Orion targets net-zero carbon emissions by 2050

HOUSTON—Orion Engineered Carbons has committed to achieve net-zero emissions of greenhouse gases by 2050.

The specialty chemicals company said it aspires to align its sustainability objectives with the Paris Climate Agreement, according to an April 25 news release.

"The net-zero ambition demonstrates Orion's ongoing commitment to address global climate change while meeting customers' needs for highly engineered materials essential for tires, coatings, batteries and numerous other everyday products," the carbon black company said.

By following a roadmap with near- and long-term targets, Orion said it is attempting to make the net-zero aspirations more realistic.

According to the roadmap, Orion plans to launch a broad range of products using recycled material by 2025 while simultaneously increasing its footprint in the conductive additive space—like lithium ion batteries and other critical applications for electric power.

The company said it also will generate 30 percent of its adjusted EBITDA through sustainable solutions by 2030, grow the sustainable solutions' share of adjusted EBITDA to 50 percent by 2035, and set new "aspirational," mid-term goals aligned with "science-based methodologies" for emissions reduction.

"We know our goal is ambitious, and we want to make sure it's meaningful," Orion CEO Corning Painter said in a statement.

"Like most companies, we can't say we have all the answers now. But we're determined to work hard to find sustainable solutions with collaboration, innovation and the right regulatory environment," he said.

Aligning with the Paris Climate Agreement is a "natural progression" in Orion's sustainability journey, Painter said.

"Investing in sustainability is core to our growth strategy and key to our success as a business."