Yahoo Finance Goodyear Shares Sustainability Progress in 2023 Corporate Responsibility Report
AKRON, Ohio, June 27, 2024 /PRNewswire/ -- The Goodyear Tire & Rubber Company (NASDAQ: GT) today released its report on corporate responsibility performance for 2023. The company's latest report details how Goodyear is helping create value for its internal and external stakeholders. The report also outlines the progress Goodyear is making toward achieving its short- and long-term sustainability goals.
Chief Executive Officer and President Mark Stewart said, "Our commitment to sustainability and delivering value to our customers and other stakeholders is unwavering. Our 2023 corporate responsibility report demonstrates how our associates around the world continue to help build a better future, from exploring new innovations and materials, to identifying and implementing new strategies to help us meet our corporate responsibility ambitions, to giving back to our communities in which we live and work."
The 2023 report marks the first time the company is reporting on its high-priority topics—Climate Decarbonization, Adaptation and Resiliency; Circularity; Human and Labor Rights; and Supply Chain Governance and Transparency—that were identified following a double materiality assessment conducted in late 2022 in alignment with the Global Reporting Initiative (GRI) standards. Some of the report's highlights are below.
Progress Toward Net-Zero Value Chain Emissions by 2050: Goodyear continued its work to reduce its environmental impact. In 2023, the company reduced its Scope 1 and Scope 2 greenhouse gas (GHG) emissions by 21.9 percent, compared to its 2019 baseline. In addition, Goodyear increased its utilization of renewable electricity to 37 percent across its global manufacturing operations.
Product Development and Sustainable-Material Use: The company continued to make strides toward achieving its 2030 goal of introducing a 100 percent sustainable-material tire with the launch of the EcoReady, a consumer tire made with 70 percent sustainable materials, in the United States in December 2023*. The EcoReady is engineered with soybean oil to reduce petroleum-based oil, high-quality rice husk ash silica to reduce waste going to landfill and sustainably sourced natural rubber.
Fostering an Inspiring Culture: Goodyear helps its associates reach their full potential through integrated talent management and learning development solutions that support a diverse and inclusive culture. The company's eight Employee Resource Groups (ERGs) are an example of this. In 2023, associate membership in Goodyear's ERGs grew by nearly 15 percent. Additionally, there was a 20 percent year-over-year increase in associate participation in the company's Global Week of Volunteering.
A Commitment to Sustainable Sourcing: Goodyear is committed to managing sourcing in a way that helps reduce environmental and social impacts. In 2023, through its work with the Global Platform for Sustainable Natural Rubber, the company helped fund a Capability Building Project that trained nearly 5,000 farmers in Indonesia to help improve their agricultural practices.
Goodyear's 2023 report was prepared with reference to the GRI Standards. Goodyear's 2023 Scope 1 and Scope 2 GHG emissions data has been third-party verified.
The 2023 Goodyear Corporate Responsibility Report can be found on the Goodyear Corporate Responsibility website.
*Goodyear currently defines a sustainable material as a bio-based (defined as material of biological origin (Source: ISO 14021)); renewable; or recycled (defined as material that has been reprocessed from recovered [reclaimed] material (Source: ISO 14021)) material; or one produced using or contributing to other practices designed to promote resource conservation and/or emissions reductions, including ISCC PLUS mass-balance (defined as a certification verifying our capability to track the amount and sustainability characteristics of circular and/or bio-based material in the value chain and attribute it based on verifiable bookkeeping.
About The Goodyear Tire & Rubber Company
Goodyear is one of the world's largest tire companies. It employs about 71,000 people and manufactures its products in 55 facilities in 22 countries around the world. Its two Innovation Centers in Akron, Ohio, and Colmar-Berg, Luxembourg, strive to develop state-of-the-art products and services that set the technology and performance standard for the industry. For more information about Goodyear and its products, go to www.goodyear.com/corporate.
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SOURCE The Goodyear Tire & Rubber Company
