GOODYEAR ANNOUNCES NEW CLIMATE AMBITION, COMMITS TO SCIENCE-BASED TARGETS

- Committed to achieving net-zero greenhouse gas emissions by 2050 and 2030 emission reduction targets based on SBTi standards

- TCFD-aligned disclosures planned for 2022

News provided by

The Goodyear Tire & Rubber Company

Dec 17, 2021, 08:30 ET

AKRON, Ohio, Dec. 17, 2021 /PRNewswire/ -- The Goodyear Tire & Rubber Company (NASDAQ: GT) today announced its goal to reach net-zero value chain greenhouse gas (GHG) emissions by 2050, aligned with the Science Based Targets initiative (SBTi) and its new Net-Zero Standard. The company also announced its commitment to achieve near-term science-based targets by 2030.

In 2022, Goodyear will submit its 2030 and 2050 targets to SBTi for independent validation.

Using 2019 as a base year, Goodyear is committed to reducing its Scope 1 and 2 emissions by 46% by 2030 and relevant Scope 3 emissions by 28% over the same time frame.

"Goodyear's net-zero goal and alignment to SBTi reflect our commitment to sustainability and reducing our carbon footprint," said Richard J. Kramer, chairman, chief executive officer and president. "As one of the world's largest tire manufacturers, we are committed to doing our part to implement transformative changes that will help protect our planet for future generations and build a more sustainable business for all of our stakeholders."

The strategy to achieve these targets will expand on Goodyear's other sustainability-focused efforts, which will contribute to the company's goals, such as:

The multiple-phase plan to procure 100% renewable energy in its facilities across Europe, Middle East and Africa by the end of 2022.
The company's state-of-the-art technology in rubber compounding, tire construction and manufacturing, which contributes to reduced emissions through lower rolling resistance and reduced tire weight.
Goodyear's increasing use of alternative raw materials, which has the potential to reduce its consumption of petroleum-based feedstocks and reduce its carbon footprint. This supports Goodyear's goal to create a 100% sustainable-material and maintenance-free tire by 2030.

Goodyear's new climate goals come after a comprehensive carbon-inventory assessment, which included collecting data from its operations and quantifying GHG emissions throughout its value chain. The company also plans to adopt disclosures aligned with the Task Force on Climate-related Financial Disclosures (TCFD) framework, adding to its existing Global Reporting Initiative (GRI)-based sustainability disclosures.

About The Goodyear Tire & Rubber Company

Goodyear is one of the world's largest tire companies. It employs about 72,000 people and manufactures its products in 55 facilities in 23 countries around the world. Its two Innovation Centers in Akron, Ohio, and Colmar-Berg, Luxembourg, strive to develop state-of-the-art products and services that set the technology and performance standard for the industry. For more information about Goodyear and its products, go to www.goodyear.com/corporate.

Certain information contained in this press release constitutes forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. There are a variety of factors, many of which are beyond our control, that affect our operations, performance, business strategy and results and could cause our actual results and experience to differ materially from the assumptions, expectations and objectives expressed in any forward-looking statements. These factors include, but are not limited to: the impact on us of the COVID-19 pandemic; our ability to achieve the expected benefits of the Cooper Tire & Rubber Company acquisition; delays or disruptions in our supply chain or the provision of services to us; inflationary cost pressures; changes in tariffs, trade agreements or trade restrictions; our ability to implement successfully our strategic initiatives; actions and initiatives taken by both current and potential competitors; deteriorating economic conditions or an inability to access capital markets; increases in the prices paid for raw materials and energy; a labor strike, work stoppage, labor shortage or other similar event; foreign currency translation and transaction risks; work stoppages, financial difficulties, labor shortages or supply disruptions at our suppliers or customers; the adequacy of our capital expenditures; our failure to comply with a material covenant in our debt obligations; potential adverse consequences of litigation involving the company; as well as the effects of more general factors such as changes in general market, economic or political conditions or in legislation, regulation or public policy. Additional factors are discussed in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. In addition, any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change.

SOURCE The Goodyear Tire & Rubber Company