Axalta (NYSE:AXTA) announced its commitment to an absolute reduction of 50 percent of Scope 1 and 2 greenhouse gas (GHG) emissions by 2030, on its way to becoming carbon neutral in its operations by 2040 – one decade ahead of the deadline set by the Paris Agreement on Climate Change. In addition, the company has made 10 new sustainability commitments for 2030. Key among these is the commitment to produce sustainability benefits from 80 percent of Axalta’s new product developments.
“Today, we are coupling our commitment to technology, innovation, and people first with our commitment to building a more sustainable future,” said Robert Bryant, President and CEO of Axalta. “Our new goal to achieve carbon neutrality by 2040 enables us to lead our industry by example and to inspire our customers as we work to ensure the long-term well-being of our planet, our partners, and our business.”
To set these goals, Axalta conducted a comprehensive environmental, social, and governance (ESG) materiality assessment with internal and external stakeholders, including customers, suppliers, investors, board members, community and local government leaders, and company executives.
Axalta also worked to align with the United Nations Sustainable Development Goals in developing its ESG framework, structured under three key pillars:
- Planet Solutions: Focused on ensuring a more sustainable future for the planet, this first pillar includes a series of goals aimed at improving the company’s environmental performance and reducing the impact of its global operations. In addition to the carbon reduction targets, Axalta is taking steps to achieve a 10 percent reduction of VOC emissions, process waste, and water use from operations by 2030.
- Business Solutions: This second pillar concentrates on how Axalta’s products, services, and technology can help customers design and manufacture their finished products to help accelerate their own sustainability initiatives and achievements. Axalta is committing to deliver sustainability benefits from 80 percent of its new technology and innovation developments by 2030 and increasing, by at least 20 percent, the total percentage of net sales derived from products, services, and tools that offer sustainability benefits.
- People Solutions: Building on Axalta’s corporate culture, which is rooted in inclusivity, integrity, safety, and engagement, this third pillar will ensure that the company continues operating and fostering an environment where all our people can thrive. The company is committing to creating a more diverse and inclusive environment that results in increasing the representation of women in management positions globally to at least 30 percent by 2030. Axalta will continue to support its local communities via its Bright Futures Program, which includes STEM and vocational scholarships.
“Our focus on planet, business, and people solutions will guide us from a strategic, customer partnership, and employee engagement perspective,” added Mr. Bryant. “We’re excited to partner with our people, customers, suppliers, and all our other stakeholders around the globe on this journey to create and realize a more sustainable future.”