Eastman (NYSE:EMN) announced ambitious 2030 sustainability commitments Tuesday in tandem with the publication of its 2020 sustainability report. The report highlights the company's commitment to sustainable innovation and establishes goals to address three difficult, long-term and potentially devastating challenges that will affect our rapidly growing population: climate change, the plastic waste crisis and social inequities.
"Through process, systems and material innovations, we can create solutions that help to solve the climate and plastic waste crises while introducing products to market to care for an ever-growing population," said Mark Costa, Eastman Board Chair and CEO. "We think of it as innovating for A Better Circle."
As a materials innovator, Eastman is uniquely positioned to address these challenges and to help create solutions that serve everyone. Through this Better Circle approach, the company intends to:
Mitigate climate change
Eastman has a responsibility to continuously improve its operational footprint. The company supports the Paris Agreement and in alignment with it, Eastman is committing to achieve carbon neutrality by 2050.
- Reduce absolute greenhouse gas scope 1+2 emissions by one-third by 2030 to achieve carbon neutrality by 2050.
- Innovate to provide products that enable energy savings and greenhouse gas emissions reductions down our value chains and at the consumer level.
Eastman is contributing to a circular economy. For Eastman, that means keeping plastic waste out of landfills and the environment through recycling innovations that convert waste to materials thereby reducing the use of fossil feedstocks.
- Recycle more than 500 million pounds of plastic waste annually via molecular recycling technologies, with a 2025 commitment to recycle more than 250 million pounds of plastic waste annually through these technologies.
- Catalyze improvement of the recycling system by continuing to expand capabilities to recycle more complex products and by participating in initiatives and collaborations to drive increased collection.
Care for society
Eastman's business begins and ends with people. By working from the inside out to ensure its employee population mirrors the world's population in its diverse make-up and aligning its external partnerships and support with its key impact areas, Eastman will contribute to creating a more equitable society.
- Achieve gender parity in alignment with commitment to Paradigm for Parity®.
- Be a leader for racial equity within our industry.
- Drive new product innovations that advance soutions for society's most pressing needs while ensuring product safety and transparency.
As part of the company's dedication to achieving its 2030 commitments, Eastman has released its 2020 sustainability report. The report is a transparent look into progress the company made on its 2020 goals and a roadmap of how it intends to achieve its 2030 agenda.
"Our sustainability strategy builds on the progress we achieved in pursuit of our previous targets," Costa said. "We have gained crucial insights into how sustainability paired with innovation will drive our transformation to a specialty materials company, and we are committed to advancing both environmental and social practices across our corporation and within our communities, reporting our progress annually."
The company's 2020 sustainability report is available now. To view the full report and learn more about Eastman's 2030 commitments to creating A Better Circle, visit www.eastman.com/en/sustainability.
Founded in 1920, Eastman is a global specialty materials company that produces a broad range of products found in items people use every day. With the purpose of enhancing the quality of life in a material way, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability. The company's innovation-driven growth model takes advantage of world-class technology platforms, deep customer engagement, and differentiated application development to grow its leading positions in attractive end markets such as transportation, building and construction, and consumables. As a globally inclusive and diverse company, Eastman employs approximately 14,500 people around the world and serves customers in more than 100 countries. The company had 2019 revenues of approximately $9.3 billion and is headquartered in Kingsport, Tennessee, USA.