The Dow Chemical Company (NYSE: DOW) announced today that it will accelerate energy efficiency and conservation improvements within its operations through an investment of $100 million in projects that will reduce energy usage and greenhouse gas (GHG) emissions.
"Dow has long been a recognized leader in industrial energy efficiency and carbon management and this investment will spark further opportunities for energy conservation," said Doug May, vice president, Energy and Climate Change. "The commitment of these funds will enable new projects that offer exceptional financial returns and significant energy and emissions benefits."
The $100 million in investment capital will be awarded to Dow business units and manufacturing sites that present projects with the greatest impact in several key performance areas, including reductions in energy use and greenhouse emissions and accelerated cost savings. To date, Dow business units have submitted around 60 projects, with a net present value totalling more than $500 million, nearly 8 trillion BTUs of energy savings and a reduction of over 400 thousand metric tons of CO2 emissions.
"Dow has focused on energy efficiency for decades and we have been very successful as evidenced by our past achievements in this area. Our extensive expertise in energy conservation at Dow has taught us that it's one of most effective ways to cut energy costs and slash carbon emissions," said May.
From 1994 to 2010, Dow has saved 1,800 trillion Btu, which is the energy equivalent to powering all residential buildings throughout California for more than one and a half years. The Company's energy efficiency efforts have prevented more than 95 million metric tons of carbon dioxide, a greenhouse gas, from entering the atmosphere and have contributed cost savings of $9.4 billion.
Dow was recognized with four 2010 American Chemistry Council (ACC) Responsible Care Energy Efficiency Awards for programs that improved energy efficiency at three of its U.S. facilities, including Exceptional Merit awards for Freeport, Texas and Houston Dow Center, as well as West Alexandra, Ohio.
Dow to invest to reduce energy use