Power Management Company Eaton announced new sustainability commitments today, most significantly that it is joining the global movement to limit the increase of the world’s temperature to 1.5°C by committing to science-based targets.
To achieve this target, Eaton announced that it will aim to cut carbon emissions from its operations by at least 50% by 2030, enabling the company to be carbon neutral at that time. Additionally, the company will work with its customers and suppliers to reduce its indirect emissions by 15 percent. The company also stated that it plans to invest more than $3 billion in research and development over the next 10 years to create energy efficient solutions for customers.
Craig Arnold, Eaton chairman and Chief Executive Officer said:
“The climate emergency we face is no longer an abstract issue for scientists to resolve. It’s not a problem for our children – or their children – to confront. It’s happening now, and it’s a crisis for every continent, every nation and every individual. If we act now, we still have time to minimize the impact of climate change, to limit the force and frequency of devastating natural disasters, and ultimately, to save lives.”
Arnold added, “At Eaton, our commitment to sustainability is part of our core mission – to improve the quality of life and the environment. We believe that actions to improve the environment are fundamental to how we create value. It’s also a responsibility echoed in the Business Roundtable’s commitment to address climate change through a collection of actions that will lead to the reduction of greenhouse gas emissions on a global basis.”
Eaton’s 2030 greenhouse gas targets have been approved by the Science Based Target Initiative (SBTi) and are also consistent with the challenge presented to corporations by the Intergovernmental Panel on Climate Change (IPCC), the United Nations body for assessing the science related to climate change. The group recently declared a climate emergency and issued an urgent request to companies around the world to do their part in the global response to the threat of climate change.
“These targets reflect our belief that corporations have a broader responsibility to society and that includes helping halt the effects of climate change,” said Arnold. “We call upon companies around the world to join us in addressing this global emergency.”
Eaton announced that it is establishing an executive sustainability council chaired by the company’s CEO to provide oversight of the company’s sustainability strategy, ensuring accountability and alignment.