Honeywell Releases Environmental Sustainability Index

Honeywell Sustainability Index

(Credit: Canva Pro)

by | Feb 1, 2023

This article is included in these additional categories:

Honeywell Sustainability Index

(Credit: Canva Pro)

Honeywell (NASDAQ: HON), a global leader in energy and climate transition solutions, released its 1Q 2023 Environmental Sustainability Index, a quarterly indicator of key trends pertaining to global efforts in climate change mitigation and other sustainability initiatives. The second release of the index provides a comparison of corporate sentiment and progress against environmental sustainability initiatives across sectors on a global basis.

More than 750 business leaders involved in the sustainability process were surveyed about their progress and expectations for meeting their goals by 2030. The company found that nearly 98% of organizations have been at least somewhat or extremely successful in achieving at least one or more sustainability goals over the past 12 months. When it comes to meeting their goals by 2030, an anchor deadline year for numerous commitments, there is an increased level of optimism quarter over quarter across all sustainability categories including energy efficiency and evolution, emissions reduction, pollution prevention, and circularity/recycling.

Highlights from the Index Report

Sustainability goals continue to be perceived as the top corporate priority, cited by 71% of organizations as one of their top five priorities (highest percentage). North American organizations appear to trail most other regions in establishing long-term sustainability goals. Organizations in Asia Pacific prioritize sustainability goals more than any other region.

Most organizations are prioritizing energy efficiency and evolution across geographies, but other categories such as emissions reduction and circularity/recycling showed increased momentum. In fact, 50% of organizations plan to increase budgets related to emissions reduction by over 20% over the coming 12 months.

Companies are shifting from primarily process-driven methods for achieving goals to more balanced approaches that combine both technology- and process-driven initiatives. While most organizations focus on process change to achieve near-term goals, over 20% of organizations are using a balanced blend of process and technology with the other 15% leaning heavily on technology to achieve goals.

The current economic and geopolitical environment negatively impacts the ability of organizations to successfully achieve their sustainability goals. While pandemic-related concerns were cited as the top barrier to success in the previous report, economic concerns and their impact are now cited as the top anticipated barrier over the coming 12 months.

In April 2021, Honeywell committed to becoming 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 vehicles, and utilization of credible carbon credits where needed. These initiatives represent a continuation of the company’s sustainability efforts that began in 2004 and have already yielded a reduction of more than 90% in greenhouse gas intensity. In addition, Honeywell has committed to setting science-based targets for its supply chain emissions—both direct (Scope 1) and indirect Scope 3.

Additional articles you will be interested in.

Stay Informed

Get E+E Leader Articles delivered via Newsletter right to your inbox!

This field is for validation purposes and should be left unchanged.
Share This