BURLINGTON, ON, June 26, 2024 /CNW/ - EcoSynthetix Inc. (TSX: ECO) ("EcoSynthetix" or the "Company"), a renewable chemicals company that produces a portfolio of commercially proven bio-based products, today announced it has been named one of the top 50 Corporate Citizens in Canada in the 23rd edition of the Corporate Knights' ranking, an independent media and research B Corp which specializes in sustainability. It is the third consecutive year EcoSynthetix has been named in the Best 50 ranking.
"Our bio-based materials replace conventional petroleum-based chemicals in the manufacturing processes of several large industrial markets. We replace formaldehyde in the production of furniture, help in the production of pulp, packaging and tissue and provide natural ingredients for personal care products. As retailers and manufacturers pursue paths to meet their carbon and climate targets, our commercially proven polymers offer material carbon footprint improvements," said Jeff MacDonald, CEO of EcoSynthetix. "This recognition from Corporate Knights helps to raise awareness with our customers and prospects of the sustainable attributes our bio-polymers can bring to their supply chains. With the heightened scrutiny of sustainability claims the work of Corporate Knights is increasingly important as a transparent and quantitative-based approach which distinguishes our performance in the market."
EcoSynthetix aims to embed environmental stewardship in all aspects of its business; the company derives 100% of its revenue from renewable, bio-based products. The Company's "Carbon Commitment" calls for carbon footprint reductions enabled by the use of EcoSynthetix' products by its customers that target to avoid 100% of the carbon emissions associated with its business, which would result in a 1:1 carbon cover, making EcoSynthetix a climate positive business. Management believes the Company can achieve its mid-term goal to have a 1.5:1 carbon cover by 2027, meaning that carbon footprint reductions enabled by the use of EcoSynthetix' products by its customers should avoid 150% of the carbon emissions associated with its business.
Inaugurated in 2002, the Corporate Knights annual ranking is based on an assessment of Canadian publicly traded, privately owned and Crown corporations. Each is evaluated on a set of up to 25 key performance indicators. All companies are scored on applicable metrics relative to their peers, with 50% of the weight assigned to sustainable investment and sustainable revenues. Nine of the indicators have fixed weights; the rest are assigned weights according to each industry's relative impact in relation to the overall economy. The ranking relies on publicly available information and is distinguished by its transparent and quantitative methodology. A digital version of the ranking and further contextual and methodological information is available here.
About EcoSynthetix Inc. (www.ecosynthetix.com)
EcoSynthetix offers a range of sustainable engineered biopolymers that allow customers to reduce their use of harmful materials, such as formaldehyde and styrene-based chemicals. The Company's flagship products, DuraBind™, Surflock™, Bioform™ and EcoSphere®, are used to manufacture wood composites, personal care, paper, tissue and packaging products, and enable performance improvements, economic benefits and carbon footprint reduction. The Company is publicly traded on the Toronto Stock Exchange (T:ECO).
About Corporate Knights
Corporate Knights Inc. is an independent media and research B Corp. Its media division publishes the award-winning sustainable-economy magazine Corporate Knights, circulated in The Globe and Mail, The Washington Post and The Wall Street Journal. Its research division maintains the Sustainable Economy Intelligence Database, produces sustainability rankings, research reports and financial product ratings based on corporate sustainability performance. Learn more at corporateknights.com.
SOURCE EcoSynthetix Inc.
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