Nordea Climate Engagement Fund to invest in Solvay
This recognizes Solvay’s One Planet roadmap and accelerating energy-transition plan.
Brussels, May 10, 2022
Solvay has been featured in a new fund launched by Nordea Asset Management (NAM) called the Nordea 1 - Global Climate Engagement fund. The fund identifies companies that have the potential to transition their business models towards cleaner operations, and the opportunity to engage with management teams to support their sustainability initiatives.
Solvay was identified as having a well-defined energy transition plan whose focus is on switching energy sources, including opportunities for process innovations, particularly for emission-intensive sites, to reduce emissions to improve the Company’s carbon footprint.
“We are proud that our plans have motivated Nordea’s new thematic fund to invest in Solvay,” said Ilham Kadri, CEO of Solvay. “It’s a demonstrable recognition that our ambitious One Planet sustainability roadmap will contribute positively and significantly to the climate agenda. Our contribution to the sustainability journey of our customers is one of the cornerstones of our strategy. We’ve been working with our customers to produce more sustainable solutions along the value chain. And we are planning to deliver the progress on climate whilst also creating superior shareholder value, proving yet again that responsible value creation is very much within our reach.”
In the past two years, Solvay has accelerated the rate at which it is cutting emissions thanks to its Solvay One Planet plans launched in 2020, having aligned its trajectory with the “well below 2°C temperature increase” goal outlined in the 2015 Paris Agreement. In mid-2020, Solvay took this a step further by joining the Science-Based Targets initiative (SBTi) to define and commit to scope 3 reductions within two years. Furthermore, in 2021, Solvay announced its plan to reach carbon neutrality before 2050, in which all its businesses except Soda Ash & Derivatives are targeted to achieve carbon neutrality by 2040. As part of this roadmap, Solvay raised its 2030 greenhouse gas emissions reduction target to -30% (from -26% initially), building upon the 11% structural reduction achieved between 2018 and 2021.
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