In our 2019-2023 target framework, we set ourselves ambitious goals, including a 15% relative reduction of energy consumption and CO2 emission by the end of 2023 by streamlining processes in our production plants and our offices.
We focus on reducing the negative impacts of climate change by increasing energy efficiency and use of renewable energy, reducing CO2 emissions, and strengthening waste management practices.
Our potential impact goes beyond the internal actions we take as a company.
Our 'Enabling energy transition' products support our commitment to conduct business in a responsible and sustainable way. Today, these compact and connected actuators can be found in wind power, robots, factory automation, electric vehicles, energy distribution and industrial heating processes and industrial heating processes, where they support our OEM customers around the world to transition to safer and cleaner forms of energy.
Our brand-new induction system development platform, for example, allows us to help drive greener manufacturing processes by using induction heating instead of gas or oil.
We hit the ground running in our first year of the 2019-2023 target framework, reducing our absolute energy consumption by 2.5%, and our absolute CO2 emissions by 14.0%, in 2022, 60% since 2015.
We started building a new sustainable manufacturing facility at the renowned Suzhou Industrial Park (SIP), in China. Solar panels will be installed on the 28,000 m2 manufacturing facility, which will significantly reduce our CO2 emissions.
We took the first step towards building our global waste management strategy by carrying out a thorough waste analysis across our organization.
Enhanced focus on the development of sustainable products and expansion of relevant capabilities
Reduction relative CO2 emissions from energy by production plants by 60% compared to 2015
Completed review on decarbonization strategies and mitigation plans
Waste management: 4% reduction of total waste, recycling rate decreased from 83% to 74%, distribution hazardous waste decreased from 9% to 8.7%