Orion Engineered Carbons has announced its intention to achieve net zero emissions of greenhouse gases by 2050.
What is Orion Engineered Carbons?
Orion Engineered Carbons (NYSE: OEC), leading global supplier of carbon black – which is a solid form of carbon produced as powder or pellets – announced its plans to achieve net zero emissions by 2050.
The material is made to customers’ exacting specifications for tires, coatings, ink, batteries, plastics and numerous other specialties, and high-performance applications. Carbon black is utilised to tint, colourise, provide reinforcement, conduct electricity, increase durability, and add UV protection.
Currently, Orion has innovation centres on three continents and 14 plants worldwide, allowing them to offer the most diverse variety of production processes in the industry. The company’s corporate lineage goes back more than 160 years to Germany, where it operates the world’s longest-running carbon black plant.
Orion is a leading innovator, applying a deep understanding of customers’ needs to deliver sustainable solutions.
How does Orion intend to achieve net zero emissions?
Orion aspires to align its sustainability objectives with the Paris Climate Agreement and strive to achieve net zero emissions of greenhouse gases by 2050.
The net zero ambition demonstrates Orion’s ongoing commitment to address global climate change while meeting customers’ needs for highly engineered materials.
To make its net zero aspirations realistic, Orion developed a roadmap with near- and long-term targets. The company aims to:
- Launch a broad range of products using recycled materials by 2025, and during the same period position the company to enlarge its footprint in the conductive additives space, such as in lithium-ion batteries for electric vehicles and other applications critical for the transition toward electric power;
- Generate 30% of its adjusted EBITDA through sustainable solutions by 2030;
- Grow the sustainable solutions’ share of adjusted EBITDA to 50% by 2035; and
- Set new aspirational, mid-term goals for greenhouse gas emissions reduction that are aligned with science-based methodologies.
“We know our goal is ambitious, and we want to make sure that it is meaningful. Like most companies, we cannot say we have all the answers now. But we are determined to work hard to find sustainable solutions with collaboration, innovation, and the right regulatory environment,” said Corning Painter, Orion’s CEO.
“Our ambition to align with the Paris Climate Agreement is a natural progression in our sustainability journey. Investing in sustainability is core to our growth strategy and key to our success as a business.”
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