GARRETT MOTION INC. [Link]
Garrett Motion released its 2023 Sustainability Report, providing a detailed account of the company's environmental, social and governance (ESG) initiatives throughout last year. The report, which is aligned with the Global Reporting Initiative (GRI) framework, is now accessible by clicking here.
The report highlights Garrett's sustained leadership in developing technologies that help enhance energy efficiency and reduce emissions across mobility and industrial sectors. Notably, over 99% of the company's revenue and research and development spending is directed toward emissions reduction and zero-emission technologies.
These initiatives span from advanced turbocharging and electric boosting systems for internal combustion engines (ICE) and hybrid, as well as the introduction of the company's first turbocharger for hydrogen-powered ICE in commercial vehicles. Garrett is also growing the portfolio of innovative electric vehicle solutions, answering the unmet needs of hydrogen fuel cell electric vehicle and battery electric vehicle manufacturers, with a goal to achieve $1 billion in revenue from zero-emission technologies by 2030.
Garrett President and CEO Olivier Rabiller emphasized the company's commitment to sustainability.
"The progress highlighted in this report reflects Garrett's dedication to sustainable development," said Rabiller. "As we move forward, Garrett's focus on innovations that drive emissions reduction and energy efficiency continues to be our most important contribution to society, underpinned by our corporate responsibility across environmental, social and governance areas."
In 2023, Garrett reported improved environmental performance, including a 3.3% absolute reduction in Scope 1 and Scope 2 greenhouse gas (GHG) emissions in its operations, making progress towards its Science-Based GHG reduction goal of 46.2% (Scope 1 & Scope 2) by 2030, from a 2019 baseline. The company also achieved a 7.2% decrease in energy consumption across all operations and a 12.3% reduction in water withdrawal across its facilities.
Additionally, 100% of Garrett's manufacturing sites have achieved ISO 45001, ISO 50001, and ISO 14001 certifications, helping Garrett to drive continuous improvements across health and safety, energy management and environment management. Safety performance saw a 67% reduction in total reportable case incident rate during the year, a testament to the "safety first" mentality across Garrett.
In 2023, Garrett reported developments in social performance across several areas. This included growing workforce diversity, with female representation increasing to 22.8% in 2023 (a 1% increase from the previous year). The company advanced its inclusive culture through the creation of new Employee Resource Groups, which now span the Garrett Women's Network, Cultural Mosaic, LGBTIQ+, and Diverse Abilities. Thousands of students and young engineers were engaged throughout 2023 on STEM (science, technology, engineering and mathematics) related activities to support the innovators of tomorrow.
Garrett continues to improve its sustainability performance, while being a leading contributor to reduce environmental impact through our cutting-edge technologies," said Rabiller. "I am immensely proud of our global team's passion and ingenuity, and grateful for their dedication as we continue to navigate the challenges and opportunities ahead."
Read more about Garrett's efforts for a more sustainable future in the company's 2023 Sustainability Report by clicking here.
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Garrett Motion Inc. published this content on 18 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 June 2024 06:19:07 UTC.
