Westlake Reiterates Its Commitment to Company-Wide Continuous Improvement in Its 2020 ESG Report Business WireWestlake Reiterates Its Commitment to Company-Wide Continuous Improvement in Its 2020 ESG Report Business Wire
Impact Investing Forum 2024
London. April 24-25, 2023.
HOUSTON—-(BUSINESS WIRE)-Westlake Chemical Corporation (NYSE : WLK) has released its 2020 Environmental, Sustainability, and Governance (ESG), Essential Products, Critical Innovations, its fourth annual report. This report demonstrates the company’s commitment towards continuous improvement in its products, management, and communities. Highlights include a reduction in emissions, zero loss of plastic pellet, flake or powder from operations; an improved safety record; diversity action plan; and increased charitable donations in our communities during extreme weather events and pandemics. The report shows Westlake’s resilience and resolve to operate responsibly and protect its employees despite challenges such as COVID-19, hurricanes, and working with customers to create more sustainable products, such as GreenVin(tm), which is a caustic soda made with renewable energy, and Aspire Vinyl (r), which are the first phthalate-free and bio-based compounds with over 35% renewable content. The 2020 ESG Report by Westlake includes the Company’s initial materiality analysis. This identified 14 key areas for focus, including health and safety and climate change and energy, waste management and impact management, diversity, inclusion, and cyber security. As the company continues to adhere to the important global frameworks of ESG disclosures, communications, and communications, These areas are crucial for all key stakeholders of Westlake, including customers, investors, neighbors, employees, and customers. Albert Chao, president & chief executive officer of Westlake, stated that as a family-founded business, our business decisions have always been guided to safety, ethics and quality. “Our four-year-old sustainability reporting demonstrates our achievements and aspirations in fulfilling these long-standing commitments. We are taking concrete steps to our ESG journey, to deliver excellence today, and create a better tomorrow.” The 2020 report includes information about EcoVadis findings and rating as well as material ESG topics as identified by the Sustainability Accounting Standards Board. The fourth quarter will see the release of a supplement Global Reporting Initiative index (GRI), which will be available at www.westlake.com. In its 2021 ESG Report, Westlake will report more fully against GRI, SASB, and Task Force of Climate-related Financial Disclosures. Westlake continually improves its environmental footprint. In the last four years, Westlake has seen a reduction in CO2e emissions of almost 9%. This is also evident in our continued focus on emissions control, which includes investments in flare gas recovery and a 2020 reduction of flaring emissions by approximately 29,000 tonnes. Westlake is also expanding its use of recycled products and inventing new products to incorporate more recycled materials into their products. Chao said, “Our achievements are a credit our most valuable asset – our people.” “Westlake employees are part of a large extended family, and the diversity of that group is one of our greatest strengths. We are thrilled to share this important report. We will continue to achieve sustainable results that are important for our company, industry and investors as well as our employees. “Our company and the planet are better off as a result.” 2020 ESG Report also contains details on safety, training, development and community support. About Westlake Westlake is an international manufacturer and supplier, providing innovative products and materials that improve lives every day. We are based in Houston and provide the building blocks of vital solutions, including building products and infrastructure materials, packaging and healthcare products, as well as consumer goods and automotive products. Visit www.westlake.com for more information.