The combination of the corporate cash, existing COLI assets, and remediated real estate sales is expected to fully fund ongoing cash requirements associated with Ashland’s environmental remediation efforts.
Ashland Global Holdings, Inc. recently announced that it has established a renewable annual trust for ongoing and future environmental remediation and related litigation. The initiative follows Ashland’s announcement in February to align its operations with the aim of the Paris Climate Accord to limit global temperature rise to 1.5°C above preindustrial levels. At that time, Ashland also became a signatory to the United Nations Global Compact and is making the UN principles part of the company’s business strategy, culture, and day-to-day operations.
“Our commitment to this environmental remediation investment trust is a significant and tangible step on our journey to move our environmental, social and governance (ESG) commitments and initiatives forward,” said Guillermo Novo, chairman and CEO. “Our actions to create and fund this trust will ensure legacy liabilities are addressed both today and into the future.”