EQS-News: Schaeffler AG: Schaeffler publishes 2022 Sustainability Report
EQS-News: Schaeffler AG
/ Key word(s): Sustainability
To highlight the importance of the three dimensions of Environment, Social, and Governance, ESG goals have been given higher priority for management compensation, in both the short term and long term. Each year, the Supervisory Board defines up to two ESG goals, which reflect the different ESG dimensions in managers’ compensation. Examples of short-term compensation factors in the year under review included reducing the accident rate and the implementation of water-related measures during 2022, leading to an annual reduction of 150,000 cubic meters of fresh water use. In the words of Andreas Schick, the Schaeffler AG Chief Operating Officer responsible for Production, Supply Chain Management and Purchasing, “reducing our consumption of fresh water is a major step towards the goal of sustainable production. Successful measures such as cooling water production via a circulating water system and rainwater capture bring us significantly closer to our objective of a 20 percent reduction in our fresh water consumption by 2030, in comparison with 2019.” Central role for climate neutrality Since 2022, 100 percent of the electricity used by all European and Chinese Schaeffler plants has come from regenerative sources. This led to a reduction of approximately 530,000 metric tons of greenhouse gas emissions in 2022 (in comparison with 2019). By 2024, all Schaeffler locations worldwide will be running on 100 percent regeneratively produced electricity. And by 2030, a total of 25 percent of the annual electricity requirement of Schaeffler plants worldwide will be met from internally generated renewable energy. In the area of green product development, Schaeffler is currently working on an integrated blueprint for the automated holistic calculation of carbon footprints. This will create the basis for achieving and tracking emission reductions at the individual product level. “Sustainability begins with product development. A large part of the carbon footprint is determined here. To reduce that footprint, we focus on sustainability as well as the economic and technical feasibility during our development process”, says Chief Technology Officer Uwe Wagner, responsible for research and development. “Only by taking all these criteria into account it is possible to manufacture future-oriented products.” To boost employee awareness and encourage buy-in, in 2022 Schaeffler organized a company-wide Climate Action Day. In workshops held across many different locations, employees developed around 23,000 suggestions, that are now being systematically evaluated and implemented. Schaeffler is also providing staff training input by increasingly including sustainability and climate protection aspects in its internal training programs. For successful attainment of the climate neutrality objective, it is also essential to reduce emissions generated in supply chains. For example, in 2022, Schaeffler formed a joint venture with the Norwegian firm REEtec A for rare earth oxide procurement, to further enhance the sustainability of electric motors for hybrid modules, hybrid transmissions, and all-electric axle drive systems. The Schaeffler Group also creates sustainable value for its customers by offering innovative solutions for electric mobility, regenerative energy generation or the production and use of hydrogen. At the same time, the company is moving towards maximum climate neutrality in its own production processes. Its Automotive Aftermarket division supplies innovative repair solutions in OEM quality, for example. This makes a valuable contribution towards longer vehicle service lives. Social responsibility and respect for human rights Respect for human rights is an indispensable element of the Schaeffler Group’s corporate culture. Therefore, a Human Rights Compliance Management System (HRCMS) is currently being developed. In due course the system will also include customers and business partners. In addition, a human rights guideline document and a declaration of principles on compliance with human rights are being drawn up. The company is implementing processes and measures to prevent abuses and reduce human rights-related risks. The program also includes a worldwide whistleblower system: Employees and also anyone outside the company can use it to report potential human rights breaches. Responsible governance The Schaeffler Group has also implemented a number of compliance processes, to help employees comply with internal and legal requirements. This includes a systematic, precisely targeted training program to impart the required understanding of compliance issues to Schaeffler employees and managers and make them aware of the compliance risks involved in their everyday work activities. Through webinars and face-to-face training courses and presentations, they are familiarized with the Schaeffler Group code of conduct and relevant Group guideline documents. These online and face-to-face training events were attended by a total of 14,402 employees in 2022. The courses are constantly being further developed and enhanced and tailored to the specific employee tasks. Two “A” grade assessments from the CDP sustainability rating organization As a global commitment to sustainable development, the Schaeffler Group has adopted the ten principles of the United Nations Global Compact and the EU Sustainable Finance Action Plan, which requires companies to invest capital in sustainable activities, for the successful implementation of current climate and sustainability goals. In the words of Schaeffler CEO Klaus Rosenfeld: “The Schaeffler Group has set itself ambitious but achievable goals on the path towards climate neutrality, and over the last few years has taken decisive steps towards sustainability. A more strictly defined sustainability strategy and the decision to transfer responsibility for sustainability to the CEO emphatically highlight the central importance of this issue for Schaeffler. Our initial successes confirm that we are on the right path and motivates us to stay the course.” The Schaeffler Group sustainability report shows where the company focused its efforts during 2022, and how the Schaeffler Group has developed in terms of key performance indicators and objectives. A digital version of the report is available for download at the company’s microsite:
Forward-looking statements and projections Certain statements in this press release are forward-looking statements. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. No one undertakes any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. You should not place any undue reliance on forward-looking statements which speak only as of the date of this press release. Statements contained in this press release regarding past trends or events should not be taken as representation that such trends or events will continue in the future. The cautionary statements set out above should be considered in connection with any subsequent written or oral forward-looking statements that Schaeffler, or persons acting on its behalf, may issue. Schaeffler Group – We pioneer motion As a leading global supplier to the automotive and industrial sectors, the Schaeffler Group has been driving forward groundbreaking inventions and developments in the fields of motion and mobility for over 75 years. With innovative technologies, products, and services for electric mobility, CO₂-efficient drives, chassis solutions, Industry 4.0, digitalization, and renewable energies, the company is a reliable partner for making motion and mobility more efficient, intelligent, and sustainable – over the entire life cycle. The technology company manufactures high-precision components and systems for powertrain and chassis applications as well as rolling and plain bearing solutions for a large number of industrial applications. The Schaeffler Group generated sales of EUR 15.8 billion in 2022. With around 83,000 employees, Schaeffler is one of the world’s largest family companies. With more than 1,800 patent applications in 2021, Schaeffler is Germany’s third most innovative company according to the DPMA (German Patent and Trademark Office).
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07.03.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
Language: | English |
Company: | Schaeffler AG |
Industriestr. 1-3 | |
91074 Herzogenaurach | |
Germany | |
Phone: | 09132 - 82 0 |
E-mail: | [email protected] |
Internet: | www.schaeffler.com |
ISIN: | DE000SHA0159 |
WKN: | SHA015 |
Indices: | SDAX |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 1576031 |
End of News | EQS News Service |
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1576031 07.03.2023 CET/CEST
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