Greif Inc. Partners with Enel Green Power España for Sustainability
In a promising step towards sustainability, Greif, Inc. (NYSE: GEF), a leader in industrial packaging products, has entered into a virtual power purchase agreement (VPPA) with Enel Green Power España (EGPE). This partnership marks a significant achievement, not only for Greif but also as a major advancement in the company’s efforts to minimize carbon emissions and enhance its environmental commitments.
Understanding the VPPA
The solar VPPA is designed to help Greif reach its goal of reducing Scope 1 and 2 greenhouse gas emissions by 28% by 2030, using 2019 emissions data as a benchmark. This initiative is particularly important because the renewable energy generated will contribute to about 65% of Greif's Scope 2 emissions in Europe and approximately 3% of total Scope 1 and 2 emissions globally.
Boosting Renewable Energy in Spain
By increasing the amount of renewable energy fed into the Spanish grid, Greif is making significant moves toward a cleaner, more sustainable future. The agreement not only assists in cutting emissions but also demonstrates strong support for the shift to renewable energy sources in the communities involved in these projects.
Leadership Insights
Greif’s President and CEO, Ole Rosgaard, articulated the company’s commitment to sustainability. He remarked, "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 statement highlights the importance that Greif places on integrating sustainability within its operational framework.
About the Solar Projects
The solar VPPA enables the development of two significant solar projects located in the Soria Province of Castilla y Léon, Spain. Under this agreement, Greif will purchase around 70% of the output from these projects, translating into a noteworthy 100 GWh of renewable energy each year.
Greif’s Comprehensive Sustainability Strategy
This solar VPPA is perfectly aligned with Greif's broader sustainability strategy. The company focuses on reducing greenhouse gas emissions, minimizing waste, and actively contributing to the circular economy. Through such agreements, Greif is weaving sustainability into every part of its value chain while delivering value to stakeholders and promoting a healthier planet.
Greif: A Leader in Industrial Packaging
Greif, a key player in the industrial packaging space, is dedicated to excellence and innovation in its product offerings. The company produces various packaging solutions, including steel, plastic, and fiber drums, as well as intermediate bulk containers and specialty products. With over 14,000 employees across more than 250 facilities globally, Greif is well-equipped to meet both local and international market demands.
Get in Touch
For more information about Greif's initiatives or for any inquiries, you can reach out to TJ Struhs, the Director of Corporate Communications. He is available at +1 207-956-2304 or through email at tj.struhs@greif.com.
Frequently Asked Questions
What does the VPPA signed by Greif aim to achieve?
The VPPA focuses on supporting Greif's sustainability objectives by lowering greenhouse gas emissions and increasing the use of renewable energy.
How much renewable energy will Greif obtain through this agreement?
Greif will secure about 100 GWh of renewable energy each year, which constitutes roughly 70% of the output from the two solar projects.
What are Greif's emission reduction targets?
Greif aims to decrease its Scope 1 and 2 greenhouse gas emissions by 28% by 2030, using 2019 as the baseline year.
Where are the solar projects situated?
The solar projects are located in the Soria Province of Castilla y Léon, Spain, as part of the VPPA.
Who should I contact for more details?
You can contact TJ Struhs, the Director of Corporate Communications, for further information at +1 207-956-2304 or via email.
