Billions invested to achieve Valero’s best environmental performance ever in 2020
Valero, the world’s second largest renewable diesel and ethanol producer, had its best environmental performance to date in 2020, according to its recently published Stewardship & Responsibility Report for the year.
“We are on track to achieve our plan to reduce/offset 63% of global refining greenhouse gas (GHG) emissions by 2025 through existing board-approved projects, and we are not stopping there…” stated Joe Gorder, Valero’s CEO and chairman. “I am pleased to announce that we plan to increase that percentage to 100% by 2035.”
Valero plans to invest close to $2 billion over the next three years to maintain its lead in the sustainable production of renewable fuels. The company is also contemplating investments in other types of fuel, such as hydrogen.
Other notable highlights of the 2020 annual Stewardship & Responsibility Report include:
- Reducing GHG emissions from the life cycle of diesel and ethanol by up to 80% and 30%, respectively.
- Recycling 94% of all hazardous and refinery-exempted waste.
- Capturing one million tons of carbon annually, which is equivalent to the benefits of planting 16.5 million tree seedlings that subsequently grow for at least a decade.
The report has a section dedicated specifically to Valero’s extensive community involvement. The company notably generated more than $58 million for charities in 2020 through fundraising and volunteering efforts. Contributions focused on helping people who required some assistance throughout the pandemic year in terms of food, shelter, educational resources and/or other necessities.