Neo began collaborating closely with environmental consultants in 2022 to conduct a comprehensive evaluation and assessment of our historical greenhouse gas emissions data, infrastructure, strategies, and opportunities at a global level. The ultimate objective is to establish GHG emission reduction targets and short to long-term goals and action plans. Neo has gained a comprehensive understanding of the situation and potential opportunities from both operational and executive perspectives through on-going collaborations with the consulting firm at a corporate level and across each of our three business units: Chemicals & Oxides, Magnequench, and Rare Metals.
As of 2022, Neo and consultants have completed initial GHG emissions projections (with constant grid emissions intensity), and GHG reduction potential for select opportunities. Neo is on track to complete, cost-benefit analysis of GHG reduction opportunities, development of capital projects emission impacts analysis tool, emissions reduction pathways & targets, carbon neutrality, and scope 3 emission measurement feasibility by the end of 2023.
At Neo, we are fully committed to playing our part in tackling climate change by setting and achieving ambitious GHG reduction goals. We recognize the urgent need to take action to reduce our carbon footprint and are actively working to develop and implement strategies to achieve this objective. We are committed to being transparent about our progress and look forward to sharing our journey towards a more sustainable future.
In 2022, Neo emitted a total of 121 thousand metric tons of CO2 equivalent gases (Scope 1 and Scope 2 combined). Neo’s emissions are primarily driven by our energy demand. At Neo, we are committed to transparent data reporting and continuous improvement. We have made improvements to our methodology for data calculation, resulting in more accurate and reliable data. This includes collaborating with a thirdparty consulting firm to enhance our data collection and analysis process. As part of our on-going GHG reduction plan development, we reviewed the 2021 GHG Scope 1 & 2 emissions previously reported and found the following opportunities for calculation improvements: 1. Use of updated emission factors 2. Use of updated GHG calculation methodology (Sillamäe) 3. Included process-related GHG emissions
Note that we only monitor pertinent hazardous air pollutants; in addition to the list of HAPs as defined by SASB and the EPA, we also include reported data for emissions of Ammonia (NH3), Ammonium Hydroxide, Hydrogen chloride (HCl), CO, nitric acid and Fluorine and gaseous fluorides as we believe it is an accurate depiction of air quality and emissions in our communities.