Dow’s carbon partnership with the International Olympic Committee reaches its target of two million tonnes of greenhouse gas emission reductions
Third-party verified emission reductions of carbon dioxide equivalent (CO2e) go beyond traditional offsets and encourage collaboration and adoption of low-carbon technologies
MIDLAND, Mich. – December 27, 2021 – Dow (NYSE: DOW) announces today that its carbon partnership with the International Olympic Committee (IOC) has delivered on the goal of two million tonnes of third-party verified CO2e emission reductions by end of year 2021, five years ahead of the original 2026 goal year.
Dow was named the Official Carbon Partner of the IOC in 2017 and has since developed a portfolio of global carbon mitigation projects based on Dow’s technology for the built environment, packaging and industrial processes, combined with carbon offsets from high quality external projects. The objective was to balance the IOC’s direct and indirect carbon emissions during the period of 2017-2020, while generating long-term carbon savings in different industry sectors well beyond that period. Altogether, the collaboration’s resulting emissions are expected to leave a positive climate legacy.
“Dow has collaborated with the Olympic Movement for more than 40 years. Looking back at that history, it's clear that sport is about so much more than competition; it's about the wider impact it can have,” said Mike Reed, Vice President of Sports Marketing Solutions, Dow. “These carbon programs implemented through sport harnessed the power of science-based solutions and inspired tangible action among Dow’s customers to spark change for decades to come. This journey to go beyond business as usual is a prime example of how aligned goals among diverse organizations can bring about a better future.”
According to best practices and Dow’s Climate Solutions Framework, offsets from third-party project developers can also be used to accelerate results or to address specific footprints. Such offsets, stringently selected and retired on behalf of IOC, come from high-quality projects developed to international standards and recognized under the International Carbon Reduction and Offset Alliance (ICROA) Code of Practice.
Environmental Resources Management (ERM) provided third-party verification of GHG emission reductions against the Dow Climate Solutions Framework.
“The range and reach of work stemming from our partnership with Dow has enabled us to reach carbon neutrality by compensating our residual 2017-2020 direct and indirect emissions,” said Marie Sallois, IOC Director of Corporate and Sustainable Development. “As one of the most comprehensive carbon mitigation efforts in the history of the IOC and the Olympic Games, this collaboration with Dow has been an important element of our sustainability strategy, creating a lasting legacy beyond the sports world.”
In addition to the Company’s carbon partnership with the IOC, Dow’s collaborations with the broader Olympic Movement have brought new levels of science and innovation to multiple high-carbon industries through more than 20 carbon mitigation projects in over 12 countries, including those completed in conjunction with the Sochi 2014 and Rio 2016 Olympic & Paralympic Organizing Committees. Together, these collaborations have delivered third-party verified emission reductions of more than 6 million tonnes of CO2e since launched.
Dow (NYSE: DOW) combines global breadth, asset integration and scale, focused innovation and leading business positions to achieve profitable growth. The Company’s ambition is to become the most innovative, customer centric, inclusive and sustainable materials science company, with a purpose to deliver a sustainable future for the world through our materials science expertise and collaboration with our partners. 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 care. Dow operates 106 manufacturing sites in 31 countries and employs approximately 35,700 people. Dow delivered sales of approximately $39 billion in 2020. 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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