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Dow has released its 2023 INtersections Report this week, highlighting how the company is advancing its ambition to be the most innovative, customer-centric, inclusive and sustainable materials science company in the world. The report also highlights Dow's environmental, social and governance commitments to deliver long-term value and best-in-class performance through innovation and strategic collaborations that will support a more sustainable future. The report affirms Dow's focus on four key areas that are critical to its business and stakeholders, including protecting the climate, advancing a circular economy and safer materials, cultivating a thriving team and community, and driving accountability and best-in-class performance.
According to Dow, "The 2023 report marks the 20th year of voluntary sustainability reporting from Dow and sixth year of inclusion, diversity and equity reporting." The report is based on full year 2023 data and highlights many of the company's accomplishments in decarbonization. Some of the key accomplishments outlined in the recent report include (but are certainly not limited to) the following:
Protecting the climate
Approved the final investment decision to build the world's first net-zero Scope 1 and 2 emissions integrated ethylene cracker and derivatives facility in Fort Saskatchewan, Alberta, Canada. The project, which will decarbonize 20% of Dow's global ethylene capacity, is critical to delivering on the Company's 2030 emissions reduction target while also contributing to the commercialization of low-to-zero emissions products.
Sourced more than 50% of Dow's purchased electricity, or more than 1,000 megawatts (MW), from renewables, exceeding the Company's 2025 target of 750 MW.
Laid the groundwork to expand Dow's Protect the Climate targets to include climate adaptation benchmarks focused on water and nature. The new Water & Nature strategy is designed to support resiliency for Dow sites and surrounding natural ecosystems.
Achieved Dow's 10-year 2025 Valuing Nature Goal two years ahead of schedule, realizing $1.2 billion in net present value for business-driven projects that enhance nature.
Launched several innovative products that contribute to Greenhouse Gas (GHG) emissions reductions, such as EcoSense 2470 Surfactant for home care market, ENDURANCE HFDD-4201 SC Compound for Cable Systems, and a new range of propylene glycol (PG) solutions made from alternative feedstocks that are bio-based or circular.
Advancing a circular economy and safer materials
Aligned more than 89% of Dow's R&D innovation pipeline to the focus areas of climate protection, circular economy and safer materials.
Worked alongside customers to create more circular, high-performing solutions, including SURLYN REN and SURLYN CIR Ionomers using circular and bio-based feedstocks that help create high-quality cosmetic packaging.
Launched 12 new grades of REVOLOOP Recycled Plastics Resins, Dow's global line of resins made with up to 70% mechanically recycled post-consumer plastics waste.
Received a CIO 100 Award for its Smart Search tool that revolutionizes the search process for chemicals and saves research time and cost by identifying leads for testing materials amongst the over 200 million known chemicals.
Building on the longstanding commitment to transparency and accountability to the stakeholders, the Company advanced disclosures in several areas in its 2023 report, including:
Launched a comprehensive Water & Nature strategy, committing to sustainable water management and the protection of biodiversity.
Made significant strides in disclosing quantitative progress toward its Transform the Waste goals and defining clear metrics to track and communicate its achievements.
Includes enhanced disclosures in line with Green Bond principles and specific investments like the Fort Saskatchewan Alberta Canada project.
Enhanced its Scope 3 emissions reporting, aligning it with its circularity strategy for end-of-life products.
Committed to high integrity offsets for residual emissions, ensuring that its Greenhouse Gas (GHG) Emissions Offset Positioning reflects its dedication to credible and impactful climate action.
There is much more to the report. What is listed here are they key areas of the sustainability initiatives that involve operational technology. ARC continues to track the overall business impact of sustainability initiatives on the overall market for OT and automation. Dow's focus on revamping existing processes to be carbon neutral, such as the Fort Saskatchewan project, are a great example of how existing processes can be remade to me environmentally friendly with the right investments in technology that is available today. Increased focus on intelligent water management and improved circularity are also major initiatives that ARC sees in multiple industry segments, all of which involves the application of advanced operational technologies. You can read the entire news release here and download the report itself here.