Lear Publishes 2022 Sustainability Report, Makes Progress on Goals

Rhea-AI Summary

Lear Corporation (NYSE: LEA) announced its 2022 Sustainability Report, outlining its progress on climate goals, sustainable product development, and diversity, equity, and inclusion initiatives. The report highlights a 17% reduction in Scope 1 and 2 emissions, on track to meet a 50% carbon reduction goal by 2030. Lear also focuses on sustainable product development and DEI efforts, with a commitment to transparency and leadership development.

Positive

• Lear reduced its Scope 1 and 2 emissions by nearly 17% against a 2019 baseline, putting the company on track to meet its 50% carbon reduction goal by 2030.
• Lear's portfolio of sustainable products continues to grow, with a focus on electric vehicle technology and recycled materials.
• The company's commitment to diversity, equity, and inclusion is demonstrated through pay equity, diverse hiring, and leadership development programs.
• Lear's efforts to assess supplier sites, achieve zero waste to landfills, and promote employee wellness showcase a holistic approach to sustainability.

Negative

• None.

Lear on track to reduce carbon emissions by 50% by 2030

SOUTHFIELD, Mich., July 13, 2023 /PRNewswire/ -- Lear Corporation (NYSE: LEA), a global automotive technology leader in Seating and E-Systems, today released its 2022 Sustainability Report, which includes the company's progress on its climate goals, sustainable product development, and diversity, equity and inclusion (DEI) initiatives.

"Around the world, our teams have embraced opportunities to build a more sustainable future," said Ray Scott, Lear President and CEO. "Their commitment and collaboration are driving us toward our climate goals, advancing sustainable products, and further enriching our diverse culture."

Lear's 2022 Sustainability Highlights

Climate Goals

Lear has been implementing a comprehensive renewable energy strategy to meet its climate goals. By the end of 2022, Lear decreased its Scope 1 and 2 emissions by nearly 17% against a 2019 baseline, putting the company on track to meet its 50% carbon reduction goal by 2030. Currently, on-site solar arrays provide a source of clean power for nine Lear facilities across six countries. All company locations in Germany, Poland, Spain and the United Kingdom have already met Lear's 2030 goal of sourcing 100% renewable energy for their electricity needs. In addition, Lear employees completed 170 energy efficiency projects in 2022, with an estimated savings of 6 million kilowatt-hours of energy globally.

Sustainable Products

Lear's portfolio of sustainable products continues to grow with more than 900 global patents and pending patents related to sustainable products. Products, such as the company's award-winning Battery Disconnect Unit, help electric vehicles (EVs) charge faster and drive farther. Lear's 100% recycled ReNewKnit™ sueded surface material is made from repurposed plastic water bottles and supports a circular economy where textiles can be continuously recycled. The company has also completed reference life cycle assessments (LCAs) on seven of its major product lines to measure and identify opportunities to improve the carbon footprint of its products.

DEI and Leadership Development

In 2022, a comprehensive review of our employee compensation practices showed more than 99% of women globally and ethnic minorities in the United States achieved pay equity. Among salaried new hires in the United States, 52% were ethnic minorities or women. As part of its commitment to transparency, Lear has publicly disclosed its consolidated EEO-1 summary data. Designed to retain top performers and enable more diverse leadership in the future, Lear's groundbreaking Together We Grow career development program launched in 2022 with 31 high-potential and diverse participants.

Other Major Highlights in 2022

• Lear employees in Michigan donated nearly $1 million to local charities
• Assessed 2,800+ production supplier sites across the globe on sustainability and human rights criteria
• Completed strategic acquisitions to enable less complex and more efficient product design, optimize manufacturing processes and support Industry 4.0
• Sent zero waste to landfills at 28 facilities in 11 countries
• Achieved 1 million hours with zero lost time injury or illness cases at 68 facilities
• Completed 5 million hours of employee training and development
• Expanded the "Driving Wellness" program globally to promote the well-being of our employees in body, mind, nutrition and balance
• Committed to the Science Based Targets initiative (SBTi)
• Recommitted to the United Nations Global Compact

Lear reports with reference to the GRI Standards, as well as the Sustainability Accounting Standards Board (SASB) framework and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. To download Lear's 2022 Sustainability Report, visit lear.com/sustainability.

About Lear Corporation 

Lear, a global automotive technology leader in Seating and E-Systems, enables superior in-vehicle experiences for consumers around the world. Lear's diverse team of talented employees in 37 countries is driven by a commitment to innovation, operational excellence, and sustainability. Lear is Making every drive better™ by providing the technology for safer, smarter, and more comfortable journeys. Lear, headquartered in Southfield, Michigan, serves every major automaker in the world and ranks 189 on the Fortune 500. Further information about Lear is available at lear.com or on Twitter @LearCorporation.

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SOURCE Lear Corporation

FAQ

What are Lear Corporation's climate goals and progress?

Lear aims to reduce carbon emissions by 50% by 2030 and has already achieved a 17% reduction in Scope 1 and 2 emissions.

What sustainable products is Lear focusing on?

Lear is developing sustainable products for electric vehicles and using recycled materials, such as the ReNewKnit™ sueded surface material made from repurposed plastic water bottles.

How is Lear promoting diversity, equity, and inclusion?

Lear has achieved pay equity for women globally and ethnic minorities in the United States, with a focus on diverse hiring and leadership development programs.

What are some other sustainability highlights for Lear in 2022?

Lear has achieved zero waste to landfills at 28 facilities in 11 countries, assessed over 2,800 production supplier sites, and promoted employee wellness through the 'Driving Wellness' program.