CLEVELAND … Power management company Eaton (NYSE:ETN) today announced it will join the global movement to limit the increase of the world’s temperature to 1.5°C by committing to science-based targets. These targets include cutting carbon emissions from the company’s operations by at least 50 percent by 2030, positioning Eaton to achieve carbon neutrality at the same time. Eaton will also work with its customers and suppliers to reduce its indirect emissions by 15 percent.
“The climate emergency we face is no longer an abstract issue for scientists to resolve,” said Craig Arnold, Eaton chairman and chief executive officer. “It’s not a problem for our children – or their children – to confront. It’s happening now, and it’s a crisis for every continent, every nation and every individual. If we act now, we still have time to minimize the impact of climate change, to limit the force and frequency of devastating natural disasters, and ultimately, to save lives.”
Arnold continued, “At Eaton, our commitment to sustainability is part of our core mission – to improve the quality of life and the environment. We believe that actions to improve the environment are fundamental to how we create value. It’s also a responsibility echoed in the Business Roundtable’s commitment to address climate change through a collection of actions that will lead to the reduction of greenhouse gas emissions on a global basis.”
Eaton’s 2030 greenhouse gas targets have been approved by the Science Based Target Initiative (SBTi) and are also consistent with the challenge presented to corporations by the Intergovernmental Panel on Climate Change (IPCC), the United Nations body for assessing the science related to climate change. The group recently declared a climate emergency and issued an urgent request to companies around the world to do their part in the global response to the threat of climate change.
“These targets reflect our belief that corporations have a broader responsibility to society and that includes helping halt the effects of climate change,” said Arnold. “We call upon companies around the world to join us in addressing this global emergency.”
To ensure the right level of accountability and alignment, Eaton is establishing an executive sustainability council chaired by the company’s CEO to provide oversight of the company’s sustainability strategy. The company also plans to invest more than $3 billion in research and development over the next 10 years to create energy efficient solutions for customers.
Today’s announcement is part of Eaton’s overall Environmental, Social and Governance (ESG) strategy. More information on all of Eaton’s sustainability targets can be found here and in Eaton’s newly released 2019 Sustainability Report.
Eaton’s mission is to improve the quality of life and the environment through the use of power management technologies and services. We provide sustainable solutions that help our customers effectively manage electrical, hydraulic, and mechanical power – more safely, more efficiently, and more reliably. Eaton’s 2019 revenues were $21.4 billion, and we sell products to customers in more than 175 countries. We have approximately 95,000 employees. For more information, visit Eaton.com.
Contact: Margaret Hagan, +1 (440) 523-4343