Hon Hai Technology Group (Foxconn) Pledges 100% Renewable Electricity By 2040 and Joins RE100

Rhea-AI Summary

Hon Hai Technology Group (Foxconn) announced on Earth Day 2024 that it will achieve 100% renewable electricity by 2040, joining the global initiative RE100. With over 40% of its power consumption already coming from green energy, Foxconn is committed to sustainability and environmental leadership. The company's efforts align with various international initiatives, showcasing its dedication to a greener future.

Positive

• Foxconn pledges to run fully on green electricity by 2040, surpassing 40% renewable energy usage in its global operations.
• The company joins RE100, a global initiative focused on zero carbon grids, and partners with organizations like CDP and SBTi for sustainability.
• Foxconn's Chairman and CEO, Young Liu, emphasizes the importance of setting an example for the supply chain and promoting sustainable management.
• The company's environmental stewardship scores improve in climate change, supplier engagement, and water security, showcasing leadership in sustainability.
• Foxconn aims to achieve net-zero emissions in its value chain by 2050, with validated short-term emission reduction targets and a Net Zero Vision Report based on TCFD recommendations.
• Foxconn's commitment to green energy and sustainability demonstrates its dedication to environmental leadership and a greener future.

Negative

• None.

Green energy now accounts for over 40% of power consumption in global operations

TAIPEI, April 22, 2024 /PRNewswire/ -- Hon Hai Technology Group ("Foxconn") (TWSE:2317) announced its worldwide operations will run fully on green electricity by 2040 and has joined the global initiative RE100, in a milestone on Earth Day 2024 that adds the world's largest electronics manufacturer and technology solution provider among the most influential businesses committed to 100% renewable electricity.

The pledge, at the company's 50^th anniversary, is an acceleration of Foxconn's determination to move its operations towards a more environmentally friendly and sustainable direction. Foxconn's renewable energy ratio now exceeds 40%, two years after it first publicly pledged on Earth Day 2022 to use at least 50% green power by 2030.

Led by the Climate Group and in partnership with CDP, RE100's mission is to accelerate change towards zero carbon grids at scale. Foxconn has joined multiple international sustainability initiatives, including environmental reporting non-profit CDP and the GHG emissions validation Science Based Target initiative (SBTi), because it is the right thing to do for ensuring a safer, sustainable world.

"In promoting sustainability, Foxconn will continue to seek the most suitable international standards. This decision to respond to RE100 is based on this thinking. More importantly, we hope to set an example with our supply chain and partners so they will prioritize sustainable management as well," said Foxconn Chairman and CEO Young Liu, who also heads the Group's Sustainability Committee. "Foxconn will also promote green energy at its global locations to share, collaborate and thrive with all stakeholders."

Earlier this month, Foxconn shared its latest CDP scoring for environment stewardship in 2023. It earned an (A-) in climate change and an (A) in supplier engagement rating, demonstrating leadership in both areas. It scored a (B) in water security, indicative of good environment management. All three metrics improved from the previous year.

In 2020, the Group formally responded to the three goals proposed by the Climate Action 100+ by pledging to achieve net-zero emissions in the value chain by 2050, and in 2023 its short-term emission reduction targets were validated by SBTi. Last year, Foxconn released its first Net Zero Vision Report, based on Task Force on Climate-related Financial Disclosures (TCFD) recommendations.

About RE100 here.

About Foxconn here.

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SOURCE Hon Hai Technology Group (Foxconn)

FAQ

What did Hon Hai Technology Group announce on Earth Day 2024?

Hon Hai Technology Group announced that it will run fully on green electricity by 2040 and has joined the global initiative RE100.

What percentage of power consumption in Foxconn's global operations comes from green energy?

Over 40% of power consumption in Foxconn's global operations comes from green energy.

Who leads Foxconn's Sustainability Committee?

Young Liu, the Chairman and CEO of Foxconn, leads the Group's Sustainability Committee.

What did Foxconn achieve in its latest CDP scoring for environment stewardship in 2023?

Foxconn earned an (A-) in climate change, an (A) in supplier engagement, and a (B) in water security rating in its latest CDP scoring for environment stewardship in 2023.

When did Foxconn pledge to achieve net-zero emissions in the value chain?

Foxconn pledged to achieve net-zero emissions in the value chain by 2050.

What is the basis of Foxconn's Net Zero Vision Report?

Foxconn's Net Zero Vision Report is based on Task Force on Climate-related Financial Disclosures (TCFD) recommendations.