BURLINGTON, ON, June 26,
2024 /CNW/ - EcoSynthetix Inc. (TSX: ECO)
("EcoSynthetix" or the "Company"), a renewable chemicals company
that produces a portfolio of commercially proven bio-based
products, today announced it has been named one of the top 50
Corporate Citizens in Canada in
the 23rd edition of the Corporate Knights' ranking, an
independent media and research B Corp which specializes in
sustainability. It is the third consecutive year EcoSynthetix has
been named in the Best 50 ranking.
"Our bio-based materials replace conventional petroleum-based
chemicals in the manufacturing processes of several large
industrial markets. We replace formaldehyde in the production of
furniture, help in the production of pulp, packaging and tissue and
provide natural ingredients for personal care products. As
retailers and manufacturers pursue paths to meet their carbon and
climate targets, our commercially proven polymers offer material
carbon footprint improvements," said Jeff
MacDonald, CEO of EcoSynthetix. "This recognition from
Corporate Knights helps to raise awareness with our customers and
prospects of the sustainable attributes our bio-polymers can bring
to their supply chains. With the heightened scrutiny of
sustainability claims the work of Corporate Knights is increasingly
important as a transparent and quantitative-based approach which
distinguishes our performance in the market."
EcoSynthetix aims to embed environmental stewardship in all
aspects of its business; the company derives 100% of its revenue
from renewable, bio-based products. The Company's "Carbon
Commitment" calls for carbon footprint reductions enabled by the
use of EcoSynthetix' products by its customers that target to avoid
100% of the carbon emissions associated with its business, which
would result in a 1:1 carbon cover, making EcoSynthetix a climate
positive business. Management believes the Company can
achieve its mid-term goal to have a 1.5:1 carbon cover by 2027,
meaning that carbon footprint reductions enabled by the use of
EcoSynthetix' products by its customers should avoid 150% of the
carbon emissions associated with its business.
Inaugurated in 2002, the Corporate Knights annual ranking is
based on an assessment of Canadian publicly traded, privately owned
and Crown corporations. Each is evaluated on a set of up to 25 key
performance indicators. All companies are scored on applicable
metrics relative to their peers, with 50% of the weight assigned to
sustainable investment and sustainable revenues. Nine of the
indicators have fixed weights; the rest are assigned weights
according to each industry's relative impact in relation to the
overall economy. The ranking relies on publicly available
information and is distinguished by its transparent and
quantitative methodology. A digital version of the ranking and
further contextual and methodological information is available
here.
About EcoSynthetix Inc. (www.ecosynthetix.com)
EcoSynthetix offers a range of sustainable engineered biopolymers
that allow customers to reduce their use of harmful materials, such
as formaldehyde and styrene-based chemicals. The Company's flagship
products, DuraBind™, Surflock™, Bioform™ and EcoSphere®, are used
to manufacture wood composites, personal care, paper, tissue and
packaging products, and enable performance improvements, economic
benefits and carbon footprint reduction. The Company is publicly
traded on the Toronto Stock Exchange (T:ECO).
About Corporate Knights
Corporate Knights Inc. is an
independent media and research B Corp. Its media division publishes
the award-winning sustainable-economy magazine Corporate Knights,
circulated in The Globe and Mail, The Washington Post and The Wall
Street Journal. Its research division maintains the Sustainable
Economy Intelligence Database, produces sustainability rankings,
research reports and financial product ratings based on corporate
sustainability performance. Learn more at corporateknights.com.
SOURCE EcoSynthetix Inc.
