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Analog Devices (ADI) Bolsters Climate Pledge With New Goals

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Analog Devices (ADI - Free Report) has revealed new carbon neutrality and net-zero emission commitments to bolster its climate strategy.

The company has pledged to reach carbon neutrality and net-zero emissions by 2030 and 2050, respectively. Moreover, it is committed to Science Based Targets.

Notably, Analog Devices intends to shift its overall operations to100% renewable energy by 2025. Further, it is gearing up to address emissions across the full value chain by 2030.

Additionally, the company signed the United Nations’ Business Ambition for 1.5°C pledge.

We notethat the latest move is likely to benefit the company in today’s world, where the demand for lowering the hazardous environmental impacts of business operations is increasing at a fast pace.

Further, switching to the use of clean and renewable energy is expected to help Analog Devices gain investor optimism.

Carbon Neutrality Gaining Steam

With the latest move, Analog Devices peps up the carbon neutrality game for the other tech companies like Amazon (AMZN - Free Report) , Alphabet (GOOGL - Free Report) , Microsoft (MSFT - Free Report) and Apple, which are also taking initiatives to adopt alternative energy sources for lowering overall carbon emissions and cutting energy bills substantially.

Amazon aims at utilizing 80% and 100% renewable energy by 2024 and 2030, respectively. It is also aiming to reach net-zero carbon emissions by 2040. Further, the company revealed that it could reach 100% renewable energy by 2025, five years ahead of the schedule.

Google’s aggressive three-fold strategy — which includes energy efficiency, renewable energy procurement and carbon offsets — is a testament to its commitment to carbon neutrality.

Further, Microsoft is gathering steam to become carbon negative by 2030. Its two power purchase agreements with EDP Renewables North America LLC to work on a wind energy project based in Paulding County, OH, remain noteworthy.

Meanwhile, Apple — whose global corporate operations are already carbon neutral — has recently committed to become 100% carbon neutral across the entire business, manufacturing supply chain and product life cycle by 2030.

Bottom Line

The latest move of Analog Devices is in sync with its strong efforts to bolster its presence in the semiconductor industry bydeepening focus on maximizing the sustainability impacts of its technologies and solutions.

We believe the company’s strengthening climate strategy will continue to shape its trajectory in the intensifying carbon neutrality game.

Currently, Analog Devices carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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