KBR Achieves Carbon Neutrality as First Step in 2030 Net-Zero Carbon Goal
HOUSTON, Dec. 17, 2020 /PRNewswire/ -- KBR (NYSE: KBR) today published its 2019 Sustainability & Corporate Responsibility Report and unveiled a bold sustainability agenda.
The company is implementing a dynamic and multifaceted plan that encompasses corporate environmental, social and governance (ESG) strategy, policies, procedures and management approaches focused on accelerating the company’s positive environmental and social impact. Underscoring this focus and commitment, the company announced it achieved carbon neutrality in 2019, increased gender diversity of its board of directors and its executive leadership team to one-third female, and linked achievement of the company’s ESG goals to executive compensation beginning in 2021.
Stuart Bradie, KBR President and CEO, said, “We are proud to be making such measurable progress this early in our sustainability journey. At the same time, we recognize there is much more work to be done. To ensure ESG remains a top priority for our leadership team and our organization, we are linking achievement of ESG objectives to our executive compensation beginning in 2021. We are confident this will further support our efforts to make a positive difference in the world.”
Bradie continued, “In 2020, COVID-19 caused seismic shifts in the way we live and work. I’m proud to say that KBR has used this as an opportunity to embrace change, think differently and reimagine how we do business. We have strengthened our commitment to sustainable development, to do Zero Harm to People and Planet, and to build a prosperous, purpose-led business that contributes positively to the world in which we live.”
For 2019, KBR achieved carbon neutrality in its operations and business travel worldwide as verified by ClimatePartner, a leading third-party solution provider for corporate climate action. KBR reached this ambitious sustainability goal two years ahead of schedule by strengthening its internal sustainability efforts and examining its carbon footprint. KBR then offset its remaining 2019 carbon emissions to become carbon neutral by purchasing carbon credits from Wind Farms in India and from projects run by the Plastic Bank across the world.
By measuring its 2019 carbon footprint, the company created a baseline from which to target reductions in carbon emissions over time. KBR is now developing a strategic climate action plan to achieve net-zero carbon emissions by 2030 and is committed to carbon neutrality for our operations and business travel until we achieve net-zero carbon emissions.
Sustainability Action Plan
In 2019, KBR also broadened its industry-leading Zero Harm safety culture to include its sustainability objectives. The campaign included the introduction of 10 key areas within the company, or pillars, where efforts will be focused to accelerate positive social and environmental impact. These Sustainability Pillars are aligned with the sustainable development goals outlined in the United Nations’ Decade of Action plan, which serves as a road map for KBR’s sustainability journey.
Bradie added, “We believe that Zero Harm is not only about doing what is right with regard to health and safety, but also about doing what is right for our planet, people, communities and business.”
In addition, the company audited its business for projects, initiatives and technologies that facilitate positive environmental and social impact as part of its work with clients. The audit found more than 60 areas where the company is already increasing energy efficiencies; extending asset life; developing technologies to capture and sequester carbon; improving water efficiencies through innovative infrastructure; harnessing wind power through the development of floating wind farms and substations; developing electric vehicle charging platforms; and others. As a business with a wide scope of services, technologies and expertise, the company recognizes it has an incredible opportunity to drive positive change, innovation and improvements for key markets by assisting clients in their sustainability journey.
KBR is also using data to help inform hiring practices and internal policies to ensure parity and enhance inclusion and diversity. The company has demonstrated progress by expanding gender inclusion and diversity of its board and executive leadership team, as follows:
- Increased board gender diversity to one-third female in early 2020 (from ~20% in 2019); and
- Increased executive leadership team gender diversity to one-third female in 2020 (from 10% in 2019)
Sustainability & Corporate Responsibility Report
KBR has published its 2019 Sustainability & Corporate Responsibility Report, which showcases measurable progress related to its sustainability efforts and the positive steps the company is taking to drive change. The report is available at www.kbr.com/sustainability.
We deliver science, technology and engineering solutions to governments and companies around the world. KBR employs approximately 28,000 people worldwide with customers in more than 80 countries and operations in 40 countries.
KBR is proud to work with its customers across the globe to provide technology, value-added services, and long- term operations and maintenance services to ensure consistent delivery with predictable results. At KBR, We Deliver.
Forward Looking Statement
The statements in this press release that are not historical statements, including statements regarding future financial performance, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond the company’s control that could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: the significant adverse impacts on economic and market conditions of the COVID-19 pandemic; the company’s ability to respond to the challenges and business disruption presented by the COVID-19 pandemic; the recent dislocation of the global energy market; the company’s ability to realize cost savings and efficiencies relating to the streamlining of its Energy Solutions business; the company’s ability to manage its liquidity; the company’s ability to continue to generate anticipated levels of revenue, profits and cash flow from operations during the COVID-19 pandemic and any resulting economic downturn; the outcome of and the publicity surrounding audits and investigations by domestic and foreign government agencies and legislative bodies; potential adverse proceedings by such agencies and potential adverse results and consequences from such proceedings; the scope and enforceability of the company’s indemnities from its former parent; changes in capital spending by the company’s customers, including as a result of the COVID-19 pandemic; the company’s ability to obtain contracts from existing and new customers and perform under those contracts; structural changes in the industries in which the company operates; escalating costs associated with and the performance of fixed-fee projects and the company’s ability to control its cost under its contracts; claims negotiations and contract disputes with the company’s customers; changes in the demand for or price of oil and/or natural gas; protection of intellectual property rights; compliance with environmental laws; changes in government regulations and regulatory requirements; compliance with laws related to income taxes; unsettled political conditions, war and the effects of terrorism; foreign operations and foreign exchange rates and controls; the development and installation of financial systems; increased competition for employees; the ability to successfully complete and integrate acquisitions; and operations of joint ventures, including joint ventures that are not controlled by the company.
KBR’s most recently filed Annual Report on Form 10-K, any subsequent Form 10-Qs and 8-Ks, and other U.S. Securities and Exchange Commission filings discuss some of the important risk factors that KBR has identified that may affect the business, results of operations and financial condition. Except as required by law, KBR undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
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SOURCE KBR, Inc.