Albemarle Corporation published its 2023 sustainability report
Charlotte, NC – Albemarle Corporation published its 2023 Sustainability Report, All the Elements for a Better World, detailing updates on sustainability strategy execution and the important progress made toward achieving the company’s sustainability goals.
“As a purpose-driven and values-led organization, sustainability is core to who we are and how we choose to operate,” said Albemarle Chairman and CEO Kent Masters. “This report reflects our commitment to provide enduring value for our stakeholders as we seek to create a more resilient world. The progress to date is a credit to the employees, investors, customers and communities who share our vision for the future.”
Sustainability Report Highlights – Earned an EcoVadis Gold Medal for the company’s annual business sustainability assessment including 21 sustainability criteria, placing Albemarle in the top 95th percentile among all companies rated in the past year.
Conducted a new double materiality assessment to identify the sustainability issues that matter most to Albemarle and its stakeholders resulting in updated areas of focus for the company such as waste and circularity, responsible sourcing, innovation, talent and culture.
Announced an innovative agreement with Martin Marietta Materials to make beneficial use of extracted non-ore-bearing material from Albemarle’s proposed Kings Mountain Mine Project. The agreement allows Albemarle the opportunity to repurpose byproduct material by delivering it to nearby Martin Marietta’s Kings Mountain Quarry in a sustainable and responsible manner.
Achieved Initiative for Responsible Mining Assurance (IRMA) 50 level performance score for the Salar de Atacama site in Chile, becoming the first lithium producer to complete an independent audit and have its report published by IRMA.
Expanded life cycle assessments, including completing Albemarle’s first in-house product carbon footprint study of elemental bromine produced in Magnolia, Arkansas.
Continued to build on strong customer relationships, including a new partnership with Caterpillar Inc., to collaborate on solutions to support a full circular battery value chain and sustainable mining operations.
Highlights on Target Progress
On track to reduce the intensity of freshwater usage by 25% by 2030 in Chile and Jordan, due to the Chilean operations reaching the target ahead of schedule with the optimization of the thermal evaporator at the La Negra site.
Energy Storage business is on track to grow in a scope 1 and 2 carbon-intensity neutral manner through 2030, due in part to the acquisition of 100% renewable electricity for sites in Chile and Kings Mountain, North Carolina, and increased renewable electricity in Silver Peak, Nevada, and Xinyu, China.
Achieved 2023 target of collecting primary emissions data from suppliers that represent 75% of our raw material carbon footprint.
Specialties business is on track to reduce absolute scope 1 and 2 carbon emissions by 2030.
The company is on track to reduce sulfur oxide emissions by 90% by 2027 and continues to evaluate technology options to achieve this target.
The report was developed with reference to the Global Reporting Initiative (GRI) standards, the Sustainability Accounting Standards Board (SASB) standards, and recommendations outlined by the Task Force on Climate-Related Financial Disclosures (TCFD).
To read Albemarle’s 2023 Sustainability Report, visit the company’s newly refreshed website at www.albemarle.com. The website’s new sustainability section features reporting content, including management approach, policies, and sustainability data downloads, in addition to global enterprise information on business units, product offerings and other corporate updates. The sustainability hub will also feature the company’s upcoming Sustainability Day video on highlights from the report in late June 2024.