Our business is energy-intensive, so having an energy portfolio that makes us less dependent on carbon prices and helps us reduce our carbon intensity makes sense.
Wind turbines on the Texas plains. Solar panels in an industrial park in The Netherlands. Eucalyptus wood biomass from managed forests in Brazil. Each are sources of clean, renewable energy purchased by Dow – helping to improve our carbon footprint while providing diverse, cost-effective power sources for our manufacturing sites.
Dow is the leading customer of clean energy in our sector and amongst the leading 25 worldwide companies for renewable power use, according Bloomberg New Energy Finance rankings. Across the world, we have contracts for power procured by wind, solar, hydropower, biomass and landfill gas.
Our business is energy-intensive, so having an energy portfolio that makes us less dependent on carbon prices and helps us reduce our carbon intensity makes sense. Projects are selected based on the lowest long-term cost of power or steam from available sources. Plus, our investments in purchased renewable power have contributed to us reducing our overall greenhouse gas (GHG) emissions by 15% in the last 15 years.
More than that, we see renewable energy as an important immediate step to achieving a lower-carbon economy. As both a major user of energy and a producer of technologies that are essential to a lower-carbon economy, we have a responsibility to do our part to aid that transition. In 2016, we set a target as part of our 2025 Sustainability Goals to obtain 750 megawatts (MW) of energy from renewable resources by 2025 – a goal we’re on pace to achieve. In June, we announced new targets aimed at putting us on a path to carbon neutrality by 2050. And Dow is not alone: 63% of Fortune 100 companies have set one or more clean energy targets, according to a Ceres report.
Emerging technologies and declining costs for renewable energy continue to provide opportunities for companies such as Dow to align and benefit from the shift to a net-zero carbon world. For example:
Recognizing climate change as one of the most urgent challenges of our ages, businesses have become major drivers of renewable energy growth. In 2019, our company obtained approximately 13% of our total electricity consumption from renewable sources and have announced several new renewable energy purchases in 2020.
By investing in renewable energy purchases that support additionality and the continued development of renewable energy markets, both business and the environment will benefit from affordable, reliable and sustainable energy.
Read more about our approach to clean energy and how that fits in with our focus on climate protection in our 2019 Sustainability Report.
Eunice Heath, Corporate Director of Sustainability
Life’s most persistent and urgent question is, ‘What are you doing for others?’
Martin Luther King Jr.
Systemic racism has long been woven into the fabric of our society, and acts of racial injustice are not new. Yet, the recent spotlight following the public murders of George Floyd, Ahmaud Arbery and Breonna Taylor have activated a movement for change. This is a movement that Dow has committed to driving forward through Dow ACTs, our bold framework to address racism and inequality in our Company and in our communities.
As part of this work, Dow is recognizing MLK Day as an annual paid time off holiday in the U.S. for the first time ever this year.