Honeywell Commits to strengthening and Expanding its Sustainability Goals
Honeywell, an industrial products and solutions company, announced its commitment to expanding its existing sustainability goal of becoming carbon neutral in operations by 2035. The company has pledged to devise a science-based target in line with the Science-Based Targets initiative (SBTi), which entails associating with the U.S. Department of Energy's Better Climate Challenge and scope 3 emissions.
SBTi is a partnership between the United Nations Global Compact, CDP, World Resources Institute (WRI), and the World Wide Fund for Nature (WWF), which Honeywell will work with to bring down its emissions in line with climate science. The firm will closely engage with SBTi processes over the next two years to quantify its scope 3 emissions and devise an efficient reduction target for those emissions. The firm has already committed to scope 1 and 2 emissions by 2035.
Honeywell has also aligned with the United States Department of Energy's Better Climate Challenge to bring down its scope 1 and 2 emissions in the U.S. by 50 percent and an additional 10 percent by 2030 from a 2018 baseline.
The Better Climate Challenge designed by the U.S. government helps lessen the impacts of climate change. The challenge will facilitate the firm to devise a plan with greenhouse gas emissions reduction milestones, share its progress, and report on its emissions data during the 10-year timeframe.
Darius Adamczyk, chairman, and chief executive officer of Honeywell, said: "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. For Honeywell, sustainability is a comprehensive commitment, from our sites to our operations, to our products."
The firm is a global leader that develops products providing positive environmental, social, and governance (ESG) outcomes for its clients. It is progressing in several sustainable activities, including executing capital improvement projects, converting to renewable energy sources, investing in energy savings projects, and utilising credible carbon offsets.
Over the past decade, Honeywell had set several climate targets and achieved them. In 2019, it set a "10-10-10" target to bring down scope 1 and 2 greenhouse gas emissions by an additional 10 percent from 2018 levels. The firm also achieved certification to ISO's 50001 Energy Management Standard at ten facilities by 2024 and implemented more than 6100 sustainability projects since 2010.