KINGSPORT — Fortune magazine recently named Eastman Chemical Company to its Change The World list for 2021.
Eastman is ranked at No. 21 on the list of companies that have made a “positive social impact through activities that are part of their core business strategy,” a Tuesday press release said. Eastman made the Fortune list for its plastic recycling initiatives.
“We’re pleased to be recognized by Fortune with an award that gets right to the heart of our purpose at Eastman,” said Mark Costa, the Eastman board chair and CEO in a press release. “We’re committed to innovation that reduces material waste and preserves our planet, while delivering sustainable solutions that enhance the quality of life for people around the world.”
One of the key factors Fortune used to compile the list is an evaluation of “measurable social impact,” the release said. In determining the list, Fortune editors and writers use that factor to consider “the reach, nature and durability of the company’s impact on one or more specific societal problems.” The magazine also considers business results, degree of innovation and corporate integration on creating the Change the World list.
Eastman’s advanced recycling technologies process hard-to-recycle plastics that typically end up in landfills, incineration or the environment. The Kingsport-based company has committed to recycle more than 250 million pounds of plastic waste annually by 2025 and more than 500 million pounds annually by 2030.
Eastman is building the world’s largest polyester molecular recycling facility in Kingsport. The facility is expected to be mechanically complete in late 2022. According to the release, the company’s molecular recycling technologies are an essential element of its sustainability strategy to build “a better circle,” Eastman’s theme for building a better planet and the title of its sustainability report, published in December 2020.To learn more about Eastman’s vision to mainstream circularity, visit www.eastman.eco.