People, Planet & Principles: Honeywell's 2024 Impact Report
In a world increasingly shaped by climate challenges and shifting social expectations, Honeywell’s 2024 Impact Report sets a strong example for corporate responsibility. The US-based technology manufacturer is the world's 118th most valuable company and offers an extremely diverse range of products and services, ranging from aeroplanes to fire alarms.
With such a broad remit, it's crucial for Honeywell's leadership group to pull the company's values together and ensure operations are always guided by the same principles. This is especially true of the principles of sustainability.
With this new report, Honeywell does just that, reporting against its targets and restating its commitment to sustainability for the coming years.
Central to the report are three key focus areas: Planet, People, and Principles.
Planet
Honeywell continues to prioritise environmental sustainability, aiming to achieve carbon neutrality across its operations by 2035.
The company has invested 60% of its R&D funds in sustainability-oriented technologies, all of which are designed to reduce environmental impact and enhance safety. These initiatives are projected to help mitigate up to two billion metric tons of CO2 by 2030.
That's a whopping 175-times more than Honeywell's own projected Scope 1 and 2 greenhouse gas emissions over the same period.
It's also worth noting that Honeywell exceeded its 2019 goals, which the company refers to as its 10-10-10 goals. The initial aim was to reduce Scope 1 and 2 emissions by 10%, undertake 10 new renewable energy projects and become certified for ISO 50001 at 10 of its facilities.
People
The report highlights Honeywell’s commitment to fostering a diverse and inclusive workplace. The company actively supports its workforce through professional development, leadership training and initiatives aimed at improving diversity.
In 2024, Honeywell plans to train around 1,200 interns as part of its Futureshapers programme which prepares the next generation of leaders.
Employee well-being and growth are key priorities, with a focus on developing diverse talent and encouraging collaborative work environments through employee networks.
Futureshapers work across a wide range of fields—from cybersecurity and industrial automation to aerospace and sustainability. They are encouraged to challenge the status quo, apply cutting-edge technology and address future challenges by crafting customer-centric solutions well ahead of time.
The programme emphasises personal growth, allowing team members to work on projects that will help them learn and grow, as well as having a significant global impact.
Principles
Honeywell is also big on promoting an ethical approach to business.
The company's core principles are integrity, safety and inclusion and the report measures Honeywell's progress against these principles too. Here are some highlights:
- 42% of the Board of Directors are ethnically or racially diverse and 33% are women
- Implemented digital tools and processes with over 1,000 data elements to enhance our anti-corruption program
- 100% of all eligible employees complete Code of Business Conduct training every year
- Comprehensive integrity and compliance training made available in more than 20 languages
- Implemented a new Responsible AI Governance Framework to support resopnsible deployment of AI and in compliance with applicable law and Company policy
What does this report really tell us?
It's important to remember that a company's impact goes far beyond business. It goes beyond sites, supply chains, even customers. The modern company - especially one the size of Honeywell - has a footprint that can stretch across the world.
This report appears more than aware of that fact, showcased by the strides Honeywell has made (and plans to carry on making) in both environmental stewardship and social equity. That awareness will be key as Honeywell moves towards its goal of achieving carbon neutrality by 2035.
Honeywell CEO, Vimal Kapur, reflects on a positive year and looks ahead to the next few, saying: "Our dedication to professional development and continuous learning for our global workforce has never been stronger."
"We benefit from the governance and oversight of our highly diverse and experienced independent Board of Directors. I am encouraged by our achievements this year, but we are far from finished."
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