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Dow Chemical Company is to invest $100million (£62m, €72m) in projects to reduce energy usage and greenhouse gas emissions.
The US-based chemicals giant will distribute the money to business units and manufacturing sites ‘that present projects with the greatest impact’ – with an emphasis on cost savings, conservation and emissions reductions. So far the company’s business units have submitted about 60 projects worth together more than $500m, from which the company will choose.
Dow, which announced $45billion in sales last year, is considered an energy efficiency leader, and claims to have saved nearly $10bn since 1994 through energy conservation efforts.
Doug May, Dow’s energy and climate change vice-president, said: ‘This investment will spark further opportunities for energy conservation. The commitment of these funds will enable new projects that offer exceptional financial returns and significant energy and emissions benefits.’
Dow is now also preparing an ecological business plan as part of a five-year partnership with the Nature Conservancy charity.
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