For a fifth year in a row Celanese Corporation (CE) has received an ENERGY STAR Partner of the Year Sustained Excellence Award. The Energy Star awards are given by the U.S. Environmental Protection Agency (EPA) and the U.S. Department of Energy (DOE).
Attending a ceremony where CE was presented with the award, Joe Mortimer, Celanese Vice President of Global Manufacturing, said, “Since 2013, Celanese has decreased energy intensity across the enterprise by 15 percent. In 2019, our energy reduction efforts saved more than $16 million even though production capacity increased globally to meet the demands of our customers.”
Related: CE’s Track Record of Energy Reduction Yields Recognition
The ENERGY STAR Partner of the Year Sustained Excellence Award is the highest level award a company can earn in the Energy Star program The award is given to companies that have already received ENERGY STAR Partner of the Year recognition for a minimum of two consecutive years, and have gone above and beyond the criteria needed to qualify for recognition.
Energy Star awards can impact the stock price of companies like CE, because the awards are one of the factors ESG investors use to screen for companies. ESG, or environmental, social and governance investing, has become a major force, directing a large number of investment funds globally.
Recent studies indicate that as many as $1 in $4 investment dollars in the U.S. alone are governed by some form of ESG, or Socially Responsible Investing (SRI), mandate.
Commenting on the Energy Star award bestowed upon Celanese, Anne Idsal, EPA Principal Deputy Assistant Administrator for Air and Radiation, said “These leaders demonstrate how energy efficiency drives economic competitiveness in tandem with environmental protection.”
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Celanese has made it a conscious part of its strategy to focus on energy sustainability in the manufacturing of chemicals and specialty materials. The company’s products are used in almost every major industry, and a large number of consumer applications.
Mortimer emphasized the company’s environmental commitment, saying “Celanese’s commitment to sustainability, the circular economy, and a leading energy management program is foundational to how we operate as a company as evidenced by our vision as we seek to improve the world and everyday life through our people, chemistry and innovation,”
Celanese stock has recovered a substantial amount of the loss suffered in the recent market turmoil. After briefly trading into the mid-$50s, the stock has rebounded sharply back over $80. The company currently has a PE of 12 and pays just over a 3% annual dividend.
Steven Adams’s personal position in Celanese Corporation: none.
