Honeywell Strengthens Its Sustainability Commitments; Will Set Science-Based Target That Includes Scope 3 Emissions
- Along with supporting the Paris Agreement, company also joins the U.S. Department of Energy's Better Climate Challenge
- 60% of Honeywell's research and development investment for new products was directed toward ESG-oriented outcomes; more than 60% of 2021 sales were from ESG-oriented solutions1
April 13, 2022
CHARLOTTE, N.C., April 13, 2022 /PRNewswire/ -- Honeywell (NASDAQ: HON) announced a new set of commitments that further advance its sustainability goals beyond the company's existing commitment to become carbon neutral in its facilities and operations by 2035. The new pledges include a commitment to develop a science-based target with the Science Based Targets initiative (SBTi) that includes scope 3 emissions and participation in the U.S. Department of Energy's Better Climate Challenge. The company also supports the Paris Climate Agreement.
Honeywell will work with SBTi, a partnership between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF), to reduce its emissions in line with climate science. As part of SBTi's process, over the next two years, Honeywell will further quantify its Scope 3 emissions and work closely with SBTi to determine an appropriate reduction target for those emissions. Honeywell has already committed to carbon neutrality in Scope 1 and 2 emissions by 2035.
Honeywell also announced that it has joined the United States Department of Energy's Better Climate Challenge and will reduce its Scope 1 and 2 emissions in the United States by 50% and improve energy efficiency by an additional 10% by 2030, from a 2018 baseline. The Better Climate Challenge is a U.S. government platform designed to mitigate the impacts of climate change. As part of the Challenge, Honeywell will develop a plan with greenhouse gas emissions reduction milestones, share its progress and solutions with other organizations, and report on its emissions data during the 10-year timeframe.
"Honeywell's enhanced sustainability commitments build on our two-decades-long program to reduce our greenhouse gas emissions. We have already reduced our intensity by more than 90 percent since 2004, and we are resolved to use the latest science and technology to continue to reduce our environmental impact," said Darius Adamczyk, chairman and chief executive officer of Honeywell. "For Honeywell, sustainability is a comprehensive commitment, from our sites, to our operations, to our products."
In addition to addressing its own emissions, Honeywell is a leader in the innovation of new products that provide positive environmental, social and governance (ESG)-oriented outcomes for its customers1. About 60% of Honeywell's 2021 new product introduction research and development investment was directed toward ESG-oriented outcomes, and more than 60% of its 2021 sales were from offerings that contribute to ESG-oriented outcomes.
Honeywell takes a multi-faceted approach toward meeting its carbon neutrality commitments, including investing in energy savings projects, converting to renewable energy sources, executing capital improvement projects, and utilizing credible carbon offsets when necessary and permitted. The company uses its own technologies to achieve these goals wherever possible. The company is committed to addressing its Scope 3 indirect emissions in its value chain by continuing to focus on product innovation, adoption of Honeywell's climate solutions, which include targeted solutions for sectors responsible for two-thirds of the world's greenhouse gas emissions, and partnerships with industry leaders to identify and implement best practices.
Since 2004, Honeywell has continually set aggressive environmental targets and achieved them. In 2019, Honeywell set a "10-10-10" target to reduce global Scope 1 and Scope 2 greenhouse gas emissions intensity by an additional 10% from 2018 levels, deploy at least 10 renewable energy opportunities, and achieve certification to ISO's 50001 Energy Management Standard at 10 facilities by 2024. In 2021, the company committed to carbon neutrality in its facilities and operations by 2035. Honeywell has implemented more than 6,100 sustainability projects since 2010, saving an annualized $105 million in costs. Honeywell supports the overall goals of the Paris Agreement adopted in December 2015 at COP21.
For more information about Honeywell's sustainability initiatives, visit our Website.
Honeywell (www.honeywell.com/us/en) is a Fortune 100 technology company that delivers industry-specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help aircraft, buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/us/en/news.
This release contains certain statements that may be deemed "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this presentation are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, technological, and COVID-19 public health factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, and other developments, including the potential impact of the COVID-19 pandemic, and business decisions may differ from those envisaged by such forward-looking statements. Any forward-looking plans described herein are not final and may be modified or abandoned at any time. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.
1 Methodology for identifying ESG-oriented solutions is available at investor.honeywell.com (see "ESG/ESG Information/Identification of ESG-Oriented Offerings").