Honeywell Commits To Carbon Neutrality by 2035 (NYSE: HON)
Honeywell Commits To Carbon Neutrality In Its Operations And Facilities By 2035
The company has already reduced the greenhouse gas intensity of its operations and facilities by more than 90% since 2004.
Builds on the company's '10-10-10' commitment to reduce greenhouse gas emissions by 10% from 2018 levels, deploy at least 10 renewable energy opportunities and achieve ISO's 50001 Energy Management Standard at 10 facilities by 2024.
Honeywell will continue to support its customers' sustainability goals with innovative new products that reduce greenhouse gas emissions, save energy and support the adoption of renewable energy sources.
Honeywell (NYSE: HON) committed today to become carbon neutral in its operations and facilities by 2035 through a combination of further investment in energy savings projects, conversion to renewable energy sources, completion of capital improvement projects at its sites and in its fleet of company vehicles, and utilization of credible carbon credits. These initiatives represent a continuation of the company's sustainability efforts since 2004, which have already driven a more than 90% reduction in the greenhouse gas intensity of its operations and facilities.
"Companies like Honeywell have a unique role to play in shaping a future that is safer and more sustainable for our children and our grandchildren, and that's why I am pleased to commit to achieving carbon-neutral facilities and operations by 2035," said Darius Adamczyk, chairman and chief executive officer of Honeywell. "Honeywell has a long history of improving our own environmental and sustainability profile while providing innovative products and services that improve our customers' profiles as well. We will continue to invest in our plants and in new technologies that will reduce our carbon footprint and contribute significantly to global efforts to mitigate climate change."
Honeywell's carbon-footprint reduction will continue to be driven through the company's rigorous, end-to-end business operating system. Honeywell's reductions will be reported publicly and third-party verified pursuant to The Greenhouse Gas Protocol. The company's efforts will result in carbon-neutral operations and facilities as it relates to direct emissions ("Scope 1") and indirect emissions from electricity and steam ("Scope 2"). In addition, Honeywell has committed to addressing "Scope 3" indirect emissions, which include emissions in the value chain, by enhancing its existing tracking system and partnering with industry leaders to identify and implement best practices while encouraging customers to adopt Honeywell's climate solutions and products.
Honeywell has a long and successful track record of setting aggressive sustainability targets and exceeding them. In addition to significantly reducing its greenhouse gas intensity, Honeywell has implemented more than 5,700 sustainability projects since 2010, saving an annualized $100 million in costs.
In 2019, Honeywell set a new "10-10-10" target to reduce global Scope 1 and Scope 2 greenhouse gas emissions intensity by an additional 10% from 2018 levels, deploy at least 10 renewable energy opportunities, and achieve certification to ISO's 50001 Energy Management Standard at 10 facilities by 2024. The company is on track to meeting these commitments.
Honeywell's commitment to carbon neutrality builds on the company's decades-long history of innovation to help its customers meet their environmental and social goals. In fact, about half of Honeywell's new product introduction research and development investment is directed toward products that improve environmental and social outcomes for customers.
Honeywell (www.honeywell.com) is a Fortune 100 technology company that delivers industry-specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help aircraft, buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.
Source: PR Newswire
What is a circular economy?
Over the next few centuries, historians will be researching the impact of net-zero targets made during the Coronavirus pandemic. Teachers will be helping students to revise what happened on the day the last drop of oil was burned. Archaeologists will be wondering “How did we get into this mess?” as they dig through ancient 21st century landfill sites, where some of the single-use plastic used this week will be slowly rotting.
A circular economy is a model of production with a sustainable future in mind, where manufacturers are aware of the infinite and finite resources which they use. Let’s break down what a circular economy is - and what it is not.
The linear model of production
A wasteful model of production is ‘take, make, dispose’, with a clear beginning, middle and an ending.
Companies buy the resources needed to make their product at the lowest possible price. The company then sells as many of the product as they can at an affordable price tol make a profit. This profit goes back into buying more resources to make more products and expanding the company. For example:
Take: A manufacturer pays farmers for an ingredient and takes it to their factory.
Make: The ingredient is used to make the desired item and sold to the consumer.
Dispose: When the product is no longer needed by the consumer, it is thrown away. The product may end up in landfill or the sea.
Finite resources and space
Waste is sent to landfills and into the sea, locations which are not sources of infinite space. Some of the ingredients used to manufacture products are also finite..
If production remains at its current rate, the planet is expected to run out of many essential resources throughout the next century:
Fresh supplies of zinc, silver, copper and gold will also be finished, within the next decade.
The ocean is suspected to contain more plastic than fish by 2050. Maybe even earlier if the plastic inside of the fish is included. The world’s largest landfill site is the Ghazipur garbage dump in India, which at one point was taller than the Taj Mahal (73m).
A circular economy seeks to eliminate waste disposed of in the ocean and minimise the use of landfills.
The circular economy model of production
A circular economy respects the space restrictions of current methods of production and waste, as well as the limit of materials and the environment.
Make: Manufacturers create something, with its future in mind. For example,
Use: The consumer buys the item and uses it. When the item has served its purpose, the consumer can return the item to the manufacturer or take it to a dedicated location where it can be repurposed.
Recycle: The item is taken away to be recycled, reused or repaired and begins its journey again, in the circular economy.
Who is implementing a circular economy?
As reported by Sustainability, retailer H&M has started a new initiative, Looop, where customers can donate their old or unwanted clothes at their local branch. These items are sent off to be remade into new products and sold to a new consumer.
Water, our planet's most precious resource, is naturally recycled - we collect water, use it and then flush it away. It is believed that every water molecule has been drunk at least four times, including by dinosaurs. So it’s only natural for recycling to permeate every other aspect of our lives in the circular economy.