By Maitane Sardon

 

Honeywell International Inc. said Thursday that it plans to step up its efforts around sustainability and work to achieve carbon neutrality across its business operations and facilities by 2035.

The Charlotte, N.C., industrial conglomerate joins other big corporations such as Apple Inc., Microsoft Corp. and Salesforce.com Inc. in embracing climate action. Global companies are spearheading the shift toward cleaner energy, driven by falling renewables costs and pressure from investors and consumers.

To cut emissions in offices and factories, Honeywell said it would invest in energy-saving projects, purchase more renewable electricity, shift toward cleaner vehicles and buy carbon credits. Carbon credits allow the companies that purchase them to balance out emissions they can't otherwise eliminate.

The company said it hasn't set a specific investment target for its climate goals, but that it will make "the appropriate investments in greenhouse-gas reductions going forward." It said its investments in energy efficiency have helped it deliver cost savings of more than $100 million a year since 2010.

The company, which produced more than 2 million metric tons of carbon-dioxide equivalent in 2019 as a result of its activities, didn't set a target for the emissions associated with the products it sells and the companies in its supply chain.

It said it will work with suppliers to help them reduce their environmental footprint and will design products that are more energy efficient. In general, the biggest source of emissions for companies are those associated with their products and suppliers although some businesses find it challenging to accurately measure these and monitor their progress. In the case of Honeywell, its Chief Sustainability Officer Evan van Hook said the company makes "high-level estimates."

Honeywell said it would make the information on its progress public and that its emissions reductions will be third-party verified according to the Greenhouse Gas Protocol, a framework companies use to measure and manage their carbon footprint.

 

Write to Maitane Sardon at maitane.sardon@wsj.com

 

(END) Dow Jones Newswires

April 08, 2021 09:08 ET (13:08 GMT)

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