Dana Accelerates Climate Commitments, Plans to Achieve Net Zero by 2040

Rhea-AI Summary

Dana Incorporated (NYSE: DAN) has announced an acceleration of its climate commitments, aiming for net zero greenhouse gas emissions by 2040. The company plans to reduce Scope 1 and 2 emissions by 75% by 2030, up from a prior target of 50%. To achieve these goals, Dana is implementing various renewable energy projects, including a solar power purchase agreement in Spain set to supply 240,000 MWh annually starting January 2025, and an operational wind facility in Texas generating 300,000 MWh annually. Dana's climate targets have been validated by the Science Based Target initiative, reflecting its commitment to sustainability.

Positive

• Accelerated climate commitments targeting net zero emissions by 2040.
• Increased Scope 1 and 2 GHG emissions reduction goal from 50% to 75% by 2030.
• Completed a renewable power purchase agreement for solar energy in Spain, offsetting 100% of emissions from purchased electricity in Europe.
• Operational Texas wind facility generates 300,000 MWh annually, offsetting emissions in the US and Canada.
• Validated climate targets by the Science Based Target initiative.

Negative

• None.

MAUMEE, Ohio, March 6, 2023 /PRNewswire/ -- Dana Incorporated (NYSE: DAN) announced today that it has accelerated the company's climate commitments with a goal of achieving net zero by 2040.  As part of this commitment, Dana is accelerating its plan to reduce Scope 1 and 2 greenhouse gas (GHG) emissions and plans to achieve a 75 percent reduction by 2030, up from its previously announced goal of 50 percent by 2030.

"Dana is committed to a science-based approach in achieving substantial reductions in our global emissions," said James Kamsickas, Dana chairman and chief executive officer.  "The acceleration of these targets is a testament to our team's focus on implementing strategic sustainability initiatives across every level of the organization so that we can ensure we not only deliver innovative solutions to meet our customer's needs, but also do so in the most responsible manner."

Renewable Energy Projects Support Net Zero Target
Reaching these accelerated targets will require Dana to continue implementing projects across each of its facilities to improve efficiency and reduce emissions and energy consumption.  It will also include leveraging on-site renewable energy projects and renewable energy purchase agreements to support reductions across the globe.

Last month, Dana completed a renewable power purchase agreement with Enel Green Power for an upcoming solar project in Spain. The agreement, commencing January 2025, will supply Dana with approximately 240,000 megawatt hours per year of renewable energy. This project will offset 100 percent of Dana's emissions from purchased electricity in Europe.

Our previously announced Texas wind facility in Texas became operational in December 2022 and is now generating approximately 300,000 megawatt hours of renewable electricity annually, offsetting 100 percent of Dana's emissions from purchased electricity in the United States and Canada.

Dana also has several on-site renewable energy projects, including an on-site solar array on the campus of its World Headquarters and Technology Center in Maumee, Ohio, USA.  Supported by GEM Energy, the project will supply approximately 30 percent of the facility's electricity requirements.

"These projects, coupled with ongoing initiatives across our global operations, help to advance our vision of a zero-emission future," added Doug Liedberg, senior vice president and chief sustainability officer for Dana.  "We are excited to be able to accelerate the timeline for meeting our emissions-reduction targets."

Built on a Science-based Approach
Dana is committed to achieving its targets using a science-based approach.  Last week, the company announced that the Science Based Target initiative (SBTi) has validated the company's previous climate commitments of reducing Scope 1 and 2 GHG emissions by more than 50 percent and Scope 3 GHG emissions by more than 25 percent before 2030.  The company has initiated the validation process for these new targets with SBTi.

Aligned with United Nations Global Compact
In addition to its commitment to science-based targets, Dana has also joined the United Nations Global Compact, which is focused on implementing ten principles that address important action for human rights, labor, the environment, and anti-corruption.

About Dana Incorporated
Dana is a leader in the design and manufacture of highly efficient propulsion and energy-management solutions that power vehicles and machines in all mobility markets across the globe.  The company is shaping sustainable progress through its conventional and clean-energy solutions that support nearly every vehicle manufacturer with drive and motion systems; electrodynamic technologies, including software and controls; and thermal, sealing, and digital solutions.

Based in Maumee, Ohio, USA, the company reported sales of $10.2 billion in 2022 with 42,000 people in 31 countries across six continents.  Dana, with history dating to 1904, was named one of "America's Most Responsible Companies 2023" by Newsweek for its emphasis on sustainability and social responsibility.  The company is driven by a high-performance culture that focuses on valuing others, inspiring innovation, growing responsibly, and winning together, earning it global recognition as a top employer.  Learn more at dana.com.

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SOURCE Dana Incorporated

FAQ

What are Dana Incorporated's new climate commitments?

Dana has set an ambitious goal of achieving net zero greenhouse gas emissions by 2040 and plans a 75% reduction in Scope 1 and 2 emissions by 2030.

How much renewable energy will Dana's solar project in Spain supply?

The solar project in Spain will supply approximately 240,000 megawatt hours per year of renewable energy starting January 2025.

When did Dana's Texas wind facility become operational?

Dana's Texas wind facility became operational in December 2022, generating around 300,000 megawatt hours of renewable electricity annually.

Who validated Dana's climate targets?

Dana's climate targets have been validated by the Science Based Target initiative (SBTi).

What recognition did Dana receive for its sustainability efforts?

Dana was named one of 'America's Most Responsible Companies 2023' by Newsweek for its focus on sustainability and social responsibility.