Honeywell recently announced a new set of commitments that further advance its sustainability goals beyond the company's existing commitment to become carbon neutral in its facilities and operations by 2035. The new pledges include a commitment to develop a science-based target with the Science Based Targets initiative (SBTi) that includes scope 3 emissions and participation in the U.S. Department of Energy's Better Climate Challenge. The company also supports the Paris Climate Agreement.
Honeywell will work with SBTi, a partnership between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF), to reduce its emissions in line with climate science. As part of SBTi's process, over the next two years, Honeywell will further quantify its Scope 3 emissions and work closely with SBTi to determine an appropriate reduction target for those emissions. Honeywell has already committed to carbon neutrality in Scope 1 and 2 emissions by 2035.
Honeywell also announced that it has joined the United States Department of Energy's Better Climate Challenge and will reduce its Scope 1 and 2 emissions in the United States by 50% and improve energy efficiency by an additional 10% by 2030, from a 2018 baseline. The Better Climate Challenge is a U.S. government platform designed to mitigate the impacts of climate change. As part of the Challenge, Honeywell will develop a plan with greenhouse gas emissions reduction milestones, share its progress and solutions with other organizations, and report on its emissions data during the 10-year timeframe.
"Honeywell's enhanced sustainability commitments build on our two-decades-long program to reduce our greenhouse gas emissions. We have already reduced our intensity by more than 90 percent since 2004, and we are resolved to use the latest science and technology to continue to reduce our environmental impact," said Darius Adamczyk, chairman and chief executive officer of Honeywell. "For Honeywell, sustainability is a comprehensive commitment, from our sites, to our operations, to our products."
In addition to addressing its own emissions, Honeywell is a leader in the innovation of new products that provide positive environmental, social and governance (ESG)-oriented outcomes for its customers. About 60% of Honeywell's 2021 new product introduction research and development investment was directed toward ESG-oriented outcomes, and more than 60% of its 2021 sales were from offerings that contribute to ESG-oriented outcomes.
The company takes a multi-faceted approach toward meeting its carbon neutrality commitments, including investing in energy savings projects, converting to renewable energy sources, executing capital improvement projects, and utilizing credible carbon offsets when necessary and permitted. The company uses its own technologies to achieve these goals wherever possible. The company is committed to addressing its Scope 3 indirect emissions in its value chain by continuing to focus on product innovation, adoption of Honeywell's climate solutions, which include targeted solutions for sectors responsible for two-thirds of the world's greenhouse gas emissions, and partnerships with industry leaders to identify and implement best practices.
Since 2004, Honeywell has continually set aggressive environmental targets and achieved them. In 2019, Honeywell set a "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. In 2021, the company committed to carbon neutrality in its facilities and operations by 2035. Honeywell has implemented more than 6,100 sustainability projects since 2010, saving an annualized $105 million in costs. Honeywell supports the overall goals of the Paris Agreement adopted in December 2015 at COP21.
