Signify delivers plan to reduce greenhouse gas emissions by 90% across its entire value chain and reach net-zero by 2040
18 Juni 2024 - 9:00AM
Signify delivers plan to reduce greenhouse gas emissions by 90%
across its entire value chain and reach net-zero by 2040
Press Release
June 18, 2024
Signify delivers plan to reduce greenhouse gas emissions
by 90% across its entire value chain and reach net-zero by
2040
- Signify Climate Transition Plan targets entire value chain to
eliminate 90% full-scope GHG emissions and reach net-zero by
2040.
- Completing the switch to energy-efficient LED lighting would
reduce total global GHG emissions by 1%, equivalent to half the
emissions caused by aviation1, more than enough electricity to
charge every electric car currently on the road, or power over 100
million heat pumps2.
- Signify will work closely with customers, partners, and public
decision-makers to accelerate the sustainable energy
transition.
Eindhoven, NL – Signify (Euronext: LIGHT), the
world leader in lighting, has released its plan to reduce
greenhouse gas (GHG) emissions by 90% across its entire value chain
against a 2019 baseline and reach net-zero by 2040. The plan builds
on Signify’s long-established leadership in transforming the
lighting industry.
“We fundamentally believe in the potential of light to
positively impact society, and fully embrace the responsibility
that comes with our leadership. As one of the first global
companies to commit to verified science-based targets, we are today
proud to raise our ambitions with Signify’s net-zero 2040 Climate
Transition Plan.
Our innovations
continue to deliver leaps forward in energy efficiency and
sustainable lighting technologies. We will continue to act with
urgency, and use our voice to engage our customers, employees,
partners, and public decision makers to accelerate climate action
across our industry and beyond.” Eric Rondolat, CEO,
Signify
Signify’s Climate Transition Plan sets out the company’s climate
strategy in line with its SBTi -validated net-zero targets:
- Net-zero greenhouse gas emissions across the entire value chain
by 2040
- 50% reduction in absolute scope 1, 2 and 3 greenhouse gas
emissions by 2030, compared with 2019 base year
- 90% reduction in absolute scope 1, 2 and 3 greenhouse gas
emissions by 2040, compared with 2019 base year
The Plan includes initiatives and programs across the business
and value chain, which include incentivizing suppliers to commit to
renewable energy, electrification of the logistics fleet and
further extending the use of energy-efficient LED lighting – the
single biggest factor in reducing the lighting industry’s emissions
in recent years.
Since more than 90% of Signify’s value chain GHG emissions come
from the use of its products throughout their lifecycle, the
company’s 2040 net-zero ambitions focus on continuing to lead the
industry in developing increasingly efficient lighting
technologies.
As a result of its actions and innovations, Signify has already
achieved a 50% absolute reduction in GHG emissions across its
entire value chain, including the scope 3 use phase, since 2019.
Yet a sizeable proportion of the global lighting stock is still
conventional, meaning there is a significant opportunity for rapid
progress. A global switch to energy-efficient LED would reduce
global GHG emissions by 1%, which is the equivalent of half the
total emissions caused by the aviation industry.
Earlier this year, Signify joined forces with Climate Group and
other partners to launch Renovation Revolution with the goal of
boosting renovation rates across the European Union -a crucial step
if the region is to achieve its 2050 net-zero objectives.
Helen Clarkson, CEO of Climate Group, said of the
launch of Signify’s 2040 Climate Transition Plan:
“Climate Group welcomes this Climate Transition Plan by Signify,
which shows what can and must be achieved by companies if we are to
decarbonize across the economy and reach net-zero. We’ve been
working in partnership for over 15 years to accelerate the global
rollout of LEDs and work towards a more energy efficient built
environment. We look forward to many more years working together
with Signify, along with other businesses and government partners,
to unlock a renovation revolution and to double energy efficiency
by 2030.”
Paul Dickinson, co-founder of Transition Value
Partners, also Founder of CDP where he is Strategic
Adviser, and co-presenter of the Outrage and Optimism podcast,
said:
“Signify is the energy efficiency powerhouse behind Philips
lighting, and the biggest manufacturer of LEDs in the world. Low
energy lighting is pivotal to reducing an activity representing 2%
of global emissions. As the premium global brand for responsible
manufacturing and ultra-low power consumption, more and more
companies committed to a just transition to net zero will specify
Signify, not least to comply with their CSRD supply chain
requirements. This company is a leader in global decarbonization,
and its pioneering transition plan raises the bar, while showing
its commitment to helping others meet their Science-Based Targets
and get to net-zero.”
Signify will report regularly on progress against the plan in
its annual report.
--- END ---
For further information, please contact:
Communications Tom Lodge Tel: +
31 6 52 52 54 16E-mail: tom.lodge@signify.com
Footnotes
¹ According to the International Energy Agency in 2022, based on
estimated IEA lighting emissions and estimated IEA global
energy-related emissions.
² Based on data from Signify’s proprietary calculation model.
See here for more detailed information, including underlying
assumption and conversion rates used. Sources: Electric
Vehicle Database, IEA Trends in electric cars
and Viessman – do heat pumps use a lot of electricity?
About SignifySignify (Euronext: LIGHT) is the
world leader in lighting for professionals, consumers, and the
Internet of Things. Our Philips products, Interact systems and
data-enabled services deliver business value and transform life in
homes, buildings and public spaces. In 2023, we had sales of EUR
6.7 billion, approximately 32,000 employees and a presence in over
70 countries. We unlock the extraordinary potential of light for
brighter lives and a better world. We have been in the Dow Jones
Sustainability World Index since our IPO for seven consecutive
years and have achieved the EcoVadis Platinum rating for four
consecutive years, placing Signify in the top one percent of
companies assessed. News from Signify can be found in the Newsroom,
on X, LinkedIn and Instagram. Information for investors is located
on the Investor Relations page.
About Renovation RevolutionCurrently, EU
renovation rates are at 1% annually, far below the needed 2.5%
to reach net-zero by 2030. Existing technologies can reduce
industry emissions by over 50% by 2030, but urgent action is
needed. The initiative aims to mobilize, governments, corporates,
and communities to revolutionize renovation efforts. Learn more
about the initiative here.
- 20240618_Signify delivers plan to reduce greenhouse gas
emissions by 90% across its entire value chain and reach net-zero
by 2040
Signify NV (TG:G14)
Historical Stock Chart
Von Nov 2024 bis Dez 2024
Signify NV (TG:G14)
Historical Stock Chart
Von Dez 2023 bis Dez 2024
