Analog Devices Inc
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Information Technology : Semiconductors & Semiconductor Equipment | Large Cap Blend
Company profile

Analog Devices, Inc. (Analog Devices) designs, manufactures and markets a portfolio of solutions that leverage high-performance analog, mixed-signal and digital signal processing technology, including integrated circuits (ICs), algorithms, software and subsystems. Its products include Analog Products, Converters, Amplifiers/Radio Frequency, Other Analog, Power Management and Reference, and Digital Signal Processing Products. The Company is a supplier of data converter products. The Company is a supplier of high-performance amplifiers. Its analog product line also includes products of high performance radio frequency (RF) ICs. The Company's DSPs are used for high-speed numeric calculations. The Company offers its products for applications in various end markets, such as industrial, automotive, consumer and communications. The Company operates in the United States, Rest of North/South America, Europe, Japan and China.

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Last Trade
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2.09 (1.35%)
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-4.30 (-2.71%)
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Volume:
3,016,479

10-day average volume:
3,526,468
3,016,479

United Makes Bold Environmental Commitment Unmatched by Any Airline; Pledges 100% Green by Reducing Greenhouse Gas Emissions 100% by 2050

8:00 am ET December 10, 2020 (PR Newswire) Print

United Airlines today is taking its most ambitious step yet in leading the fight against climate change: pledging to become 100% green by reducing its greenhouse gas (GHG) emissions by 100% by 2050. United, which in 2018 became the first U.S. airline to commit to reducing its GHG emissions by 50% by 2050, will advance towards carbon neutrality by committing to a multimillion-dollar investment in revolutionary atmospheric carbon capture technology known as Direct Air Capture - rather than indirect measures like carbon-offsetting - in addition to continuing to invest in the development and use of sustainable aviation fuel (SAF). With this unprecedented announcement, United becomes the first airline in the world to announce a commitment to invest in Direct Air Capture technology.

"As the leader of one of the world's largest airlines, I recognize our responsibility in contributing to fight climate change, as well as our responsibility to solve it," said Scott Kirby, United's chief executive officer. "These game-changing technologies will significantly reduce our emissions, and measurably reduce the speed of climate change - because buying carbon offsets alone is just not enough. Perhaps most importantly, we're not just doing it to meet our own sustainability goal; we're doing it to drive the positive change our entire industry requires so that every airline can eventually join us and do the same."

Investment in Direct Air Capture Technology

Rather than simply taking a conventional approach to decarbonization by relying solely on the purchase of carbon offsets, United intends to make a multimillion-dollar investment in 1PointFive, Inc., a partnership between Oxy Low Carbon Ventures, a subsidiary of Occidental (NYSE:OXY), and Rusheen Capital Management. 1PointFive's mission is to curb the rise in global temperatures by physically removing carbon dioxide (CO2) from the air using Direct Air Capture technology licensed from Carbon Engineering.

Direct Air Capture technology is one of the few proven ways to physically correct for aircraft emissions, and can scale to capture millions and potentially billions of metric tons of CO2 per year. The captured CO2 will then be permanently, safely and securely stored deep underground by Occidental, a process certified by independent third parties. The commitment - the first to be announced in the aviation industry - will help 1PointFive build the first industrial-sized Direct Air Capture plant in the United States. A single plant is expected to capture and permanently sequester one million tons of CO2 each year, the equivalent of the work of 40 million trees, but covering a land area about 3,000 times smaller.

Investments in Sustainable Aviation Fuel

With up to 80% less lifecycle carbon emissions than conventional jet fuel, sustainable aviation fuel is the fastest and most effective way United is reducing its emissions. Among all airlines globally, United holds more than 50% of all publicly announced future purchase commitments to using SAF and has the longest history of using SAF of any U.S. airline. Last year, United renewed its contract with Boston-based World Energy, agreeing to purchase up to 10 million gallons of cost-competitive SAF. United has used this SAF to help sustainably power every flight departing its Los Angeles hub since 2016.

Additionally, United has invested more than $30 million in California-based sustainable fuel producer Fulcrum BioEnergy, which remains the single largest investment by any airline globally in a sustainable fuel producer.

Since 2016, United has used the most SAF of any airline globally and has flown:

-- 26 million passengers on flights powered with a SAF blend

-- 44 billion passenger-miles on flights powered with a SAF blend

-- 215,000 flights powered with a SAF blend

United's Commitment to the Environment

United's commitment to becoming carbon-neutral by 2050 represents yet another leadership position the airline has taken to reduce its impact on the environment. United's significant environmental achievements include:

-- Becoming the first airline globally to incorporate SAF in regular operations on a continuous basis, marking a significant milestone in the industry by moving beyond test programs and demonstrations to the everyday use of low-carbon fuel in ongoing operations

-- In 2019, we committed $40 million toward an investment initiative focused on accelerating the development of SAF and other decarbonization technologies

-- Operating the Flight for the Planet in 2019, which represented the most-eco-friendly commercial flight of its kind in the history of commercial aviation

-- Becoming the first airline to fly with Boeing's Split Scimitar winglets, which reduce fuel consumption by an additional 2% versus standard winglets; United is the largest Scimitar winglet operator today, with nearly 400 aircraft equipped with these winglets

-- Becoming the first U.S. airline to repurpose items from the carrier's international premium cabin amenity kits and partnering with Clean the World to donate hygiene products to those in critical need

-- Eliminating non-recyclable plastic stirring sticks and cocktail picks on aircraft and replacing them with a more environmentally friendly product made of 100% bamboo

-- Continuing to replace its eligible ground equipment with cleaner, electrically powered alternatives, with nearly 45% of the fleet converted to date

United's Award-Winning Eco-Skies Program

United's award-winning Eco-Skies program represents the company's commitment to the environment and the actions taken every day to create a more sustainable future. Earlier this month, the Carbon Disclosure Project named United as the only airline globally to its 2020 'A List' for the airline's actions to cut emissions, mitigate climate risks and develop the low-carbon economy, marking the seventh consecutive year that United had the highest CDP score among U.S. airlines.

In 2017, Air Transport World magazine named United its Eco-Airline of the Year for the second time since the airline launched the Eco-Skies program. Additionally, United ranked No. 1 among global carriers in Newsweek's 2017 Global 500 Green Rankings, one of the most recognized environmental performance assessments of the world's largest publicly traded companies.

For more information on United's commitment to environmental sustainability, visit united.com/ecoskies.

About United

United's shared purpose is "Connecting People. Uniting the World." For more information, visit united.com, follow @United on Twitter and Instagram or connect on Facebook. The common stock of United's parent, United Airlines Holdings, Inc., is traded on the Nasdaq under the symbol "UAL".

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Certain statements in this release are forward-looking and thus reflect our current expectations and beliefs with respect to certain current and future events. Such forward-looking statements are and will be subject to many risks and uncertainties relating to our operations and business environment that may cause actual results to differ materially from any future results expressed or implied in such forward-looking statements. Words such as "expects," "will," "plans," "anticipates," "indicates," "remains," "believes," "estimates" and similar expressions are intended to identify forward-looking statements. Additionally, forward-looking statements include statements that do not relate solely to historical facts, such as statements which identify uncertainties or trends, discuss the possible future effects of current known trends or uncertainties, or which indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed or assured. All forward-looking statements in this release are based upon information available to us on the date of this release. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except as required by applicable law. Our actual results could differ materially from these forward-looking statements due to numerous factors including, without limitation, the risks and uncertainties set forth under Part I, Item 1A., "Risk Factors," of our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, as updated by our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, as well as other risks and uncertainties set forth from time to time in the reports we file with the U.S. Securities and Exchange Commission.

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SOURCE United Airlines

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