VANCOUVER, British Columbia, March 10, 2023 (GLOBE NEWSWIRE) -- Methanex Corporation (TSX:MX) (NASDAQ:MEOH), the world's largest producer and supplier of methanol, released its 2022 Sustainability Report today to share its progress on material environmental, social and governance (ESG) topics that are important to the company's business and stakeholders.
"Our sustainability culture continues to evolve beyond targets and initiatives to include the embedding of sustainability principles in our business strategy," said Rich Sumner, President and CEO of Methanex. "The 2022 report highlights our performance and initiatives across a wide range of ESG areas, including our safety performance and the actions we are taking to support the transition to a low-carbon economy."
Highlights from Methanex's 2022 Sustainability Report include:
- Maintaining excellent safety performance on all major projects. The number of hazard identifications has tripled since 2020, because of our engaged workforce and strong safety culture.
- Identifying opportunities to increase plant efficiency while reducing carbon emissions, in support of our commitment to reduce Scope 1 and 2 GHG emissions intensity by 10% by 2030 (from 2019 levels). Methanex will invest $15 million in these projects over the next two years, helping us avoid an estimated 100,000 tonnes of CO2 per year.
- Reaching 75% completion on the Geismar 3 (G3) plant in 2022. G3 will significantly lower the average Greenhouse Gas (GHG) intensity of the asset portfolio, with start-up expected in the fourth quarter of 2023.
- Being recognized for our progress on our ESG initiatives and disclosures leading to improved ratings from EcoVadis and MSCI. Our EcoVadis sustainability rating improved from a Silver to Gold Medal. This rating places Methanex in the top five per cent of all companies assessed. Our MSCII rating improved from BBB to AA.
- Creating a new role on the Executive Leadership Team, Senior Vice President, Low Carbon Solutions, who will be focused on collaborating with customers and other stakeholders to deliver low-carbon solutions from existing assets and future growth projects.
This year's report also represents another important step forward to enhance Methanex's ESG progress as the Company has aligned with the United Nations Sustainable Development Goals.
To read Methanex's full 2022 Sustainability Report please click here.
About Methanex Corporation
Methanex Corporation is the world's largest producer and supplier of methanol to major international markets in Asia Pacific, North America, Europe, and South America. The company's methanol production sites are located in New Zealand, the United States, Trinidad, Chile, Egypt, and Canada. Methanex is headquartered in Vancouver, Canada, and the company's common shares trade on the Toronto Stock Exchange under the symbol MX and on the NASDAQ Global Select Market under the symbol MEOH. For more information, please visit www.methanex.com.
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