- Expands sustainability targets with commitment to Transform the Waste, building on 2025 Sustainability Goals and additional targets announced in 2020
- Enabled by recently announced advanced and mechanical recycling partnerships that have increased Dow's capacity to use waste as feedstock
- Forms new business platform to accelerate scaling of projects around the world to deliver on expanded target
MIDLAND, Mich., Oct. 17, 2022 -- Dow Inc. (NYSE: Dow) today announced it will accelerate the sustainability targets the Company set in 2020 by expanding its Stop the Waste target to a Transform the Waste target. By 2030, Dow will transform plastic waste and other forms of alternative feedstock to commercialize 3 million metric tons of circular and renewable solutions annually. To do this, Dow will expand its efforts to stop the waste by building industrial ecosystems to collect, reuse or recycle waste and expand its portfolio to meet rapidly growing demand.
"We are expanding our commitments to address plastic waste and meet customers' increasing demands for more sustainable and circular products," said Jim Fitterling, Dow's chairman and chief executive officer. "Through investments in key technologies, infrastructure and strategic collaborations, we are expanding our Stop the Waste goal to reflect the transformation of Dow's plastic franchise and leadership to enable a circular economy. We will increase the value of waste and enable a new industrial ecosystem to grow, which in turn will allow Dow to scale our ability to produce circular and low-carbon emission solutions."
It is expected that the waste required to produce 3 million metric tons of circular and renewable solutions per year by 2030 will surpass and replace Dow's original 1 million metric ton goal.
"Our expanded sustainability target reflects our commitment to raise the bar for ourselves and the broader industrial ecosystem as we leverage our materials science expertise, commitment to circular innovation and productive collaboration with our partners," said André Argenton, Dow's chief sustainability officer and vice president of Environment, Health & Safety.
Several recently announced circular and mechanical offtake agreements and projects will help contribute to achieving the target, including:
- Agreements with Mura Technology to construct multiple world-scale advanced recycling facilities in the U.S. and Europe, collectively adding as much as 600KT of annual capacity;
- An investment to build the largest single hybrid recycling site in France, managed by Valoregen, which will secure a source of post-consumer resins (PCR) for Dow;
- A collaboration with Nexus Circular to create a circular ecosystem in Dallas, Texas, for previously non-recycled plastic building on its previous Hefty® EnergyBag® collaboration with Nexus and Reynolds Consumer Products;
- Mechanical recycling collaboration with Boomera LAR in Brazil;
- An investment in Mr. Green Africa and an agreement to co-develop more traceable, fair, and high-quality PCR that can be used in the production of new flexible plastic packaging; and
- A memorandum of understanding (MoU) with Lucro Plastecycle to develop and launch polyethylene (PE) film solutions using PCR plastics in India.
To support Dow's expanded target and to support accelerated success through stronger focus, increased accountability and robust decision-making, Dow has also recently formed a new business platform, Circular & Renewable Solutions, aligned within the Packaging & Specialty Plastics operating segment. Daniella Souza Miranda leads this new business platform as its global business director.
"Today's announcement demonstrates our strong commitment to increase our use of feedstocks from recycled and renewable sources," said Diego Donoso, president of Dow Packaging & Specialty Plastics. "The creation of the Circular & Renewable Solutions business platform will accelerate our ability to deliver on these enhanced commitments and advance our circular plastics business model."
Progress against the revised target will be included in the Company's consolidated Environmental, Science and Governance report, 'INtersections,' which can be found here.
Dow (NYSE: DOW) combines global breadth; asset integration and scale; focused innovation and materials science expertise; leading business positions; and environmental, social and governance (ESG) leadership to achieve profitable growth and deliver a sustainable future. The Company's ambition is to become the most innovative, customer centric, inclusive and sustainable materials science company in the world. Dow's portfolio of plastics, industrial intermediates, coatings and silicones businesses delivers a broad range of differentiated, science-based products and solutions for its customers in high-growth market segments, such as packaging, infrastructure, mobility and consumer applications. Dow operates 104 manufacturing sites in 31 countries and employs approximately 35,700 people. Dow delivered sales of approximately $55 billion in 2021. References to Dow or the Company mean Dow Inc. and its subsidiaries. For more information, please visit www.dow.com or follow @DowNewsroom on Twitter.
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Where, in any forward-looking statement, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. A detailed discussion of principal risks and uncertainties which may cause actual results and events to differ materially from such forward-looking statements is included in the section titled "Risk Factors" contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 and the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2022. These are not the only risks and uncertainties that Dow faces. There may be other risks and uncertainties that Dow is unable to identify at this time or that Dow does not currently expect to have a material impact on its business. If any of those risks or uncertainties develops into an actual event, it could have a material adverse effect on Dow's business. Dow and TDCC assume no obligation to update or revise publicly any forward-looking statements whether because of new information, future events, or otherwise, except as required by securities and other applicable laws.
SOURCE The Dow Chemical Company