Report Highlights Several World-Scale Clean Energy Projects Launched in the Past Year to Help Speed the Energy Transition
LEHIGH VALLEY, Pa., June 7, 2022 /PRNewswire/ -- Air Products (NYSE: APD) published its 2022 Sustainability Report today – "Sustainability in Action" – detailing the Company's sustainability goals, showcasing several world-scale projects that will help enable the energy transition and highlighting how its industrial gases and expertise help customers reduce their environmental impact.
The Sustainability Report also provides stakeholders with economic, environmental and social performance data, in accordance with Global Reporting Initiative (GRI) standards "Core" option.
"Creating a cleaner, more sustainable future requires experience, investment and innovation on a world scale. At Air Products, we are making significant investments on actionable projects today that will make a meaningful difference and speed the energy transition," said Seifi Ghasemi, Air Products' Chairman, President and CEO. "I am proud that our more than 20,000 employees continue to develop and execute first-mover projects that provide real sustainability benefits. In doing so, they are living our higher purpose as a Company and bringing lower-carbon forms of energy to the world."
The Sustainability Report highlights several world-scale projects announced in the past year that support the energy transition, including:
- A multi-billion dollar net-zero hydrogen energy complex in Edmonton, Alberta, Canada. The project will include a net-zero hydrogen production and liquefaction facility. The project relies on an innovative combination of well-established technologies to jump-start an ambitious transition to carbon neutrality. The project is scheduled to be onstream in 2024.
- Teaming with World Energy to build a $2 billion major expansion at World Energy's Sustainable Aviation Fuel (SAF) production and distribution hub in Paramount, California. The facility is the world's first commercial scale facility and will produce 340 million gallons of fuel annually. The project is scheduled to be onstream in 2025.
- A $4.5 billion clean energy complex in Louisiana, which is Air Products' largest-ever investment in the United States. The facility will produce 750 million standard cubic feet per day of blue hydrogen. The project will also be the world's largest carbon capture for permanent sequestration project, capturing 95 percent of the process facility's carbon dioxide (CO2) emissions. The project is scheduled to be onstream in 2026.
The Sustainability Report also shares Air Products' progress toward meeting its "Third by '30" goal to reduce its CO2 emissions intensity (kg CO2/MM BTU) by one-third by 2030 from a 2015 baseline, as well as progress on other sustainability-related goals. Built on Air Products' "Grow, Conserve and Care" sustainability framework, the Sustainability Report covers important sustainability priorities based on feedback from key stakeholders. Below are a few 2021 highlights and results of the "Grow, Conserve and Care" focus.
- Grow – In 2021, Air Products' industrial gases and technologies enabled our customers to avoid 82 million metric tons of CO2 emissions, more than three times Air Products' combined direct (Scope 1) and indirect (Scope 2) CO2 emissions. Air Products generated 56 percent of revenues from sustainable offerings.
- Conserve – Air Products has avoided 1.5 million metric tons of CO2 emissions at facilities since 2015 through efficiency improvements, and 27 percent of purchased electricity in 2021 came from renewable sources. In 2021, Air Products reduced its CO2 emissions intensity by four percent from the 2015 baseline.
- Care – Increased the number of U.S. minorities in professional and managerial roles by 18 percent in fiscal year 2021. With that increase, Air Products topped its 2025 goal of boosting the overall percentage of U.S. minority representation in those roles from 17 percent to 22 percent and has set a new goal of 30 percent to be reached by 2025.
The Sustainability Report also cites several important recognitions received by the Company during the prior year, such as Air Products earning a perfect score on the Human Rights Campaign Foundation's 2022 Corporate Equality Index for the sixth year in a row. Air Products has also been awarded a gold medal rating for its Corporate Responsibility performance from EcoVadis, a multinational CSR ratings agency for the fifth year in a row, and been named to the Dow Jones Sustainability North America Index (DJSI) for the 11th consecutive year.
The complete Sustainability Report, supporting documents and a short highlights video are available on Air Products' Sustainability website.
About Air Products
Air Products (NYSE:APD) is a world-leading industrial gases company in operation for over 80 years. Focused on serving energy, environment and emerging markets, the Company provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemical, metals, electronics, manufacturing, and food and beverage. Air Products is also the global leader in the supply of liquefied natural gas process technology and equipment. The Company develops, engineers, builds, owns and operates some of the world's largest industrial gas projects, including: gasification projects that sustainably convert abundant natural resources into syngas for the production of high-value power, fuels and chemicals; carbon capture projects; and world-scale low- and zero-carbon hydrogen projects supporting global transportation and the energy transition.
The Company had fiscal 2021 sales of $10.3 billion from operations in over 50 countries and has a current market capitalization of about $55 billion. More than 20,000 passionate, talented and committed employees from diverse backgrounds are driven by Air Products' higher purpose to create innovative solutions that benefit the environment, enhance sustainability and address the challenges facing customers, communities, and the world. For more information, visit www.airproducts.com or follow us on LinkedIn, Twitter, Facebook or Instagram.
Cautionary Note Regarding Forward-Looking Statements: This release contains "forward-looking statements" within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's expectations and assumptions as of the date of this release and are not guarantees of future performance. While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including risk factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2021. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in the assumptions, beliefs or expectations or any change in events, conditions or circumstances upon which any such forward-looking statements are based.
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