Company outlines goals and accomplishments in seventh annual environmental, social and governance report
FREMONT, Calif., June 29, 2021 (GLOBE NEWSWIRE) -- Lam Research . (Nasdaq: LRCX) today published its annual Environmental, Social, and Governance (ESG) Report detailing the company’s progress in reducing its environmental footprint, driving a healthy and safe workforce, advancing inclusion and diversity, and contributing positively to the broader community.
“The world’s response to the devastating pandemic has illuminated how we can transform our planet and intensify the best in humanity when we all work together towards a common goal,” said Tim Archer , president and chief executive officer of Lam Research . “I could not be prouder of the incredible efforts of Lam’s workforce to deliver for our customers and answer the call from our communities in need under the most challenging of circumstances. And in that spirit, I’m pleased to announce our goals detailed in the ESG Report include operating 100% on renewable energy by 2030 and becoming carbon net zero by 2050 to contribute to a more sustainable world.”
The company is proactively implementing environmental measures throughout its operations, from operational practices to the design of its products. In 2020, Lam made advances toward its 2025 sustainable operations goals in energy savings, water conservation, waste abatement, and greenhouse gas emissions reduction. This includes goals of reducing scope 1 and scope 2 greenhouse gas emissions by 25% from a 2019 baseline; achieving 12 million kWh in energy savings; conducting waste audits at applicable factory sites; reducing waste to landfill to 0%; and saving 17 million gallons of water in water stressed areas.
The recently released report provides an in-depth review of Lam’s ESG goals and strategies, as well as accomplishments in 2020. Key highlights include:
Last week, Lam also announced the closing of an inaugural $1.5 billion sustainability-linked credit facility, demonstrating the importance of the company’s ESG goals. Over the credit facility term, Lam will receive a pricing adjustment if the company is above or below performance targets around annual energy savings and maintaining its high standard of employee safety.
About Lam Research
Lam Research is a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. As a trusted, collaborative partner to the world’s leading semiconductor companies, we combine superior systems engineering capability, technology leadership, and unwavering commitment to customer success to accelerate innovation through enhanced device performance. In fact, today, nearly every advanced chip is built with Lam technology. Lam Research (Nasdaq: LRCX) is a FORTUNE 500® company headquartered in Fremont, Calif., with operations around the globe. Learn more at www.lamresearch.com. (LRCX-B)
Caution Regarding Forward-Looking Statements
Statements made in this press release that are not of historical fact are forward-looking statements and are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to but are not limited to: our ESG goals, which may change from time to time; our ability to achieve those goals; the effect that achieving or failing to achieve those goals may have on our business, community, employees, customers, suppliers, and the environment; Lam’s ongoing commitment to COVID-19 relief and recovery efforts; our projections or expectations of how use of our tools and services may reduce resources and materials consumed in the semiconductor manufacturing process as well as in semiconductor equipment manufacturing; our expectations of how cost-effective our CSBG solutions may be to customers and how those solutions may reduce environmental impacts; and Lam’s receipt of a pricing adjustment on our sustainability-linked credit facility. These statements are based on current expectations and are subject to risks, uncertainties, and changes in condition, significance, value and effect including those risks and uncertainties that are described in the documents filed or furnished by us with the Securities and Exchange Commission, including specifically the Risk Factors described in our annual report on Form 10-K for the fiscal year ended June 28, 2020 and quarterly report on Form 10-Q for the quarter ended March 28, 2021. These uncertainties and changes could materially affect the forward-looking statements and cause actual results to vary from expectations in a material way. The Company undertakes no obligation to update the information or statements made in this release.