Westlake Corporation (NYSE: WLK) has unveiled its 2022 Environmental, Social, and Governance (ESG) report, marking the company's sixth annual update on the progress of its sustainability initiatives across products and operations. This year's report highlights specific metrics established by the Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB). Additionally, in the fourth quarter of 2022, Westlake conducted a Task Force on Climate-Related Disclosures (TCFD) Gap Assessment. The 2022 ESG report incorporates the company's initial TCFD disclosures, laying the groundwork for future reporting in line with TCFD standards.
The report outlines Westlake's advancements in reducing carbon intensity within its operations and introduces five new ESG objectives focused on water, health and safety, community engagement, diversity and inclusion, and the circular economy.
With operations spanning North America, Europe, and Asia, Westlake recognizes the significance of aligning with widely accepted ESG frameworks to enhance transparency for customers, shareholders, partners, and employees worldwide. The company remains committed to disclosing environmental progress and addressing climate-related risks and opportunities, particularly within a rapidly changing regulatory environment.
Albert Chao, President and CEO of Westlake, emphasized the importance of globally recognized frameworks in providing transparent data and context about the company's role within various communities and markets. He stated, "ESG reporting enables us to evaluate our current position, identify our future goals, and establish a roadmap for achieving significant milestones along this journey."
A notable instance demonstrating the significance of ESG metrics in Westlake's pursuit of continuous improvement is the company's carbon goal to achieve a 20% reduction in Scope 1 and Scope 2 carbon-dioxide equivalent (CO2e) emissions per ton of production by 2030, based on a 2016 baseline. As of December 31, 2022, Westlake successfully achieved an 18% reduction in total Scope 1 and Scope 2 GHG emissions intensity compared to its 2016 baseline. The company continues to explore economically viable technologies to pave the way for achieving operational net-zero carbon by 2050.
Furthermore, Westlake is actively exploring avenues to enhance circularity in its products across four main fronts, including an increased focus on internal recycling, waste reduction, greater incorporation of recycled content, and the integration of renewable and bio-based materials into its product lines.
For further details and access to the 2022 ESG Report, please visit the Environmental, Social, and Governance (ESG) section on the Westlake website.
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