HNI Corporation Provides Update on Corporate Social Responsibility Initiatives

Rhea-AI Summary

HNI Corporation (NYSE: HNI) has announced its 'Carbon Smart' initiatives aimed at combating climate change by committing to renewable energy and significant carbon emission reductions. As a signatory to the UN Global Compact, HNI pledges to align with sustainable business practices and has joined RE100, targeting 100% renewable electricity by 2030. The company has also set science-based targets, aiming for a 35% reduction in Scope 1 and 2 greenhouse gas emissions by 2025, and a 40% reduction in Scope 3 emissions per ton of goods sold by 2035, with 2018 as the base year.

Positive

• HNI has become a signatory to the UN Global Compact, enhancing corporate sustainability commitment.
• The company aims to achieve 100% renewable electricity by 2030 as part of the RE100 initiative.
• Science-based targets for reducing carbon emissions have been established, aligning with the Paris Agreement.

Negative

• The ambitious targets for reducing Scope 1, 2, and 3 emissions may present operational challenges and require significant investment.

MUSCATINE, Iowa--(BUSINESS WIRE)--HNI Corporation (NYSE: HNI)

HNI Announces Carbon Smart Initiatives for a Better Tomorrow

HNI and its family of brands are proud to introduce a carbon smart strategy, a set of ongoing HNI initiatives to mitigate climate change through sourcing renewable energy and drastically reducing carbon emissions. Included in this strategy are multiple commitments to fight the climate crises and promote sustainable business practices. HNI has:

• become a signatory to the UN Global Compact,
• joined RE100 with goals for 100% renewable electricity, and
• confirmed approved Science-Based Targets for reducing carbon emissions.

Through these initiatives, HNI will continue to do its part to keep the global temperature rise to less than 1.5° Celsius and help create a better, more sustainable, tomorrow.

United Nations Global Compact
As a signatory to the largest corporate sustainability initiative in the world, The United Nations Global Compact (UNGC), HNI is dedicated to the ten principles in areas of human rights, labor, environment, and anti-corruption, as well as 17 sustainable development goals which guide business conduct. These goals—from ensuring access to sustainable power for all to developing responsible consumption and production patterns—reflect a value system driving HNI’s businesses.

RE100 and Renewable Energy Credits
To address energy use, HNI joined RE100, a global corporate leadership initiative led by The Climate Group in partnership with CDP. As a member, HNI pledged to source 100% renewable electricity annually by 2030. These actions support the wise use of natural resources and will drive a significant reduction in HNI’s carbon emissions.

Science Based Targets
A UNGC-supported program, the Science Based Targets Initiative (SBTi) champions corporate goal setting as a meaningful step in transitioning to a low-carbon economy. With its recently approved science-based targets, which align with the latest climate science, HNI is actively reducing carbon emissions to meet the most ambitious goals of the Paris Agreement.

HNI has pledged to reduce Scope 1 and 2 GHG emissions by 35% by 2025, and to reduce Scope 3 GHG emissions by 40% per ton of goods sold by 2035, from a 2018 base year. To meet the Scope 1 and 2 targets, HNI will focus on procuring 100% renewable electricity through 2030, in addition to driving energy reduction projects throughout its manufacturing facilities.

To meet its ambitious Scope 3 target, HNI will focus on research and development of lower embodied carbon and carbon negative materials, as well as working with suppliers to reduce their direct and indirect carbon emissions. By prioritizing reduction of Scope 3 emissions in addition to decreasing Scope 1 and 2 emissions from operations, HNI will make a significant contribution to the fight against climate change.

“HNI is committed to prioritizing renewable energy and reducing carbon emissions and waste in a meaningful way by driving sustainability in HNI’s processes and products,” said Jeff Lorenger, HNI Chairman, President and Chief Executive Officer.

About HNI Corporation

HNI Corporation (NYSE: HNI) is a manufacturer of workplace furnishings and residential building products, operating under two segments. The Workplace Furnishings segment is a leading global designer and provider of commercial furnishings, going to market under multiple unique brands. The Residential Building Products segment is the nation's leading manufacturer and marketer of hearth products, which include a full array of gas, electric, wood, and pellet-burning fireplaces, inserts, stoves, facings, and accessories. More information can be found on the Corporation's website at www.hnicorp.com.