Eastman is ranked No.21 in Fortune magazine’s Change the World 2021 list, which recognizes companies that make a positive social impact through activities that are part of their core business strategy. Fortune identified Eastman as a company that is changing the world through advanced recycling technologies that deal with hard-to-recycle plastics and reduce the company’s carbon footprint.
âWe are delighted to be recognized by Fortune with an award that goes straight to the heart of our purpose at Eastman,â said Mark Costa, Chairman of the Board and CEO. âWe are committed to innovating that reduces material waste and preserves our planet, while delivering sustainable solutions that improve the quality of life for people around the world. “
One of the primary factors Fortune uses to assess business impact is âmeasurable social impact,â which carries additional weight in the magazine’s ratings. To determine the list, Fortune writers and editors use this factor to consider “the scope, nature and durability of the company’s impact on one or more specific societal issues.”
Eastman was selected for the Change the World list because the company innovated in advanced recycling technologies that deal with hard-to-recycle plastics that were previously destined for landfill, incineration or ended up in the environment. Eastman has pledged to recycle more than 250 million pounds of plastic waste per year by 2025 and more than 500 million pounds per year by 2030.
Through advanced recycling, Eastman not only provides real solutions to the global plastic waste crisis, it also mitigates climate change. Molecular recycling technologies generate 20 to 50% less greenhouse gas emissions than traditional plastic production processes. These innovations are central to Eastman’s goal of becoming carbon neutral by 2050 and achieving one-third of that goal by 2030.
Fortune copywriters rated companies on four factors. In addition to the measurable social impact, Fortune took into account the business results, the degree of innovation and the integration of the company.
Fortune staff members determine the list with help from the Shared Value Initiative, a global community of leaders who find business solutions to societal challenges.
This is the seventh year on the Change the World list.
Eastman is building the world’s largest polyester molecular recycling facility in Kingsport, Tenn., And this facility is expected to be mechanically completed by the end of 2022. The company’s molecular recycling technologies are a critical part of its development strategy sustainability to build âa better circleâ, Eastman’s theme to build a better planet and the title of his sustainability report, published in December 2020.
To learn more about Eastman’s vision to mainstream circularity, visit www.eastman.eco.
Founded in 1920, Eastman is a global specialty materials company that manufactures a wide range of products that can be found in the items people use every day. Eastman employs approximately 14,500 people worldwide and serves customers in more than 100 countries. The company had around $ 8.5 billion in revenue in 2020 and is headquartered in Kingsport.