Dow releases 2023 INtersections Report, outlining progress toward its sustainability commitments
- Marks the 20th year of voluntary sustainability reporting from the Company
- Includes comprehensive disclosures in accordance with leading standards and frameworks for accountability and transparency
MIDLAND, Mich., June 18, 2024 /PRNewswire/ -- Dow (NYSE:DOW) released its 2023 INtersections Report today, highlighting how the Company is advancing its ambition to be the most innovative, customer-centric, inclusive and sustainable materials science company in the world. The report also highlights Dow's environmental, social and governance commitments to deliver long-term value and best-in-class performance through innovation and strategic collaborations that will support a more sustainable future.
The report affirms Dow's focus on four key areas that are critical to its business and stakeholders, including protecting the climate, advancing a circular economy and safer materials, cultivating a thriving team and community, and driving accountability and best-in-class performance.
"This year's report demonstrates how Team Dow is putting our ambition into action and collaborating to create innovative, sustainable solutions through our materials science," said Dow chair and CEO Jim Fitterling. "Sustainability and inclusion are key drivers of our growth and are integral to how we create value for our customers, communities and shareholders. In 2023, we continued to make progress toward our targets while driving positive change for people and the planet."
The 2023 report marks the 20th year of voluntary sustainability reporting from Dow and sixth year of inclusion, diversity and equity reporting.
Notable accomplishments outlined in this year's report, which is based on full-year 2023 data, include:
Protecting the climate
- Approved the final investment decision to build the world's first net-zero Scope 1 and 2 emissions integrated ethylene cracker and derivatives facility in Fort Saskatchewan, Alberta, Canada. The project, which will decarbonize 20% of Dow's global ethylene capacity, is critical to delivering on the Company's 2030 emissions reduction target while also contributing to the commercialization of low-to-zero emissions products.
- Sourced more than 50% of Dow's purchased electricity, or more than 1,000 megawatts (MW), from renewables, exceeding the Company's 2025 target of 750 MW.
- Laid the groundwork to expand Dow's Protect the Climate targets to include climate adaptation benchmarks focused on water and nature. The new Water & Nature strategy is designed to support resiliency for Dow sites and surrounding natural ecosystems.
- Achieved Dow's 10-year 2025 Valuing Nature Goal two years ahead of schedule, realizing $1.2 billion in net present value for business-driven projects that enhance nature.
- Launched several innovative products that contribute to Greenhouse Gas (GHG) emissions reductions, such as EcoSense™ 2470 Surfactant for home care market, ENDURANCE™ HFDD-4201 SC Compound for Cable Systems, and a new range of propylene glycol (PG) solutions made from alternative feedstocks that are bio-based or circular.
Advancing a circular economy and safer materials
- Aligned more than 89% of Dow's R&D innovation pipeline to the focus areas of climate protection, circular economy and safer materials.
- Worked alongside customers to create more circular, high-performing solutions, including SURLYN™ REN and SURLYN™ CIR Ionomers using circular and bio-based feedstocks that help create high-quality cosmetic packaging.
- Launched 12 new grades of REVOLOOP™ Recycled Plastics Resins, Dow's global line of resins made with up to 70% mechanically recycled post-consumer plastics waste.
- Received a CIO 100 Award for its Smart Search tool that revolutionizes the search process for chemicals and saves research time and cost by identifying leads for testing materials amongst the over 200 million known chemicals.
Cultivating a thriving team and community
- Increased best-in-class employee resource group participation by four percentage points from 2022, with 60.8% participation from Dow employees.
- Named one of the 25 World's Best Workplaces™ by Great Place To Work® and FORTUNE.
- Partnered with 640 nonprofits, educational institutions and other community organizations to accelerate social change and create a more sustainable and equitable future.
- Achieved approximately $335 million of certified diverse and small business spend globally, surpassing its $275 million target.
Driving accountability and best-in-class performance
- Enhanced disclosures for Board of Director qualifications, enterprise risk management and leadership succession planning.
- Refreshed the Dow Code of Conduct in alignment with industry best practices.
- Continued to outpace industry peers in the percentage of Board members and executive leadership who are U.S. ethnic minorities.
Building on the longstanding commitment to transparency and accountability to the stakeholders, the Company advanced disclosures in several areas in its 2023 report, including:
- Launched a comprehensive Water & Nature strategy, committing to sustainable water management and the protection of biodiversity.
- Made significant strides in disclosing quantitative progress toward its Transform the Waste goals and defining clear metrics to track and communicate its achievements.
- Includes enhanced disclosures in line with Green Bond principles and specific investments like the Fort Saskatchewan Alberta Canada project.
- Enhanced its Scope 3 emissions reporting, aligning it with its circularity strategy for end-of-life products.
- Committed to high integrity offsets for residual emissions, ensuring that its Greenhouse Gas (GHG) Emissions Offset Positioning reflects its dedication to credible and impactful climate action.
The 2023 environmental, social and governance disclosures were prepared in accordance with five leading standards and frameworks, including the Global Reporting Initiative (GRI), the Greenhouse Gas (GHG) Protocol, the Task Force on Climate-related Financial Disclosures (TCFD), the Sustainability Accounting Standards Board (SASB) and the World Economic Forum's (WEF) Stakeholder Capitalism Metrics. Dow engaged Deloitte & Touche, LLP to perform a review engagement and obtain limited assurance on management's assertion related to disclosures presented in accordance with the 2021 GRI Sustainability Reporting Standards as of, and for the year ended, December 31, 2023, and related to Scopes 1, 2 and 3 emissions presented in accordance with the Greenhouse Gas (GHG) Protocol Corporate Accounting and Reporting Standards under its Corporate Standards for the year ended December 31, 2023.
About Dow
Dow (NYSE:DOW) is one of the world's leading materials science companies, serving customers in high-growth markets such as packaging, infrastructure, mobility and consumer applications. Our global breadth, asset integration and scale, focused innovation, leading business positions and commitment to sustainability enable us to achieve profitable growth and help deliver a sustainable future. We operate manufacturing sites in 31 countries and employ approximately 35,900 people. Dow delivered sales of approximately $45 billion in 2023. References to Dow or the Company mean Dow Inc. and its subsidiaries. Learn more about us and our ambition to be the most innovative, customer-centric, inclusive and sustainable materials science company in the world by visiting www.dow.com.
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SOURCE The Dow Chemical Company