish plants by 2022.
• Goal to reduce carbon emissions intensity by 25% by 2023 compared to 2010.
• Achieved 19% reduction in carbon emissions intensity as of 2020.
• Purchasing 700,000 megawatt-hours of renewable electricity will reduce carbon footprint by up to 260,000 tons.

Negative

• None.

BRUSSELS, Sept. 22, 2021 /PRNewswire/ -- The Goodyear Tire & Rubber Company (NASDAQ: GT) today announced it will adopt 100% renewable energy at its Goodyear plants across Europe and Turkey* in the first of a multiple-phase plan to procure 100% renewable energy in all its facilities across Europe, Middle East and Africa by the end of 2022.

The decision, made in conjunction with the company's development of its long-term climate strategy, will enable Goodyear to reduce operational impacts and aligns with its goal of reducing carbon emissions intensity by 25% by 2023 versus a 2010 baseline. The company already achieved 19% intensity reduction in 2020 as reported in its latest Corporate Responsibility Report.

By purchasing around 700,000 megawatt-hours of renewable electricity, Goodyear can ensure that manufacturing plants in France, Germany, Luxembourg, Poland, Slovenia, Turkey and the Netherlands will operate on sustainably sourced electricity. This shift will reduce the company's carbon footprint by up to 260,000 tons.

Goodyear will increase usage of renewable energy sources like hydro, wind, solar or geothermic biomass power to achieve this critical shift. To ensure electricity has been produced from renewable energy sources, Goodyear procures GoOs (Guarantee of Origin), which provide information to electricity customers on the source of their energy.

"Switching to 100% renewable electricity at these production facilities fits perfectly with our commitment to reduce our carbon footprint," said Chris Delaney, president, Goodyear EMEA. "Furthermore, this decision shows that we are taking serious steps to continuously reduce Goodyear's environmental impacts which is vitally important to ensure a better future for us all."

This is one of a number of actions Goodyear is taking to ensure it contributes to a reduction in carbon emissions. Earlier this year the company announced it would construct Luxembourg's first large scale solar carport which is now operational.

* France, Germany, Luxembourg, Poland, Slovenia, Turkey, and the Netherlands will be included in the first phase, other Goodyear locations such as Goodyear in South Africa, and Cooper Tire plants in Serbia and UK will be reviewed in a second phase.

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 55 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 is Goodyear's renewable energy plan for Europe?

Goodyear plans to adopt 100% renewable energy at its plants in Europe and Turkey by 2022.

How much carbon emissions does Goodyear aim to reduce?

Goodyear aims to reduce carbon emissions intensity by 25% by 2023 compared to 2010 levels.

What is the expected reduction in carbon footprint from Goodyear's renewable energy initiative?

The shift to renewable energy is expected to reduce Goodyear's carbon footprint by up to 260,000 tons.

Which countries are included in Goodyear's first phase of renewable energy adoption?

The first phase includes France, Germany, Luxembourg, Poland, Slovenia, Turkey, and the Netherlands.