Barranquilla based aluminum and glass architectural products manufacturer Tecnoglass , Inc. ( NYSE : TGLS), today announced that the company 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, Tecnoglass has invested in carbon credits from third-party renewable energy projects equivalent to the carbon captured by over 850,000 trees.
Tecnoglass says that with the formulation and implementation of its carbon neutrality strategy, it is taking action on its 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 outside consultants 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 CO2 emissions per year since inception. This year, consolidating that vision, Tecnoglass 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 CO2 emissions per year.
FTSE Russell has already conducted an analysis that estimated over 75% of the company’s revenues are already 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, Tecnoglass completed a Corporate Sustainability Assessment Report carried out by S&P Global Ratings, which placed Tecnoglass 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.
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 US, 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.”
The low emissivity glass manufactured by Tecnoglass has been tested to provide up to 36% in energy savings for homes and buildings when compared to regular glass according to the Pacific Northwest National Laboratory. Furthermore, the Architecture 2030 Organization estimates that buildings in general account for approximately 40% of annual global CO2 emissions. 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,” said the company in a statement.