Specialty chemicals company Orion Engineered Carbons has announced it aims to align company sustainability objectives with the Paris Climate Agreement and seeks to achieve net-zero greenhouse gas emissions by 2050.
The net-zero ambition comes as part of the chemical company’s ongoing commitment to address global climate change while continuing to meet customer demand for highly engineered materials essential for tires and other products.
To achieve its net-zero targets, Orion has released a roadmap which details short and long-term targets. These include launching several products by 2025 that utilize recycled materials in addition to generating 30% of adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) through sustainable solutions by 2030. Orion aims to grow its sustainable solutions share of adjusted EBITDA to 50% by 2035. Furthermore, the company will set new mid-term goals aligned with science-based methodologies to achieve greenhouse gas emissions reduction.
“We know our goal is ambitious, and we want to make sure it’s meaningful. Like most companies, we can’t say we have all the answers now. But we’re determined to work hard to find sustainable solutions with collaboration, innovation and the right regulatory environment,” said Corning Painter, CEO, Orion. “Our ambition to align with the Paris Climate Agreement is a natural progression in our sustainability journey. Investing in sustainability is core to our growth strategy and key to our success as a business.”