Electrocomponents today announced For a Better World, the Group’s comprehensive and robust 2030 Environmental, Social and Governance (ESG) action plan to support a more sustainable and inclusive world.
Electrocomponents’ ESG action plan is integrated within the company’s Destination 2025 strategy, supporting its vision to be first choice for stakeholders, creating profitable growth and reflecting its ambition to lead the global industrial sector as a truly responsible, sustainable, and inclusive business. The plan is comprised of four ambitious global goals:
Developing sustainable operations and product and service solutions to reduce environmental impacts and tackle climate change. The Group has committed to reach net zero greenhouse gas emissions across its global operations by 2030 and across the wider value chain by 2050. It has set science-based targets for Scope 1,2 and 3 and has committed to the Science Based Target initiative (SBTi).
Building skills and fostering innovative solutions with 1.5 million young engineers and innovators. This includes engaging the company’s DesignSpark community to support the development of sustainable solutions that improve lives.
Enabling their people to reach their full potential and thrive in a safe, inclusive, and dynamic culture. This includes working towards 40% of the company’s leaders being women and 25% being ethnically diverse.
Ensuring the highest ethical and environmental standards throughout the business and global value chain by introducing ESG objectives to be embedded in employee rewards, supplier objectives and a new sustainability–linked loan.
Lindsley Ruth, Chief Executive Officer at Electrocomponents, commented:“Electrocomponents has been on a journey to establish and strengthen our ESG approach for a sustainable future. Today, we are proud to take the next steps and launch our 2030 ESG action plan: For a better world. This is an integral part of our Destination 2025 strategy and beyond, and we see the opportunity to leverage our global scale, product and service solutions and differentiated offer to grow stronger, advance sustainability and improve lives. We believe that having a strong ESG action plan is critical for us to become a truly great company.”
Building upon a strong ESG foundation
The goals announced today build upon the strong progress already made. Key achievements to date include:
These achievements have been recognised externally shown by high ESG ratings, including:
To drive progress towards achieving the ESG goals, Electrocomponents has established a new ESG Leadership Committee overseen by Lindsley Ruth, CEO. The Committee has four members from the Senior Management Team, plus the VP of Social Responsibility and Sustainability, Andrea Barrett. The Board and Senior Management Team have full oversight of the Group’s ESG approach and performance.
Four global goals by 2030 supported by 15 actions
To drive the delivery of each goal, clear actions have been identified to achieve by 2029/30 from a 2019/20 baseline, unless otherwise stated:
Developing sustainable operations and product and service solutions to help reduce environmental impacts and tackle climate change.
Work with our supplier and customer partners towards a net zero global value chain by 2050:
Championing education and innovation
Building skills and fostering innovative solutions that improve lives.
Empowering our people
Creating a safe, inclusive, and dynamic culture in which our people can thrive and grow.
Doing business responsibly
Taking action to ensure the highest ethical and environmental standards throughout our business and global value chain.
The ESG action plan – For a better world presentation can be accessed on the website: www.electrocomponents.com/esg.