GOODYEAR RECEIVES SCIENCE-BASED TARGET VALIDATION

Rhea-AI Summary

Goodyear's greenhouse gas reduction targets validated by Science Based Targets initiative.

Positive

• Goodyear's science-based near-term and net-zero greenhouse gas reduction targets have been validated by the Science Based Targets initiative (SBTi).

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• None.

AKRON, Ohio, Oct. 11, 2023 /PRNewswire/ -- The Goodyear Tire & Rubber Company (NASDAQ: GT) today announced that the company's science-based near-term and net-zero greenhouse gas (GHG) reduction targets have been validated by the Science Based Targets initiative (SBTi).

The SBTi evaluated Goodyear's Scope 1 and Scope 2 near-term target ambition and determined it is in line with a trajectory of limiting warming to 1.5°C above pre-industrial levels. The SBTi team also evaluated the company's Scope 1, 2 and 3 long-term target ambition and determined it was aligned with the SBTi's 1.5°C mitigation pathways for reaching net-zero greenhouse gas emissions by 2050.

Goodyear is committed to reaching net-zero greenhouse gas emissions across its value chain by 2050 from a 2019 base year. In addition, the company is committed to reducing absolute Scope 1 and 2 GHG emissions 46.2% by 2030 from a 2019 base year, and absolute Scope 3 GHG emissions from purchased goods and services, fuel and energy-related activities and upstream transportation by 28% within the same timeframe.

"It is through the hard work of our team and their collaborative efforts with partners across our value chain that we are able to identify opportunities and build sound strategies to help us reach both our near- and long-term climate goals," said Richard J. Kramer, chairman, chief executive officer and president. "The SBTi's validation of our greenhouse gas emissions targets further strengthens our sustainability commitments."

In addition to setting near- and long-term climate goals, Goodyear has committed to using 100% renewable electricity in all manufacturing facilities by 2030 and 100% renewable energy in all manufacturing facilities by 2040, developing a tire made of 100% sustainable materials by 2030 and replacing all petroleum-derived oils in its products by 2040. Goodyear reports annually on its progress toward achieving these goals.

The SBTi is a partnership between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). At the end of 2022, more than 4,000 companies covering over a third of the global economy's market capitalization were setting targets or committing to do so via the SBTi. In addition, just over 2,000 companies have had their targets validated by SBTi, with Goodyear being one of those companies.

About The Goodyear Tire & Rubber Company

Goodyear is one of the world's largest tire companies. It employs about 74,000 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 is the news about?

The news is about Goodyear's greenhouse gas reduction targets being validated by the Science Based Targets initiative.

What are Goodyear's near-term targets?

Goodyear aims to reduce absolute Scope 1 and 2 GHG emissions by 46.2% by 2030 from a 2019 base year.

What are Goodyear's long-term targets?

Goodyear aims to reach net-zero greenhouse gas emissions across its value chain by 2050.

What other sustainability commitments has Goodyear made?

Goodyear has committed to using 100% renewable electricity in all manufacturing facilities by 2030 and 100% renewable energy in all manufacturing facilities by 2040, developing a tire made of 100% sustainable materials by 2030, and replacing all petroleum-derived oils in its products by 2040.

Who validated Goodyear's targets?

The Science Based Targets initiative (SBTi) validated Goodyear's greenhouse gas reduction targets.

How many companies have set targets via the SBTi?

At the end of 2022, over 4,000 companies covering over a third of the global economy's market capitalization were setting targets or committing to do so via the SBTi.

How many companies have had their targets validated by SBTi?

Just over 2,000 companies have had their targets validated by SBTi, including Goodyear.