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Jon Penrice | The low - carbon economic transformation requires global cooperation and joint efforts

Dow Asia Pacific President, Peng RuisiJon Penrice)existThe first“Tsinghua Wudaokou Carbon Neutral Economy ForumThe text points out that...The transition to a low-carbon economy is one of the fundamental challenges of our time, requiring global cooperation to address.

He stated that China, as a global manufacturing powerhouse, will surely find a scientific solution to this challenge through the joint efforts of its government, enterprises, and society. He expressed a willingness to establish more connections with Chinese partners in the future to actively address global warming, reduce carbon emissions, lower energy consumption, increase the proportion of renewable energy use, and jointly explore global development models for carbon reduction and emission alleviation.

Jon Penrice

The following is a transcript of Jon Penrice's speech:

ladies and gentlemen,Good morning!

I am the President of Dow Chemical China Asia Pacific. First of all, I would like to express my sincere gratitude to Tsinghua University PBC School of Finance, Schwarzman College, and China Economic Publishing House for the invitation. I am very pleased to participate in today's forum with many colleagues and industry partners. The experts present are also key decision-makers supporting China's goal of achieving carbon neutrality.

The transition to a low-carbon economy is one of the fundamental challenges of our time, and climate change is a global challenge that requires global cooperation for solutions.Of course, China, as one of the world's manufacturing powerhouses, plays a crucial role, but a viable low-carbon roadmap requires the joint efforts of governments, businesses, and society. We need the right policy environment, innovative technologies, long-term investment, and social action to achieve this transformation and overcome this global challenge. We also need a science-based, gradual approach.

Dow's top board of directors and senior management attach great importance to low-carbon development, which is also my personal area of expertise.Over the past 15 years, our business has grown rapidly while reducing total carbon emissions by 15%. Last year, we also announced new breakthrough targets, focusing on reducing our carbon footprint and addressing issues such as plastic waste. First, we are actively addressing climate change, aiming to reduce net annual carbon emissions by 5 million metric tons by 2030 based on 2020 emissions equivalent, and ultimately achieve carbon neutrality by 2050. Second, we are stopping waste; by 2030, Dow will collect, reuse, and recycle 1 million tons of plastic through its guiding partnerships. Finally, we are achieving a closed-loop cycle, ensuring 100% closed-loop management of products from production to sale.

96% of Dow's manufactured products are related to chemical materials, and the materials science industry will play a vital role in addressing climate change.We continuously develop products that help reduce carbon footprints to meet the growing demands of a wider range of vertical industries, including infrastructure, transportation, and our product packaging, thereby reducing our customers' emissions. This includes not only carbon emissions from production processes, but also making cars lighter, safer, more fuel-efficient, and more energy-efficient, as well as buildings and food safer and fresher. This initiative also includes the use of photovoltaic power generation and the use of more durable and efficient protective films for building and infrastructure products around the clock. Simultaneously, it reduces energy consumption and increases the availability of renewable energy options. Therefore, value chain collaboration enables transformation, recycling, and decarbonization, and low-carbon development can provide more opportunities for mobility, electric, and autonomous vehicles, as well as collaboration in manufacturing solutions through technology and expertise.

As we all know,Materials science plays a significant role in decarbonization by investing in carbon capture, optimizing facilities and processes, increasing renewable energy, and innovating low-carbon technologies.At the same time, we are also very focused on reducing the company's carbon footprint domestically and are continuously reducing carbon consumption and emissions in our operations. We are doing this by investing in carbon capture, optimizing facilities and processes, increasing the use of renewable energy, and working to optimize plant energy efficiency by reducing energy use and developing breakthrough technologies, including through the potential uses of power generation, ethylene production and steam cracking units, carbon capture and storage, and blue hydrogen.

We are now actively exploring partnerships globally, including in China, to develop carbon capture and storage technologies to help many heavy industries reduce their carbon footprint.We recognize that achieving this goal requires partnerships between governments and regulatory bodies, as well as other external groups and organizations.

Our goal is to build a more resilient product portfolio with a low carbon footprint to meet the growing consumer demand.This will meet our needs while reducing carbon emissions for our customers and globally.I am also willing to join hands with you all to shoulder this great responsibility. Thank you!

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