Industrial products, solutions and technologies company Honeywell announced today a series of climate initiatives and commitments, including a pledge to set a science-based emissions reduction target with the Science Based Targets initiative (SBTi) that includes the company’s Scope 3, or full value chain, emissions.
SBTi, founded in 2015 as a collaboration between CDP, World Resources Institute (WRI), the World Wide Fund for Nature (WWF), and the United Nations Global Compact (UNGC), has emerged as one of the key organizations focused on aligning corporate environmental sustainability action with the global goals of addressing and limiting climate change.
Value chain decarbonization is emerging as a major focus for sustainability initiatives at companies globally, as efforts to address the climate impact of business increasingly shift to reducing emissions outside of companies’ direct control, or Scope 3, such as those originating in the supply chain or from use of products and services, which often constitute the majority of company emissions.
Honeywell has committed to work with the organization over the next two years to further quantify and determine an appropriate reduction target for its Scope 3 emissions. The new initiative follows the launch last year by Honeywell of a goal to achieve carbon neutrality in its operations and facilities by 2035.
Honeywell also announced that it has joined the Better Climate Challenge, launched earlier this year by the U.S. Department of Energy (DOE) as a national public-private partnership initiative calling on organizations to set ambitious, portfolio-wide GHG emissions reduction goals. As a signatory to the initiative, Honeywell has committed to pursue at least a 50% reduction in scope 1 and 2 greenhouse gas (GHG) emissions, and improve energy efficiency by an additional 10% by 2030.
Honeywell Chairman and CEO Darius Adamczyk 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.”