CDP rating: Schaeffler receives an “A” score in the climate change category

2024-02-09 | Pune

• Schaeffler achieves CDP “A” rating in the climate change category
• CDP result confirms Schaeffler’s sustainability strategy
• Climate Action Plan drives implementation

Schaeffler has been awarded an “A” score in the climate change category for 2023 by the global non-profit environmental organization CDP for its commitment to corporate transparency and performance. In the water category, the score was “A-”. Based on data obtained from the CDP questionnaire on climate change, Schaeffler is one of the few companies assessed in 2023, numbering in excess of 21,000, to achieve an “A” score.

Confirmation for sustainability strategy
CDP runs the world’s largest environmental database. Once a year, it collects data and information from companies on their greenhouse gas emissions and climate risk profiles as well as on their reduction targets and strategies. “This confirmation of Schaeffler’s “A” rating in the area of climate change is a strong signal and confirmation of the successful manner in which we are implementing our sustainability strategy. I am nevertheless aware that there is still a lot to be done to achieve our ambitious goals,” states Schaeffler CEO Klaus Rosenfeld.

The inclusion in the CDP “A List 2023” is testament to the high-quality and complete data provided, which has not only given the company a holistic overview of environmental ramifications, but also serves as a basis for sustainable transformation and facilitates the process of pursuing climate protection goals. Schaeffler’s current classification also reflects ongoing improvements in the company’s data collection, a transparent climate reporting system, and the integration of climate protection into its business processes.

Overall, Schaeffler has kept pace with the increased level of requirements in most of the climate change categories evaluated by CDP, for example, in areas such as the Schaeffler Group’s corporate strategy and its initiatives aimed at reducing and reporting on emissions. The transparency demonstrated by Schaeffler in climate-related risk management and in the disclosure of opportunities and risks – as encountered in the transformation of the e-mobility business unit for example – also played a supporting role in the pleasing CDP result. Target transparency is also underpinned by the validation of Schaeffler emissions targets, which were classified as scientifically based in 2022 by the “Science Based Targets initiative” (SBTi). A further contribution to the positive result was also made by the Schaeffler Climate Action Plan, which was developed in 2022 and includes the company’s target of achieving climate-neutral production by 2030 and a climate-neutral supply chain by 2040.

Climate Action Plan drives implementation
Schaeffler’s result in the water security category reflects the new increased requirements, with Schaeffler achieving a repeat of last year’s top score in the areas of business strategy, business impact, water budgeting, and commitment within the supply chain, and achieving almost the very same high score in matters pertaining to water risk management. The overall score awarded to Schaeffler for water security in 2023 was an “A-”.

CDP scores are widely used in investment and procurement decisions with a view to achieving a climate-friendly, sustainable, and resilient economy. CDP uses detailed and independent methodologies to assess these companies, awarding scores from A to D-.

Full details of the Schaeffler Group’s commitment to sustainability are available in the 2023 Sustainability Report, which will be published on March 5, 2024, and on the company’s website:
https://www.schaeffler.com/en/group/sustainability/

Forward-looking statements and projections
Certain statements in this press release are forward-looking statements. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. No one undertakes any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. You should not place any undue reliance on forward-looking statements which speak only as of the date of this press release. Statements contained in this press release regarding past trends or events should not be taken as representation that such trends or events will continue in the future. The cautionary statements set out above should be considered in connection with any subsequent written or oral forward-looking statements that Schaeffler, or persons acting on its behalf, may issue.