Westlake Establishes 2030 Target to Reduce Carbon Dioxide Emissions

Rhea-AI Summary

Westlake Corporation (NYSE: WLK) aims to achieve a 20% reduction in Scope 1 and Scope 2 CO₂ equivalent emissions per ton of production by 2030, using 2016 as a baseline. To facilitate this goal, the company plans to invest in both proven and emerging technologies, focusing on energy efficiency, less carbon-intensive power sources, and incorporating hydrogen as a fuel. Recent milestones include lower-emission products and acquisitions aimed at enhancing sustainability. Westlake will continue to report sustainability metrics according to established frameworks.

Positive

• Targeting a 20% reduction in CO₂ emissions by 2030 from 2016 levels.
• Focus on sustainable product innovations and operational improvements.
• Successful introduction of lower-emission caustic soda and PVC products.
• Acquisition of businesses enhancing sustainable practices in wind turbine and automotive sectors.

Negative

• None.

HOUSTON--(BUSINESS WIRE)-- Westlake Corporation (NYSE: WLK) today announced its target to reduce Scope 1 and Scope 2 CO₂ equivalent emissions per ton of production by 20% by 2030 from a 2016 baseline.

To further reduce its carbon footprint, Westlake’s strategy is to optimally allocate capital to both proven and emerging technologies, including additional product and operational innovations. This strategy includes energy-efficiency projects, increasing power from less carbon-intensive electricity providers, adding more hydrogen as a fuel gas, and other continuous operational improvements.

“Westlake has been lowering carbon intensity every year through our continuous improvement efforts and capital investments,” said Westlake President and Chief Executive Officer Albert Chao. “As a manufacturer of essential products that enhance people’s lives every day, we are committed to innovating more sustainable products and producing them in a more sustainable fashion.”

In 2021, Westlake announced several sustainability related milestones, including:

• Introduction of lower-emission caustic soda, a material found in detergents, paper and packaging materials, pharmaceuticals and water treatments products.
• Introduction of lower-emission PVC and a lighter-weight, more durable molecular-oriented PVC (PVCO) pipe that is manufactured with a lower-carbon footprint than other water main pipe materials.
• Acquisition of a global epoxy business that manufactures epoxies used to fabricate wind turbine blades and light-weight automotive components.
• Acquisition of a consumer and building products business with products made from post-industrial-recycled polymers.
• Trialing a “one-pellet solution,” which incorporates post-consumer resin (PCR) that could be used in everyday performance applications, such as packaging, trash bags, heavy-duty bags and pallet-shrink wrap.

“Our continued focus on sustainability is integral to our current and future success,” said Larry Schubert, Vice President of Corporate Development and Sustainability for Westlake Corporation. “We have achieved many milestones and are advancing on our path to mitigate our environmental impact and enable lower-carbon solutions to meet today’s climate challenges."

In 2022, Westlake plans to continue reporting sustainability metrics informed by the Sustainability Accounting Standards Board (SASB) voluntary disclosure framework, the Task Force on Climate-Related Financial Disclosures (TCFD) guidance, and the Global Reporting Initiative (GRI) framework.

According to the U.S. Environmental Protection Agency, “Scope 1 emissions are direct greenhouse (GHG) emissions that occur from sources that are controlled or owned by an organization (e.g., emissions associated with fuel combustion in boilers, furnaces, vehicles). Scope 2 emissions are indirect GHG emissions associated with the purchase of electricity, steam, heat, or cooling.”

About Westlake

Westlake is a global manufacturer and supplier of materials and innovative products that enhance life every day. Headquartered in Houston, with operations in Asia, Europe and North America, we provide the building blocks for vital solutions — from housing and construction, to packaging and healthcare, to automotive and consumer. For more information, visit the company's web site at www.westlake.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220221005084/en/

Media Inquiries:

Westlake Corp.

L. Benjamin Ederington, 1-713-960-9111

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Investor Inquiries:

Westlake Corp.

Steve Bender, 1-713-960-9111

Source: Westlake Corporation

FAQ

What is Westlake Corporation's goal for CO2 emissions reduction by 2030?

Westlake Corporation aims to reduce its Scope 1 and Scope 2 CO2 emissions by 20% per ton of production by 2030, using 2016 as the baseline.

What strategies is Westlake Corporation implementing to reduce its carbon footprint?

Westlake is allocating capital to proven and emerging technologies, focusing on energy efficiency, less carbon-intensive power sources, and using hydrogen as fuel.

What sustainability milestones did Westlake Corporation achieve in 2021?

In 2021, Westlake introduced lower-emission caustic soda and PVC products, acquired businesses focused on sustainable practices, and trialed a 'one-pellet solution' incorporating post-consumer resin.