Dow publishes 2nd annual integrated ESG Report, building on a legacy of transparent and voluntary reporting leadership
- Report highlights Dow's comprehensive advancements across, and within, important areas of environmental protection, social progress, and accountable governance
- Provides convenient access to data and disclosures aligned with key ESG reporting frameworks
- Received Limited Assurance for GRI and Scope 1 and Scope 2 emissions in accordance with GHG Protocol reporting
MIDLAND, Mich., June 15, 2022 -- Dow Inc. (NYSE: DOW) today released its second annual comprehensive Environmental, Social, and Governance (ESG) report, further demonstrating its commitment to transparency in data disclosure and how the Company is working to deliver solutions to global challenges that create lasting value for all its stakeholders.
Dow's "INtersections" report reflects the interdependency between the environment and society, innovation and science, collaboration and action, and builds on 18 consecutive years of voluntary sustainability reporting and three years of inclusion and diversity reporting.
"The challenges facing our local and global communities are increasingly complex and interconnected, and demand a collaborative and integrated approach," said Jim Fitterling, chairman and CEO of Dow. "They also require game-changing ideas fueled by science. As a science and technology company, we eagerly take on the responsibility for finding answers to the most pressing challenges of our time. This is central to our purpose as a company. It is central to our growth strategy. And it is central to driving best-in-class performance and accountability."
Key highlights from the report, which is based on full-year 2021 data, include:
Executing on a plan to decarbonize and grow.
- Announced plans to build the world's first net-zero carbon emissions, integrated ethylene cracker and derivatives site in Fort Saskatchewan, Alberta.
- Outlined a detailed roadmap to reduce current CO2 emissions from operations in Terneuzen, the Netherlands, by more than 40% by 2030.
- Expanded access to renewable energy to more than 900 megawatts, maintaining Dow's position as one of the top 20 global corporations using renewable, clean energy.
Accelerating sustainability investments to enable design for recyclability and more circular plastics.
- Scaling supply partnerships with companies such as Mura Technology and Fuenix to produce circular feedstocks from advanced recycling processes.
- Announced commitment to delivering circular polymers from advanced recycling by the end of 2022.
- Investing in collaborative actions to minimize and manage plastic waste through partnerships such as the Alliance to End Plastic Waste.
Taking deliberate actions to drive inclusion, diversity and equity.
- Introduced new global paid-time off policies that provide employees with equal opportunity for parental leave, to take care of their families, and to volunteer and engage in Employee Resource Group (ERG) activities.
- Exceeded annual representation improvement goals for U.S. Ethnic minorities (26%), women globally (28.9%), and women in people leadership globally (35.3%).
- Linked inclusion and diversity metrics to the annual performance award program for all people leaders and senior directors, where legally permissible.
Mobilizing alliances of diverse stakeholders to create meaningful social change.
- Increased the Company's commitment to $13 million for Dow ACTs, a framework designed to address systemic racism and inequality.
- Joined OneTen, a coalition of businesses that have pledged to upskill, hire and advance 1 million Black individuals in the U.S. over the next decade.
- Invested $2 million in seed grants for projects in 12 countries, including infrastructure projects that help keep plastic waste out of the environment and back into the circular economy.
Improving governance, transparency and accountability.
- Raised the bar on ESG reporting and disclosures through improved carbon emissions reporting and improved climate risk disclosures and greenhouse gas intensity metrics.
- Continued diversifying the Dow board, electing three new members in 2021 and 2022.
- Working with the World Economic Forum's International Business Council to help develop consistent international frameworks for ESG reporting and accounting standards.
The 2021 "INtersections" ESG Report includes disclosures prepared in accordance with the Global Reporting Initiative (GRI) Standards: Comprehensive option and the Greenhouse Gas (GHG) Protocol. In addition to the GRI and GHG, the report reflects disclosures aligned with the Taskforce on Climate-related Financial Disclosures (TCFD), Sustainability Accounting Standards Board (SASB), and World Economic Forum (WEF) Stakeholder Capitalism Metrics. Dow engaged Deloitte & Touche, LLP to perform a review engagement on management's assertion related to disclosures prepared and presented in accordance with the Global Reporting Initiative Sustainability Reporting Standards under its Comprehensive option as of, and for the year-ended December 31, 2021 and related to Scope 1 and Scope 2 emissions prepared and presented in accordance with the Greenhouse Gas Protocol Corporate Accounting and Reporting Standards under its Corporate Standards for the year-ended December 31, 2021.
To learn more about Dow's industry-leading contributions toward a better, more sustainable and equitable future, please read its comprehensive 2021 ESG Report 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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Cautionary Statement about Forward-Looking Statements
Certain statements in this report are "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements often address expected future business and financial performance, financial condition, and other matters, and often contain words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "may," "opportunity," "outlook," "plan," "project," "seek," "should," "strategy," "target," "will," "will be," "will continue," "will likely result," "would" and similar expressions, and variations or negatives of these words or phrases.
Forward-looking statements are based on current assumptions and expectations of future events that are subject to risks, uncertainties and other factors that are beyond Dow's control, which may cause actual results to differ materially from those projected, anticipated or implied in the forward-looking statements and speak only as of the date the statements were made. These factors include, but are not limited to: sales of Dow's products; Dow's expenses, future revenues and profitability; the continuing global and regional economic impacts of the coronavirus disease 2019 ("COVID-19") pandemic and other public health-related risks and events on Dow's business; any sanction, export restrictions, supply chain disruptions or increased economic uncertainty related to the ongoing conflict between Russia and Ukraine; capital requirements and need for and availability of financing; unexpected barriers in the development of technology, including with respect to Dow's contemplated capital and operating projects; Dow's ability to realize its commitment to carbon neutrality on the contemplated timeframe; size of the markets for Dow's products and services and ability to compete in such markets; failure to develop and market new products and optimally manage product life cycles; the rate and degree of market acceptance of Dow's products; significant litigation and environmental matters and related contingencies and unexpected expenses; the success of competing technologies that are or may become available; the ability to protect Dow's intellectual property in the United States and abroad; developments related to contemplated restructuring activities and proposed divestitures or acquisitions such as workforce reduction, manufacturing facility and/or asset closure and related exit and disposal activities, and the benefits and costs associated with each of the foregoing; fluctuations in energy and raw material prices; management of process safety and product stewardship; changes in relationships with Dow's significant customers and suppliers; changes in consumer preferences and demand; changes in laws and regulations, political conditions or industry development; global economic and capital markets conditions, such as inflation, market uncertainty, interest and currency exchange rates, and equity and commodity prices; business or supply disruptions; security threats, such as acts of sabotage, terrorism or war including the ongoing conflict between Russia and Ukraine; weather events and natural disasters; disruptions in Dow's information technology networks and systems; and risks related to Dow's separation from DowDuPont Inc. such as Dow's obligation to indemnify DuPont de Nemours, Inc. and/or Corteva, Inc. for certain liabilities.
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 its subsequent reports on Form 10-Q and Form 8-K. 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 assumes 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.
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