Dow saves $120 million by investing in nature
The Dow Chemical Company is edging towards making its huge global business more sustainable.
The corporation’s latest sustainability report details some of the progress being made, including cost savings of $120 million over the past year from its ‘valuing nature’ project. The scheme aims to create $1 billion in value from nature-based solutions by 2025.
This means the company has sought to actively incorporate nature into its decision making and in finding solutions to problems. It has already invested in a major wetland restoration project at a waste treatment plant in Texas.
Using nature to address environmental issues, such as water scarcity, coastal erosion and air pollution are growing in prominence. A recent study found that nature could help save $50 billion in damages caused by increased flooding across the US Gulf Coast. The UN has also promoted using green measures to as a way of tackling the growing number of worldwide water shortages.
“At Dow, we see one role of business as a catalyst for change – as a driver of innovations that improve life and the environment, while creating sustainable economic growth,” said Jim Fitterling, the company’s CEO.
He added that the company’s 2025 sustainability goals will “help redefine the role of business in society”.
One of its main commitments is to make the transition to a fully circular business where recycling and reuse are completely designed into all its products. It will also ensure that while the company plans to grow its carbon emissions will not exceed a baseline set in 2006. This will be achieved through energy efficiency measures and buying new renewable power.
“We will continue to drive science- and technology-based solutions for key global challenges such as marine debris, carbon emissions and water availability, collaborating alongside our customers, governments, NGOs and other important stakeholders.”
Photo Credit: Dow