Industrial gas giant Air Products has released its latest Sustainability Report which reveals the company is making good progress against its goals.

The report details the company’s performance aligned to its ‘Grow, Conserve and Care’ approach to sustainability management; aiming to grow through sustainability-driven opportunities, conserve resources and reduce its environmental footprint through cost-effective improvements, and care for its employees, customers and communities to channel operation and growth.

According to the report, Air Products delivered 53% of revenues from sustainable offerings and saved $9m in cumulative energy costs in fiscal year 2016. The company also pumped $72m into research and development (R&D) spending.

The report also revealed that Air products saved 950 million gallons of water, recorded a 0.55% reduction in greenhouse gas emissions intensity and posted an 0.65% improvement in air separation unit (ASU) energy efficiency over the course of 2016. It also recorded an overall distribution efficiency improvement of 9% over the one year period.

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The report also re-highlighted goals to be met by 2020, with a major emphasis on contributing more than 50% of revenues from offerings that improve energy efficiency, lower emissions and meeting societal needs. Air Products said it also aims to save energy, reduce greenhouse gas emissions and effectively manage hazardous waste.

Additionally, with a 40% shortfall on water predicted by 2030, Air Products wants to continue to conserve and take steps to mitigate risk to its operations, which rely heavily on water for cooling processes. The company is evaluating alternative methods like air cooling, which must be balanced with increased energy use and continue to use more gray water operations.

Seifi Ghasemi, Chairman, President and CEO of Air Products commented, “Air Products has returned to its roots as a company with a focus on core business: industrial gases. In this transition over the past year, I am very pleased to share with you that our core values, including our commitment to sustainability and safety, remained unchanged as we set new sustainability goals for 2020 and we began our pursuit to achieve them.”

The Sustainability Report provides stakeholders with economic, environmental and social performance data in accordance with Global Reporting Initiative (GRI) G4 guidelines.