CHARLOTTE, N.C.,
June 12,
2024 /PRNewswire/ -- Albemarle Corporation (NYSE:
ALB), a global leader in providing essential elements for mobility,
energy, connectivity, and health, today published its 2023
Sustainability Report, All the Elements for a Better World,
detailing updates on sustainability strategy execution and the
important progress made toward achieving the company's
sustainability goals.
"As a purpose-driven and values-led organization, sustainability
is core to who we are and how we choose to operate," said Albemarle
Chairman and CEO Kent Masters. "This
report reflects our commitment to provide enduring value for our
stakeholders as we seek to create a more resilient world. The
progress to date is a credit to the employees, investors, customers
and communities who share our vision for the future."
Sustainability Report Highlights
- Earned an EcoVadis Gold Medal for the company's annual business
sustainability assessment including 21 sustainability criteria,
placing Albemarle in the top
95th percentile among all companies rated in the past
year.
- Conducted a new double materiality assessment to identify the
sustainability issues that matter most to Albemarle and its stakeholders resulting in
updated areas of focus for the company such as waste and
circularity, responsible sourcing, innovation, talent and
culture.
- Announced an innovative agreement with Martin Marietta
Materials to make beneficial use of extracted non-ore-bearing
material from Albemarle's proposed
Kings Mountain Mine Project. The agreement allows Albemarle the opportunity to repurpose
byproduct material by delivering it to nearby Martin Marietta's Kings Mountain Quarry in a
sustainable and responsible manner.
- Achieved Initiative for Responsible Mining Assurance (IRMA) 50
level performance score for the Salar de Atacama site in
Chile, becoming the first lithium
producer to complete an independent audit and have its report
published by IRMA.
- Expanded life cycle assessments, including completing
Albemarle's first in-house product
carbon footprint study of elemental bromine produced in
Magnolia, Arkansas.
- Continued to build on strong customer relationships, including
a new partnership with Caterpillar Inc., to collaborate on
solutions to support a full circular battery value chain and
sustainable mining operations.
Highlights on Target Progress
- On track to reduce the intensity of freshwater usage by 25% by
2030 in Chile and Jordan, due to the Chilean operations reaching
the target ahead of schedule with the optimization of the thermal
evaporator at the La Negra site.
- Energy Storage business is on track to grow in a scope 1 and 2
carbon-intensity neutral manner through 2030, due in part to the
acquisition of 100% renewable electricity for sites in Chile and Kings
Mountain, North Carolina, and increased renewable
electricity in Silver Peak, Nevada, and Xinyu, China.
- Achieved 2023 target of collecting primary emissions data from
suppliers that represent 75% of our raw material carbon
footprint.
- Specialties business is on track to reduce absolute scope 1 and
2 carbon emissions by 2030.
- The company is on track to reduce sulfur oxide emissions by 90%
by 2027 and continues to evaluate technology options to achieve
this target.
The report was developed with reference to the Global Reporting
Initiative (GRI) standards, the Sustainability Accounting Standards
Board (SASB) standards, and recommendations outlined by the Task
Force on Climate-Related Financial Disclosures (TCFD).
To read Albemarle's 2023
Sustainability Report, visit the company's newly refreshed website
at www.albemarle.com. The website's new sustainability section
features reporting content, including management approach,
policies, and sustainability data downloads, in addition to global
enterprise information on business units, product offerings and
other corporate updates. The sustainability hub will also feature
the company's upcoming Sustainability Day video on highlights from
the report in late June 2024.
About Albemarle
Albemarle Corporation (NYSE: ALB) leads the world in transforming
essential resources into critical ingredients for mobility, energy,
connectivity, and health. We partner to pioneer new ways to move,
power, connect and protect with people and planet in mind. A
reliable and high-quality global supply of lithium and bromine
allows us to deliver advanced solutions for our customers.
FORWARD-LOOKING STATEMENTS
The 2023 Sustainability Report and our sustainability webpage
contain statements relating to Albemarle's operations, growth strategies and
sustainability plans that are based on our current expectations,
anticipations and beliefs regarding the future, which constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements, which are based on assumptions that we have made as of
the date hereof and are subject to known and unknown risks and
uncertainties, often contain words such as "anticipate," "believe,"
"estimate," "expect," "design," "target," "project," "commit,"
"aim," "intend," "may," "outlook," "scenario," "should," "would,"
and "will." Forward-looking statements are not guarantees of future
performance and are subject to certain risks, uncertainties and
other factors, many of which are beyond the company's control and
are difficult to predict. Therefore, actual outcomes and results
may differ materially from what is expressed or forecasted in such
forward-looking statements. The reader should not place undue
reliance on these forward-looking statements, which speak only as
of the date of this report. Unless legally required, Albemarle undertakes no obligation to update
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise. Standards of measurement
and performance made in reference to our environmental, social,
governance and other sustainability plans and goals may be based on
protocols, processes and assumptions that continue to evolve and
are subject to change in the future, including due to the impact of
future regulations. Factors that could cause Albemarle's actual results to differ
materially from the outlook expressed or implied in any
forward-looking statement include: changes in economic and business
conditions; financial and operating performance of customers;
timing and magnitude of customer orders; fluctuations in lithium
market prices; production volume shortfalls; increased competition;
changes in product demand; availability and cost of raw materials
and energy; technological change and development; fluctuations in
foreign currencies; changes in laws and government regulation;
regulatory actions, proceedings, claims or litigation;
cyber-security breaches, terrorist attacks, industrial accidents or
natural disasters; political unrest; changes in inflation or
interest rates; volatility in the debt and equity markets;
acquisition and divestiture transactions; timing and success of
projects; performance of Albemarle's partners in joint ventures and
other projects; changes in credit ratings; and the other factors
detailed from time to time in the reports Albemarle files with the SEC, including those
described under "Risk Factors" in Albemarle's most recent Annual Report on Form
10-K and any subsequently filed Quarterly Reports on Form 10-Q,
which are filed with the SEC and available on the investor section
of Albemarle's website
(investors.albemarle.com) and on the SEC's website at
www.sec.gov.
Media Contact:
Hailey Quinn, +1 (980) 299-5640,
Hailey.Quinn@albemarle.com
Investor Relations Contact:
Meredith Bandy, +1 (980) 999-5768,
Meredith.Bandy@albemarle.com
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SOURCE Albemarle Corporation