Honeywell strengthens its commitment to sustainability by incorporating indirect carbon emissions from the value chain into its emissions reduction targets

Honeywell is committed to working with the Science Based Targets initiative to develop emissions reductions that include other indirect greenhouse gas emissions (Scope 3) from the value chain

In 2021, more than 60% of Honeywell's revenue came from businesses that helped solve global ESG challenges; About 60% of the company's new product development is based on improving the environmental performance and social benefits of its customers

Honeywell announced that it will further strengthen its sustainability commitments to achieve carbon neutrality across all operations and facilities by 2035 made last year, and will work with the Science Based Targets initiative (SBTi) to develop science-based targets that include other indirect greenhouse gas emissions from the value chain (i.e., Scope 3 emissions).

Honeywell will work closely with the Science Based Targets initiative to further quantify other indirect emissions from the company's value chain over the next two years and set appropriate reduction targets.

Science Based Targets Initiative

The Science Based Targets initiative is an international independent advisory body initiated by the Center for Global Environmental Information (CDP), the United Nations Global Compact (UNGC), the World Resources Institute (WRI) and the World Wide Fund for Nature (WWF) to assess and examine corporate carbon emissions targets through science-based methods and criteria to ensure they are consistent with the goals of the Paris Agreement.

Start with me and take the initiative to reduce emissions

Previously, Honeywell had pledged to achieve carbon neutrality for both direct emissions (Scope 1) and indirect energy emissions (Scope 2) by 2035. The inclusion of Scope 3 emissions in the emission reduction target is a strong reflection of the company's further strengthening of its commitment to sustainable development.

In addition, Honeywell announced its participation in the Better Climate Challenge, launched by the United States Department of Energy, which aims to halve the company'United States s Scope 1 and 2 greenhouse gas emissions and improve energy efficiency by 10% by 2030, using 2018 as the base year. As part of the plan, Honeywell will set milestones for reducing greenhouse gas emissions, share progress and solutions with other organizations, and report on its emissions data within a 10-year timeframe.

Honeywell's commitment to strengthening sustainability continues the company's 20-year commitment to reducing greenhouse gas emissions. Since 2004, we have reduced the greenhouse gas intensity of our operations and facilities by more than 90%, and we are determined to use the latest science and technology to continuously reduce our environmental impact. For Honeywell, sustainability is a comprehensive commitment that encompasses our facilities, operations and products.

Join hands with partners to meet the challenges together

In addition to its commitment to reducing its own emissions, Honeywell provides customers with innovative technologies and solutions that are driven by positive environmental, social and governance (ESG) outcomes. About 60% of the company's new product development is based on improving the environmental performance and social benefits of customers; In 2021, more than 60% of the company's sales came from businesses that helped solve global ESG challenges.

Honeywell will take steps to meet its carbon neutrality commitments, including increasing investment in energy efficiency projects, adopting renewable energy, executing asset improvement projects, and leveraging reliable carbon offset mechanisms where necessary and permitted, and using company-owned technologies to achieve these goals wherever possible. In addition, Honeywell is committed to addressing Scope 3 indirect emissions across the value chain through a continued focus on product innovation, the adoption of Honeywell environmental solutions that are available to two-thirds of the world's greenhouse gas emission source industries, and the identification and adoption of best practices in collaboration with industry leaders.

Since 2004, Honeywell has repeatedly set and exceeded ambitious sustainability goals. In 2019, Honeywell set three new "ten" goals: to reduce Scope 1 and 2 greenhouse gas emissions by an additional 10% by 2024 from 2018 levels, deploy at least 10 renewable energy opportunities, and achieve ISO 50001 energy management system certification for 10 business facilities. In 2021, the company committed to achieving carbon neutrality across all its operations and facilities by 2035. Since 2010, Honeywell has implemented more than 6,100 sustainability projects, saving an average of $105 million per year. In addition, Honeywell supports the overall goals of the Paris Agreement, adopted at COP21 in December 2015.

In China, Honeywell is also committed to the company's sustainability commitments and supports China's sustainability goals of peaking carbon dioxide emissions before 2030 and achieving carbon neutrality before 2060. For example, Honeywell's Suzhou plant under Safety & Productivity Solutions was selected as a "Green Factory" demonstration enterprise on the list of green manufacturing demonstration enterprises announced by the Ministry of Industry and Information Technology of the People's Republic of China. Through advanced technology, perfect equipment, stable quality system, lean production mode and strong sense of sustainable development, the factory has obtained a number of international certifications and government recognition in safety production and sustainable development management, and has become a classic case of sustainable development to achieve the balanced development of enterprise, society and environment.

China's 'dual carbon' goal is a milestone event in the global response to climate change, and it also brings broader development opportunities for enterprises. With nearly 90 years of experience in the Chinese market, Honeywell adheres to the strategy of 'East for East', and serves the long-term goal of China's high-quality development by continuously developing products and technologies that meet the energy and environmental needs of customers, and jointly shaping a sustainable future with Chinese partners."

Honeywell strengthens its commitment to sustainability by incorporating indirect carbon emissions from the value chain into its emissions reduction targets

Honeywell strengthens its commitment to sustainability by incorporating indirect carbon emissions from the value chain into its emissions reduction targets

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