Greif Inc. Partners with Enel Green Power for Sustainability
Greif Inc. and Enel Green Power España: A Sustainable Partnership
In an exciting development for the commitment towards sustainability, Greif, Inc. (NYSE: GEF), a leader in industrial packaging products, has signed a virtual power purchase agreement (VPPA) with Enel Green Power España (EGPE). This partnership is not just a milestone for Greif but also a significant leap towards achieving the company's environmental goals, particularly in the reduction of carbon emissions.
The Meaning Behind the VPPA
The solar VPPA aims to support Greif's ambition of lowering its Scope 1 and 2 greenhouse gas emissions by 28% by the year 2030, based on their 2019 emissions figures. This initiative is particularly impactful as the renewable energy generated will account for roughly 65% of Greif's Scope 2 emissions in Europe and about 3% of its total Scope 1 and 2 emissions globally.
Enhancing Renewable Energy Presence
By integrating more renewable energy into the Spanish grid, Greif is taking substantial steps toward a cleaner, sustainable future. The agreement not only realizes emissions reduction but also signifies a strong support for the transition to renewable energy sources in the communities served by these projects.
Statements from Leadership
Greif's President and CEO Ole Rosgaard expressed the company's dedication to sustainability. He noted, "This partnership represents a tangible step in advancing our climate strategy. It demonstrates our dedication to responsible growth while meeting our emissions reduction targets." This sentiment underscores the importance Greif places on sustainability within its operations.
Details of the Solar Projects
The solar VPPA facilitates the development of two notable solar projects located in the Soria Province of Castilla y Léon, Spain. Under this agreement, Greif will acquire approximately 70% of the output from these projects, translating to an impressive 100 GWh of renewable energy annually.
Greif's Overall Sustainability Strategy
This solar VPPA aligns seamlessly with Greif's overarching sustainability strategy. The company's goals are concentrated on reducing greenhouse gas emissions, minimizing waste, and playing a critical role in the circular economy. Through such agreements, Greif is embedding sustainability into every facet of its value chain while delivering value to stakeholders and contributing to a sustainable planet.
A Leader in Industrial Packaging
Greif, a prominent figure in industrial packaging, remains dedicated to excellence and innovation in its offerings. The company produces various packaging solutions, such as steel, plastic, and fiber drums, along with intermediate bulk containers and other specialty products. With over 14,000 employees across more than 250 facilities worldwide, Greif is strategically positioned to serve both global and regional market demands.
Contact Information
For additional insights into Greif's initiatives or further inquiries, the Director of Corporate Communications, TJ Struhs, is available for contact. You can reach him at +1 207-956-2304 or via email at [email protected].
Frequently Asked Questions
What is the purpose of the VPPA signed by Greif?
The VPPA aims to support Greif’s sustainability goals by reducing its greenhouse gas emissions and enhancing the use of renewable energy.
How much renewable energy will Greif acquire through this agreement?
Greif will acquire approximately 100 GWh of renewable energy annually, representing about 70% of the output from two solar projects.
What are Greif's targets for reducing emissions?
Greif targets a reduction of its Scope 1 and 2 greenhouse gas emissions by 28% by the year 2030, using a 2019 baseline.
Where are the solar projects located?
The solar projects are located in the Soria Province of Castilla y Léon, Spain, as part of the VPPA agreement.
Who can be contacted for more information?
TJ Struhs, the Director of Corporate Communications, can be contacted for more information at +1 207-956-2304 or via email.
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