Smiths Group today announces that it has signed up to the United Nation’s Race to Zero campaign, building on our commitment to achieve net zero greenhouse gas emissions from operations by 2040, with net zero Scope 3 emissions reached by 2050. The achievement of these targets includes long term commitments as well as immediate action, as we aim to sustain progressive annual reductions, which will be science-based and independently verified. This builds upon the substantial progress made in proactively managing reductions to date. For example, since first implementing environmental targets in 2007, GHG emissions in Smiths Group operations have been reduced by 60%.
Working alongside the UK Government and supported by a clear, robust, and comprehensive roadmap which charts out the key initiatives for the Group, from all company vehicles producing zero emissions to 100% of all on-site and off-site electricity being from renewable sources by 2040, the pledge will underpin Smiths’ strategy across all aspects of the business and is part of the wider commitment to contribute to a sustainable future, as presented by the Paris Agreement.
Smiths Group is committed to reaching net zero via the following interim targets, all of which are being validated by the Science Based Targets initiative (SBTi):
- By 2035, a 75% reduction in Scope 1 & 2 emissions1
- By 2040, net zero in Scope 1 & 2 emissions
- By 2050, net zero in Scope 3 emissions
Smiths continues to work closely with the Task Force on Climate-related Financial Disclosures (TCFD), the Sustainability Accounting Standards Board framework and other external parties, including the Carbon Disclosure Project, to ensure performance, transparency, and alignment KPIs are met.
In addition to the net zero commitment, Smiths Group is in the process of bolstering its ESG credentials through the development of its Environmental Portfolio, consisting of products and services which aid customers in improving their own sustainability performance. The growth of such offerings is a priority and will include:
- John Crane’s Methane Initiative - derived from its seals business and for the detection, measurement, and remediation of man-made methane emissions
- Flex-Tek’s capabilities for the safe and efficient movement of liquids and gases, and technology to produce reductions in emissions from industrial application processes
- The role of Interconnect in more efficient electrical connectivity across a range of environments
- Detection’s position in societal safety and resilience against non-malicious as well as malicious threats to people, food and our environment
Smiths’ sustainability efforts have been heavily influenced through ongoing discussions with, and input from, all levels internally. Employees are at the centre of decision making for both the net zero pathway and overarching sustainability strategy, with the employee-led Environmental Advisory Council being a key policy driving function. Smiths also now rolled out the ‘Nurture’ campaign, aimed particularly at education for employees around how everyone can play their part in supporting the Group’s efforts.
Paul Keel, Smiths Group CEO:
“The need for fundamental change in corporate behaviour and priorities is more apparent than ever. The Red Alert published by the IPCC in August speaks to the urgency needed to take immediate action in the reduction of methane, carbon dioxide and other GHGs. We first implemented environmental targets in 2007. Since then, we have reduced GHG emissions in our operations by 60%, water usage by 53% and non-recyclable waste by 63%. Continuing on this trajectory is at the top of our agenda as we also support our customers to improve their environmental impacts through our products and services.
“The Smiths Group future strategy takes this into account as we focus on delivering our purpose of being Pioneers of Progress, improving our world through smarter engineering. As such, we are extremely proud to be committing to the Race to Zero, while also prioritising our Environmental Portfolio so we are able to be on the front line, along with our customers, in fighting climate change.”
More on our approach to Responsible Business, including our Net Zero 2040 Commitment, can be found on our website at www.smiths.com/responsible-business and in our Annual Report at www.smiths.com/investors/annual-report.
1 Smiths is targeting a 75% reduction in Scope 1& 2 emissions by 2035 and is in the final stages of modelling. This is expected to be confirmed shortly.