Westlake Chemical Corporation (NYSE: WLK) today released its 2020 Environmental, Sustainability and Governance (ESG) report, Essential Products, Critical Innovations, the fourth annual report demonstrating the company’s commitment to continuous improvements in its operations, products, management and communities.
The report highlights include reductions in emissions; zero loss of plastic powder, pellet or flake from operations; an improved safety record; a diversity action plan; and increased charitable contributions in our communities amid the pandemic and extreme weather events.
The report demonstrates the resilience and resolve of Westlake to responsibly operate and safeguard its employees regardless of challenges, including COVID-19 and hurricanes, while working with customers to provide more sustainable products such as GreenVin™, a caustic soda produced with renewable energy and Aspire Vinyl®, the first phthalate-free, bio-based compounds with more than 35% renewable content.
Westlake’s 2020 ESG report includes the Company’s first materiality analysis, which identified 14 key areas of focus – including health and safety, climate change and energy, waste and circular economy, community engagement and impact management, diversity and inclusion, and cyber security -- as the company continues to align with the important global frameworks for ESG disclosures and communications. These focus areas are critical to all of the Company’s key stakeholders, including investors, suppliers, customers, neighbors and employees.
“As a family-founded company, our business decisions have always been guided by prioritizing safety, ethics, quality and the environment,” said Albert Chao, president and chief executive officer of Westlake. “Our sustainability reporting, which we began four years ago, illustrates our accomplishments and aspirations regarding these long-standing commitments. We are taking concrete steps in our ESG journey to deliver excellence today and create a better future.”
The 2020 report includes information on EcoVadis findings and ratings as well as material ESG topics identified by the Sustainability Accounting Standards Board (SASB). A supplement Global Reporting Initiative (GRI) index will be available in the fourth quarter on www.westlake.com. Westlake plans to more completely report against SASB, GRI, and the Task Force of Climate-related Financial Disclosures (TCFD) frameworks in its 2021 ESG report.
Westlake continuously improves its operations to reduce its environmental footprint. The company has reduced CO2e emissions by almost 9% in the last four years. Another example of this is our continued focus on emissions controls, including investments in flare gas recovery and a 2020 reduction in flaring emissions by approximately 29,000 tons. At the same time, Westlake is expanding use of recycled products and engineering new innovations for incorporating more recycled materials into a range of products.
“Our achievements are a credit to our most valuable asset, our people,” concluded Chao. “Westlake employees are members of an extended family and the diversity of that team is one of our major strengths. We are excited to release this important report. We will continue to drive sustainable results that matter for our company, industry, investors, and employees. Our company and the planet will be better as a result.”
The 2020 ESG report also includes details on safety, training and development and community support.
Westlake is a global manufacturer and supplier of materials and innovative products that enhance life every day. Headquartered in Houston, we provide the building blocks for vital solutions — from building products and infrastructure materials, to packaging and healthcare products, to automotive and consumer goods. For more information, visit the company's web site at www.westlake.com.