Honeywell committed 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 per cent 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.”
Several Middle Eastern countries have set ambitious renewable energy targets while also committing to reducing carbon emissions from the hydrocarbon industry. The Kingdom of Saudi Arabia recently announced The Saudi Green Initiative, a roadmap for the country and region to extend its environmental sustainability and stewardship. Similarly, The UAE Energy Strategy 2050 aims to increase the contribution of clean energy in the total energy mix from 25 percent to 50 percent by 2050 and reduce carbon footprint of power generation by 70 per cent.
“Middle Eastern nations have invested in solutions that support long-term sustainability visions and goals,” said Norm Gilsdorf, president for Honeywell, High Growth Regions, Middle East, Russia, Turkey, Central Asia, Customs Union and ASEAN. “Honeywell actively collaborates with governments and organizations in the region to help them achieve their sustainability goals. Whether it is through developing machine learning technologies that continuously study building energy consumption patterns or supplying low-global-warming-potential refrigerant solutions to key commercial and industrial sectors, Honeywell remains committed to working with regional entities to drive future sustainability and efficiency.”
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.
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 continues to invest in other leading-edge sustainability technologies, including energy storage solutions such as flow batteries that allow surplus wind and solar power to be stored and used when needed, along with technologies to support the decarbonisation of residential, commercial, and industrial energy by replacing natural gas with hydrogen.