Shares of popular casual footwear maker Crocs (NASDAQ:CROX) popped today after the company introduced a new shoe made of a bio-based material as it aims to reduce its carbon footprint. Investors applauded the news, sending shares to an all-time high. The stock gained as much as 14.6% and still remained up 11.5% as of 2:15 p.m. EDT. Today’s rise brings the stock’s year-to-date return to 145%.
Crocs management previously announced that the company would achieve net zero emissions by 2030. The company marketed the plan with the tag line “comfort without carbon.” Now Crocs has provided details on a new shoe that will be produced using bio-based material it calls Croslite. The material will help the company achieve its target of a 50% reduction in its carbon footprint per pair of Crocs, on its path to net zero emissions by 2030.