Jim Fitterling Chair and Chief Executive Officer at Dow Chemical Company | Twitter Website
Jim Fitterling Chair and Chief Executive Officer at Dow Chemical Company | Twitter Website
MIDLAND, Mich., June 18, 2024 -- Dow (NYSE: DOW) released its 2023 INtersections Report today, 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 critical to its business and stakeholders: protecting the climate, advancing a circular economy and safer materials, cultivating a thriving team and community, and driving accountability and best-in-class performance.
"This year's report demonstrates how Team Dow is putting our ambition into action and collaborating to create innovative, sustainable solutions through our materials science," said Dow chair and CEO Jim Fitterling. "Sustainability and inclusion are key drivers of our growth and are integral to how we create value for our customers, communities, and shareholders. In 2023, we continued to make progress toward our targets while driving positive change for people and the planet."
The 2023 report marks the 20th year of voluntary sustainability reporting from Dow and the sixth year of inclusion, diversity, and equity reporting.
Notable accomplishments outlined in this year's report include:
**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.
- Sourced more than 50% of Dow's purchased electricity from renewables.
- Laid groundwork to expand Dow's Protect the Climate targets to include climate adaptation benchmarks focused on water and nature.
- Achieved Dow's 10-year 2025 Valuing Nature Goal two years ahead of schedule.
- Launched several innovative products contributing to GHG emissions reductions.
**Advancing a Circular Economy and Safer Materials**
- Aligned more than 89% of Dow's R&D innovation pipeline with climate protection, circular economy, and safer materials.
- Worked with customers to create more circular solutions like SURLYN™ REN using bio-based feedstocks.
- Launched new grades of REVOLOOP™ Recycled Plastics Resins made with up to 70% mechanically recycled post-consumer plastics waste.
- Received a CIO 100 Award for its Smart Search tool.
**Cultivating a Thriving Team and Community**
- Increased employee resource group participation by four percentage points from 2022.
- Named one of the World's Best Workplaces™ by Great Place To Work® and FORTUNE.
- Partnered with numerous nonprofits to accelerate social change.
- Achieved approximately $335 million in certified diverse small business spend globally.
**Driving Accountability and Best-in-Class Performance**
- Enhanced disclosures for Board qualifications, risk management, leadership succession planning.
- Refreshed the Dow Code of Conduct in alignment with industry best practices.
- Continued outpacing industry peers in Board member diversity.
Building on its commitment to transparency, Dow advanced disclosures in several areas including:
- Launched a comprehensive Water & Nature strategy committing to sustainable water management.
- Made significant strides in disclosing quantitative progress toward Transform the Waste goals.
- Enhanced Scope 3 emissions reporting aligning it with its circularity strategy for end-of-life products.
The environmental, social, and governance disclosures were prepared following five leading standards including GRI Sustainability Reporting Standards as reviewed by Deloitte & Touche LLP.
About Dow
Dow (NYSE: DOW) is one of the world's leading materials science companies serving high-growth markets such as packaging infrastructure mobility consumer applications. Operating manufacturing sites in 31 countries employing approximately 35,900 people. In 2023 delivered sales approximately $45 billion. Learn more at www.dow.com
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