In 2024, Espec completed a corporate carbon footprint assessment and publicly disclosed its greenhouse gas (GHG) emissions according to the GHG Protocol, covering Scope 1 (direct emissions from owned or controlled sources), Scope 2 (indirect emissions from purchased energy) and Scope 3 (indirect emissions across the value chain).
Espec has also provided a category-level breakdown for 10 out of 15 Scope 3 emissions categories, offering greater transparency into its value chain emissions.
| Metric (tCO2e) | 2024 | 2023 | 2022 | 2021-2019 |
|---|---|---|---|---|
Total Scope 1 | 3,622a | 3,576a | 3,293a | |
Total Scope 2 | ||||
Market-Based | 4,285a | 3,717a | 4,248a | |
Location-Based | 13,138a | 11,541a | 11,895a | |
Total Scope 3 | 1,040,425a | 1,091,612a | 875,859a | |
Total Scope 1 Revenue Intensity (tCO2e/$M) | 8.8291a | 9.0056a | 9.6009a |
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In 2024, the total operational greenhouse gas (GHG) emissions of Espec amounted to 16,760 metric tons of CO2 equivalent. This figure includes both direct emissions from owned or controlled sources (Scope 1) and indirect emissions from purchased energy (Scope 2).a
Compared to 2023, the total operational greenhouse gas (GHG) emissions of Espec increased by 10.87%, suggesting that the company faced challenges in reducing its emissions from its core operations.a
In 2024, the total Scope 1 emissions of Espec were 3,622 metric tons of CO₂ equivalent (tCO₂e).a
Since 2020, Espec's Scope 1 emissions have increased by 5.51%, reflecting a rising long-term trend in Scope 1 emissions over time.a
Compared to the previous year (2023), Espec's Scope 1 emissions increased by 1.29%, suggesting that the company faced challenges in reducing emissions from its directly owned or controlled operations.a
In 2024, Espec reported Scope 2 greenhouse gas (GHG) emissions of 4,285 tCO₂e using the market-based method and 13,138 tCO₂e using the location-based method.a
Since 2020, Espec's Scope 2 greenhouse gas (GHG) emissions (Location-Based) have remained relatively stable, indicating that Espec's emissions have plateaued with no significant change in its energy consumption footprint.a
Compared to the previous year (2023), Espec's Scope 2 emissions (Location-Based) rose by 13.84% in 2024, suggesting that the company faced challenges in reducing emissions from purchased electricity and energya
In 2024, Espec reported its Scope 2 emissions using the market-based method and using the location-based method.a
In 2024, Espec reported 1,040,425 metric tons of CO₂ equivalent (tCO₂e) of Scope 3 greenhouse gas (GHG) emissions, representing indirect emissions across its upstream and downstream value chain.a
The 2024 disclosure of Espec includes a breakdown across 10 of the 15 Scope 3 categories defined by the GHG Protocol, matching the level of disclosure in 2023, demonstrating consistent Scope 3 emissions reporting coverage year over year.a
In 2024, Espec reported total Scope 3 emissions of 1,040,425 metric tons of CO₂ equivalent (tCO₂e).a
Approximately 12.29% of these emissions originated from upstream activities such as purchased goods and capital goods, while 87.71% came from downstream activities like product use, distribution, and end-of-life treatment.a
Since 2020, Espec's Scope 3 emissions have increased by 30.17%, reflecting a rising long-term trend in Scope 3 emissions over time.a
Compared to the previous year (2023), Espec's Scope 3 emissions remained relatively stable, indicating that Espec's emissions have plateaued with no significant change in its value chain footprint.a
In 2024, Espec reported emissions for 10 out of the 15 Scope 3 categories defined by the GHG Protocol.a
This reflects a high level of granularity and transparency in the company's emissions reporting.
In 2024, the largest contributors to Espec's Scope 3 emissions were:a
In 2024, Espec reported Scope 1 greenhouse gas (GHG) emissions of 3,622 tCO₂e and total revenues of USD 410 millions. This translates into an emissions intensity of 8.83 tCO₂e per millions USD.a
In 2024, Espec reported a Scope 1 emissions intensity of 8.83 tCO₂e per millions USD. Compared to the peer group median of 1.96, this places the company above its industry benchmark, indicating it is less carbon-efficient than most competitors.a
In 2024, Espec ranked 22 out of 24 companies in its industry peer group, based on Scope 1 emissions intensity (measured in tCO₂e per millions USD).a
This places Espec among the least efficient performers, with one of the highest emissions intensities in its sector.a
In 2024, Espec reported a total carbon footprint of 1,057,185 metric tons of CO₂ equivalent (tCO₂e) across Scope 1, Scope 2, and Scope 3 emissions. This represents a 4.48% decrease compared to 2023, indicating progress in reducing its overall greenhouse gas output.a
The largest contributor to Espec's total carbon footprint was Scope 3 emissions, accounting for 98.41% of the company's total carbon footprint, followed by Scope 2 emissions at 1.24%.a