Owens Corning (NYSE: OC) today published its 2022 Sustainability
Report, Our Mission at Work, outlining the company’s progress
toward its 2030 sustainability goals.
“In 2022, we made progress toward many of our 2030 goals while
delivering strong financial results,” said Board Chair and Chief
Executive Officer Brian Chambers. “In doing so, we demonstrated the
power of our company’s mission to build a sustainable future
through material innovation.”
The report is the 17th sustainability report from Owens Corning,
which published its first report in 2006. The 2022 report is the
first under the leadership of Senior Vice President and Chief
Sustainability Officer David Rabuano, who is leading the company’s
next-chapter sustainability strategy.
“In 2023 and beyond, sustainability will remain at the heart of
our business and a critical value creator for Owens Corning, our
customers, and other stakeholders,” said Rabuano. “As we shift into
the next chapter of our sustainability strategy, we will build on
the foundational efforts that have been central to sustainability
within our organization – and with the engagement of our 19,000
employees worldwide, we will take the action needed to reach the
next level.”
Across all three of its businesses, Owens Corning offers an
extensive portfolio of products that can help customers save energy
and lower emissions. In 2022, 63% of the company’s revenue came
from this category of products, spanning roofing, insulation, and
composites.
The company’s guiding sustainability aspirations are to:
- Increase the positive impact of its products
- Halve the negative impact of its operations
- Eliminate injuries and improve the quality of life for its
employees and their families
- Advance inclusion and diversity and have a positive impact in
its communities
Notable accomplishments outlined in this year’s report
include:
- Reducing greenhouse gas emissions: In 2022, the company
achieved a 22% reduction in Scope 1 and Scope 2 emissions from a
2018 baseline. These results move the company closer to its goal of
a 50% reduction in absolute Scope 1 and Scope 2 market-based GHG
emissions by 2030.
- Switching to renewable electricity: Globally,
approximately 56% of the company’s electricity came from renewable
sources, including wind, hydro, solar, and geothermal energy, in
2022. This metric is defined as the renewable energy sourced from
the grid and the energy enabled by our Power Purchase Agreements
(PPAs) and Virtual PPAs, including on-site generation. In 2022, the
company entered into a VPPA in Spain that is expected to come on
line in stages throughout 2023 and 2024. With a contract capacity
of 81.9 MW, it is expected to produce 223 GWh per year.
- Circular economy: Owens Corning is a partner in the
ZEBRA (ZerowastE Blade ReseArch) project in Europe, a cross-sector
consortium working to develop the first 100% recyclable wind
turbine blade. In 2022, the project achieved a milestone with
production of the first prototype blade, with Owens Corning’s wind
science and technology team developing new high-performance glass
compatible with the resin. As a material engineering partner, the
company also delivered a test matrix to support blade design and
the production and delivery of 25 tons of fabrics.
- Building an inclusive workplace: The company progressed
toward its 2030 goal to have people of color fill 22% of U.S.
mid-level leader, director, and vice president roles with 17% of
leadership roles belonging to people of color in 2022, about a 2%
increase from 2021. The company also moved forward on its goal to
have women fill 35% of global roles at that same level, with nearly
29% of leadership roles belonging to women last year.
- Maintaining an unconditional focus on safety: In 2022,
the recordable incident rate was 0.65. This performance is 81%
better than the manufacturing industry average, as reported by the
U.S. Bureau of Labor Statistics for 2021 (the most recent data
available).
- Serving the community: Owens Corning and the Owens
Corning Foundation provided $7.6 million in cash and in-kind giving
to support nonprofit organizations with a focus on safe and
efficient housing, basic health and wellness, and educational
opportunity.
The report was prepared in accordance with the Global Reporting
Initiative (GRI) Standards. In addition, the report addresses
disclosures and material issues related to CDP (formerly the Carbon
Disclosure Project), the S&P Global Corporate Sustainability
Assessment (CSA) and Dow Jones Sustainability Index (DJSI), the
United Nations Sustainable Development Goals (SDGs), UN Global
Compact Communication on Progress, and other stakeholders’
requests, including the Sustainability Accounting Standards Board
(SASB) and the Task Force on Climate-related Financial Disclosures
(TCFD).
Detailed information about the company’s sustainability
strategy, goals, and progress are available at
owenscorning.com/sustainability.
About Owens Corning
Owens Corning is a global building and construction materials
leader committed to building a sustainable future through material
innovation. Our three integrated businesses – Composites,
Insulation, and Roofing – provide durable, sustainable,
energy-efficient solutions that leverage our unique material
science, manufacturing, and market knowledge to help our customers
win and grow. We are global in scope, human in scale with
approximately 19,000 employees in 31 countries dedicated to
generating value for our customers and shareholders and making a
difference in the communities where we work and live. Founded in
1938 and based in Toledo, Ohio, USA, Owens Corning posted 2022
sales of $9.8 billion. For more information, visit
www.owenscorning.com.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. In this context,
forward-looking statements often address expected future business
and financial performance and financial condition, and often
contain words such as "expect," “aspire,” "anticipate," "intend,"
"plan," "believe," "seek," "see," "will," "would," "target," and
similar expressions and variations or negatives of these words.
Forward-looking statements include statements that relate to the
purpose, ambitions, aspirations, commitments, targets, plans,
objectives, and results of Owens Corning's sustainability strategy.
Forward-looking statements include statements related to the
standards and measurement of progress against the company's
sustainability goals, including metrics, data and other
information, which are based on estimates and assumptions believed
to be reasonable at the time. The actual conduct of the company's
activities and results thereof, including the development,
implementation, achievement or continuation of any goal, program,
policy or initiative discussed or expected in connection with Owens
Corning's sustainability strategy may differ materially from the
statements made herein. The use of the word "material" for the
purposes of statements regarding our sustainability strategy and
goals should not be read as equating to any use of the word in the
company's other disclosures or filings with the U.S. Securities and
Exchange Commission.
These forward-looking statements are subject to risks,
uncertainties and other factors and actual results may differ
materially from any results projected in the statements. These
risks, uncertainties and other factors include, without limitation:
levels of residential and commercial or industrial construction
activity; demand for our products; industry and economic conditions
including, but not limited to, supply chain disruptions,
recessionary conditions, inflationary pressures, interest rate and
financial market volatility and the viability of banks and other
financial institutions; availability and cost of energy and raw
materials; levels of global industrial production; competitive and
pricing factors; relationships with key customers and customer
concentration in certain areas; issues related to acquisitions,
divestitures and joint ventures or expansions; climate change,
weather conditions and storm activity; legislation and related
regulations or interpretations, in the United States or elsewhere;
domestic and international economic and political conditions,
policies or other governmental actions, as well as war and civil
disturbance (such as Russia's invasion of Ukraine); changes to
tariff, trade or investment policies or laws; uninsured losses,
including those from natural disasters, catastrophes, pandemics,
theft or sabotage; environmental, product-related or other legal
and regulatory liabilities, proceedings or actions; research and
development activities and intellectual property protection; issues
involving implementation and protection of information technology
systems; foreign exchange and commodity price fluctuations; our
level of indebtedness; our liquidity and the availability and cost
of credit; our ability to achieve expected synergies, cost
reductions and/or productivity improvements; the level of fixed
costs required to run our business; levels of goodwill or other
indefinite-lived intangible assets; price volatility in certain
wind energy markets in the U.S.; loss of key employees and labor
disputes or shortages; defined benefit plan funding obligations;
and factors detailed from time to time in the company’s Securities
and Exchange Commission filings. The company does not undertake any
duty to update or revise forward-looking statements except as
required by federal securities laws.
Owens Corning Company News / Owens Corning Investor Relations
News
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version on businesswire.com: https://www.businesswire.com/news/home/20230522005724/en/
Media Relations: Todd Romain 419.248.7826
Investor Relations: Amber Wohlfarth 419.248.5639
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