DuPont Announces Virtual Power Purchase Agreement for Renewable Energy
Accelerates Progress on the Company's Acting on Climate Sustainability Goals
WILMINGTON, Del., Sept. 23, 2021
WILMINGTON, Del., Sept. 23, 2021 /PRNewswire/ -- DuPont (NYSE: DD) today announced that it has signed a virtual power purchase agreement (VPPA) with a subsidiary of NextEra Energy Resources, LLC with a generation capacity of the equivalent of 135 megawatts of new wind energy in Texas. The agreement, subject to customary performance conditions, supports DuPont's Acting on Climate goal of reducing absolute greenhouse gas (GHG) emissions by 30 percent, including sourcing 60 percent of electricity from renewable energy, by 2030, and achieving carbon neutrality by 2050.
"Through this VPPA, together with our 2020 actions, we will soon be sourcing the equivalent of approximately 25 percent of our total electricity needs today from renewable sources," said Miguel Gonzalez, Chief Procurement Officer at DuPont. "Renewable energy is one part of an integrated climate and energy approach that will help us deliver our purpose of empowering the world with the essential innovations to thrive and move towards a more sustainable operation. We're committed to managing our business to preserve the earth's natural resources."
The VPPA will deliver the equivalent of 135 megawatts of new wind power capacity or approximately 528,000 megawatt hours (MWh) of renewable electricity annually. This amount of clean energy is equivalent to avoiding the carbon emissions from more than 81,000 passenger cars driven each year, or the annual electricity consumption of nearly 70,000 homes.
A subsidiary of NextEra Energy Resources is developing the project and will build, own, and operate it. The new wind project – Appaloosa Run Wind – will be built in Upton County, Texas and is expected to be operational by the end of 2022. Schneider Electric, the leading advisor on corporate renewable energy procurement globally, supported DuPont in the selection of and negotiations for the project.
DuPont's plan to procure more renewable energy is helping to accelerate the transition to renewable sources in the U.S., and aligns with the company's Acting on Climate sustainability goals. The company is reducing energy use through enterprise-level deployment of energy efficiency projects; sourcing low-carbon power, heating, and cooling; creating low-carbon industrial processes; and embedding climate risk into strategic and financial decisions, while advocating for progressive climate policy.
DuPont has already made significant progress towards its goals, converting utility supply at its largest manufacturing site to a low carbon source in the fourth quarter of 2019. The company completed nearly 100 energy savings projects in 2020 and reduced its location-based 2020 Scope 2 emissions – indirect GHG emissions associated with the purchase of electricity, steam, heat, or cooling – by 11 percent compared to 2019. Additional projects include the phased launch of reduced global warming potential (GWP) Styrofoam insulation options, which will deliver significant avoidance of GHG emissions via a lower embodied carbon product offering.
"DuPont has long been recognized as a leader in sustainability, and it is a tremendous honor for Schneider Electric to advise them on their bold climate action goals," said Steve Wilhite, Senior Vice President of Schneider Electric. "The need to proactively manage a company's energy portfolio has never been more critical. I applaud DuPont's ambitions and we look forward to supporting the company's long-term renewable energy procurement and decarbonization strategy."
A VPPA is a long-term contract for power between a buyer and a power project developer. VPPAs have become a common, effective means for corporations to purchase wind and solar power at scale. To learn more about VPPAs, read this short e-book from Schneider Electric.
To learn more about DuPont's 2030 Sustainability Goals, please click here.
DuPont (NYSE: DD) is a global innovation leader with technology-based materials and solutions that help transform industries and everyday life. Our employees apply diverse science and expertise to help customers advance their best ideas and deliver essential innovations in key markets including electronics, transportation, construction, water, healthcare and worker safety. More information about the company, its businesses and solutions can be found at www.dupont.com. Investors can access information included on the Investor Relations section of the website at investors.dupont.com.
DuPont™, the DuPont Oval Logo, and all trademarks and service marks denoted with ™, SM or ® are owned by affiliates of DuPont de Nemours, Inc. unless otherwise noted.
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This communication contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "target," and similar expressions and variations or negatives of these words. Forward-looking statements address matters that are, to varying degrees, uncertain and subject to risks, uncertainties and assumptions, many of which that are beyond DuPont's control, that could cause actual results to differ materially from those expressed in any forward-looking statements.
Forward Looking statements include statements which may relate to the purpose, ambitions, aims, commitments, targets, plans, and objectives of DuPont's sustainability strategy, including progress against its sustainability goals, and data related to its metrics, practices, actions and progress.
These statements are not representations, warranties or guarantees and are subject to certain risks, uncertainties and other factors, many of which are beyond our control, including government regulation. Therefore, the actual conduct of our activities, including the development, implementation or continuation of any program, policy or initiative discussed or forecasted in this presentation, may differ materially in the future. As with any projection or estimate, actual results or numbers may vary. The goals, commitments, standards and metrics referenced continue to evolve and are based on management assumptions believed to be reasonable at the time of preparation but should not be considered warranties or guarantees. Other risks to DuPont's business, operations; each as further discussed in detail in and results of operations as discussed in DuPont's annual report on Form 10-K for the year ended December 31, 2020 and its subsequent reports on Form 10-Q and Form 8-K. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business or supply chain disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on DuPont's consolidated financial condition, results of operations, credit rating or liquidity. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. DuPont assumes no obligation to publicly provide revisions or updates to any forward-looking statements whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.
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