Axalta commits to new sustainability goals for 2030
Sets 2040 carbon neutrality goal
GLEN MILLS, Pa., Jan. 25, 2022 /PRNewswire/ -- Axalta (NYSE: AXTA), a leading global supplier of liquid and powder coatings, today 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."
A complete list of Axalta's 2030 sustainability goals is available at axalta.com/sustainability.
About Axalta Coating Systems
Axalta is a global leader in the coatings industry, providing customers with innovative, colorful, beautiful, and sustainable coatings solutions. From light vehicles, commercial vehicles, and refinish applications to electric motors, building facades, and other industrial applications, our coatings are designed to prevent corrosion, increase productivity, and enhance durability. With more than 150 years of experience in the coatings industry, the global team at Axalta continues to find ways to serve our more than 100,000 customers in over 130 countries better every day with the finest coatings, application systems, and technology. For more information, visit axalta.com and follow us @axalta on Twitter.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding Axalta's ESG strategy, goals, commitments, and objectives, and reflects Axalta's current assumptions and expectations. There can be no assurance that Axalta will be successful in reaching the goals or commitments discussed above or in its other ESG communications or materials. Forward–looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward–looking statements. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward–looking statements we make. We undertake no obligation, and do not intend, to update the forward–looking statements. Axalta's ESG materiality assessment was intended to discern the matters that our stakeholders believe are significant to Axalta; these matters may not be material from a financial perspective. For additional information about the factors that could cause actual results to differ materially from forward-looking statements, see Axalta's Form 10-K and Form 10-Q filings with the U.S. Securities and Exchange Commission.
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SOURCE Axalta Coating Systems Ltd.
Released January 25, 2022