Tecnoglass To Become Carbon Neutral Effective 2023 Through Ongoing Green Energy Investments and Proactive Actions to Offset Emissions
May 31 2023 - 7:00AM
Tecnoglas
s, Inc.
(NYSE:
TGLS)
(“Tecnoglass” or the
“Company”),
a leading manufacturer
of architectural glass, windows, and associated aluminum products
serving the global residential and commercial end markets, today
announced it has proactively invested to offset the totality of its
Scope 1 and Scope 2 carbon emissions as established by the GHG
Protocol developed by the World Business Council for Sustainable
Development. As part of its sustainability strategy and its goal of
becoming carbon neutral, the Company has invested in carbon credits
from third-party renewable energy projects equivalent to the carbon
captured by over 850,000 trees.
With the formulation and implementation of its
carbon neutrality strategy, the Tecnoglass group ratifies its
leadership and commitment to fight climate change, and continues
with a robust plan for renewable energy, energy efficiency,
improvement of its production chain and structuring of greenhouse
gas offset projects on its path of becoming a certified carbon
neutral company.
In order to assess its carbon footprint, the
Company engaged a highly reputable firm to measure its emissions
from 2016 through the end of 2021 and invested in carbon credits to
reach neutrality through that period. Tecnoglass is currently
assessing the 2022 impact and expects to invest further to achieve
2022 carbon neutrality by the third quarter of 2023.
In line with the sustainability strategy and
decarbonization plan, in 2017 Tecnoglass started a solar panel
project with approximately 15,000 panels, which has been reducing
the effect of over 10,000 tons of CO2e per year since inception.
This year, consolidating that vision, the Company inaugurated a
cogeneration project with two gas engines with the capacity to
produce 70.3 GWh/year of electrical energy, expected to reduce
approximately an incremental 5,500 tons of CO2e per year.
The positive effects of Tecnoglass on the
environment go well beyond its effort into carbon neutrality.
Through a completed analysis performed by FTSE Russell, it was
estimated that over 75% of the Company´s revenues are considered
“Green Revenues,” which are defined as those that “are derived from
products, goods and services that have a positive environmental
utility: that help prevent, restore and/or adapt to issues deriving
from climate change, natural resource limitations and environmental
degradation.” Additionally, from a holistic ESG perspective, the
Company completed a Corporate Sustainability Assessment Report
carried out by S&P Global Ratings, which estimated that
Tecnoglass ranks within the top 15-20% of the Building Products
S&P Global ESG Score.
"To be a carbon neutral company has been one of
our major goals for several years. We have taken several actions
over the last decade to increase our energy efficiency through the
use of solar panels and natural gas co-generation. Through this
proactive investment we have positioned Tecnoglass to be a carbon
neutral company well ahead of regional and global timetables and
mandates,” said Christian Daes, COO of Tecnoglass.
Mr. Daes went on to add, “While our production
process is very clean and sustainable, our end products are the
ones making a much more significant contribution to the environment
and the consequences of global warming. Tecnoglass continues to
expand its presence throughout the U.S., proving low emissivity
glass and windows as well as impact resistant glass, windows and
doors to mitigate and reduce the damages created by stronger and
more frequent weather storms resulting from climate change.”
In that respect, it is important to highlight
that low emissivity glass has been tested to provide up to 36% in
energy savings for homes and buildings when compared to regular
glass.(1) Furthermore, it is estimated that buildings in general
account for approximately 40% of annual global CO2 emissions.(2) As
such, Tecnoglass is not only contributing to the environment by
migrating into a carbon neutral production process, but by also
contributing with high-end products designed to greatly reduce
global emissions.
Every day more and more organizations join in
the commitment to work for the conservation of the environment and
natural resources. With this in mind, the Tecnoglass group
reiterates its commitment in the fight against climate change,
contributing to the United Nations Sustainable Development Goals,
and the Colombian government’s objective of reducing 51% of GHG
emissions by 2030 and carbon neutral economy by 2050.
(1) Pacific Northwest National Laboratory(2) Architecture2030
Organization
About Tecnoglass
Tecnoglass Inc. is a leading producer of
architectural glass, windows, and associated aluminum products
serving the multi-family, single-family, and commercial end
markets. Tecnoglass is the second largest glass fabricator serving
the U.S. and the #1 architectural glass transformation company in
Latin America. Located in Barranquilla, Colombia, the Company’s 4.1
million square foot, vertically integrated, and state-of-the-art
manufacturing complex provides efficient access to nearly 1,000
customers in North, Central and South America, with the United
States accounting for 96% of total revenues. Tecnoglass’ tailored,
high-end products are found on some of the world’s most distinctive
properties, including One Thousand Museum (Miami), Paramount
(Miami), Salesforce Tower (San Francisco), Via 57 West (NY),
Hub50House (Boston), Aeropuerto Internacional El Dorado (Bogotá),
One Plaza (Medellín), and Pabellon de Cristal (Barranquilla). For
more information, please visit www.tecnoglass.com or view our
corporate video at https://vimeo.com/134429998.
Forward Looking Statements
This press release includes certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including statements
regarding future financial performance, future growth and future
acquisitions. These statements are based on Tecnoglass’ current
expectations or beliefs and are subject to uncertainty and changes
in circumstances. Actual results may vary materially from those
expressed or implied by the statements herein due to changes in
economic, business, competitive and/or regulatory factors, and
other risks and uncertainties affecting the operation of
Tecnoglass’ business. These risks, uncertainties and contingencies
are indicated from time to time in Tecnoglass’ filings with the
Securities and Exchange Commission. The information set forth
herein should be read in light of such risks. Further, investors
should keep in mind that Tecnoglass’ financial results in any
particular period may not be indicative of future results.
Tecnoglass is under no obligation to, and expressly disclaims any
obligation to, update or alter its forward-looking statements,
whether as a result of new information, future events and changes
in assumptions or otherwise, except as required by law.
Investor Relations:
Santiago
GiraldoCFO305-503-9062investorrelations@tecnoglass.com
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