KLA Corporation ( KLAC Quick Quote KLAC - Free Report) gears up for achieving environment sustainability across its business by shifting to the use of clean and renewable energy. This is evident from its latest commitment, which states that KLAC aims to power its global operations with 100% renewable energy by 2030. More precisely, KLA is targeting a 46% cumulative reduction in both Scope 1 and Scope 2 emissions by 2030 from its 2019 baseline. The underlined goal is a part of KLAC’s environmental, social and governance (ESG) stewardship program. Further, it is likely to benefit KLA in today’s world where demand for lowering the hazardous environmental impacts of business operations is increasing rapidly. Hence, the recent move, which was a step toward a sustainable future by reducing carbon footprint, is expected to help KLA gain investor optimism in the days ahead. KLA has gained 56.9% on a year-to-date basis, outperforming the industry’s rally of 13%. Image Source: Zacks Investment Research Renewable Energy in Demand
With the latest move, KLA joins the carbon neutrality race in which tech companies like
Amazon ( AMZN Quick Quote AMZN - Free Report) , Analog Devices ( ADI Quick Quote ADI - Free Report) and Lam Research ( LRCX Quick Quote LRCX - Free Report) are some notable players. These companies are taking strong initiatives to adopt alternative energy sources to lower overall carbon emissions and cut energy bills substantially. Amazon aims to reach net-zero carbon emissions by 2040. Further, AMZN revealed that it could reach 100% renewable energy by 2025, five years ahead of the schedule. The e-commerce giant is currently counted as the biggest corporate investor in renewable energy. Amazon’s total count of renewable energy projects stands at 274 across the globe, at present. Analog Devices pledged to reach carbon neutrality and net-zero emissions by 2030 and 2050, respectively. Moreover, ADI intends to shift its overall operations to 100% renewable energy by 2025. It is also gearing up for addressing emissions across the full value chain by 2030. Lam research pledged to reach net-zero carbon emissions by 2050. It is also committed to becoming 100% operational on renewable energy by 2030. To Conclude
The latest move of KLA is in sync with its strong efforts to bolster its presence in the semiconductor industry by deepening its focus on maximizing the sustainability impacts of its technologies and solutions.
We believe that the presently Zacks Rank #2 (Buy) player’s strong endeavors in driving carbon neutrality will continue to shape its trajectory. Its robust environmental measure across its operations remains noteworthy. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Notably, 100% of electricity at KLA’s Milpitas headquarter has been bought from carbon-free sources since 2018. Further, 97% of the electricity at the Welsh site was purchased from carbon-free sources in 2020. Additionally, KLA installed solar roof panels at its Belgium office. Also, KLAC signed a contract on 100% green energy for the same office. All these endeavors remain noteworthy.