Otis Releases Inaugural Environmental, Social and Governance Report

Rhea-AI Summary

Otis Worldwide Corp (OTIS) has released its inaugural Environmental, Social, and Governance (ESG) Report, outlining progress on 13 ESG targets aligned with United Nations Sustainable Development Goals. Highlights include a 7% reduction in Scope 1 and 2 emissions since 2019, achieving ISO 14001 certification at all global factories, and increasing diversity with 36% of executives being women. The report emphasizes Otis's commitment to making a positive impact through sustainability initiatives, targeting gender parity by 2030, and expanding its support programs.

Positive

• 7% reduction in Scope 1 and Scope 2 emissions since 2019.
• All global factories achieved ISO 14001 certification, four years ahead of schedule.
• 36% of executives globally are women, targeting gender parity by 2030.

Negative

• None.

- Report's ''Sustaining Connections" theme highlights how Otis builds connections that help people, societies and environments thrive - 

FARMINGTON, Conn., March 31, 2022 /PRNewswire/ -- Otis Worldwide Corp. (NYSE: OTIS) today launched its first Environmental, Social and Governance (ESG) Report as an independent company. The report provides updates on its 13 ESG targets – each aligned with select United Nations Sustainable Development Goals – and makes disclosures to the Global Reporting Initiative (GRI) standard and against the Sustainability Accounting Standards Board (SASB) and Task Force on Climate-Related Financial Disclosures (TCFD) frameworks. Otis is the world's leading elevator and escalator manufacturing, installation and service company.

"At Otis, we give people freedom to connect and thrive in a taller, faster, smarter world. Our first ESG report demonstrates how we're setting this vision in motion and bringing our purpose to life through actions such as focusing on reducing our greenhouse gas emissions, expanding our STEM-focused Made to Move Communities™ signature social impact program and advancing Diversity, Equity & Inclusion programs globally," said Otis Chair & CEO Judy Marks. "ESG is embedded in our strategy, culture and programs, and we are committed to continue moving these initiatives forward as we drive value for all our stakeholders."

Following a robust materiality assessment last year to identify the ESG topics most important to Otis and its stakeholders, the company set measurable goals and strategic actions around its four ESG focus areas of Health & Safety, Environment & Impact, People & Communities and Governance & Accountability. Through the end of 2021, Otis' progress on ESG targets includes:

• All global factories completed ISO 14001 certification, four years ahead of the target.
• A 7% reduction in Scope 1 and Scope 2 emissions vs. its 2019 baseline. Otis' target is to reduce its Scope 1 and Scope 2 emissions 50% by 2030.
• Achieving its annual goal of educating 100% of Otis field professionals and subcontractor companies in Otis' life-saving Cardinal Rules.
• 78% of Otis colleagues worldwide have access to an Employee Assistance Program. Otis is now targeting 100% coverage of its global colleagues in 2022, one year ahead of its original target.
• 36% of executives globally are women. Otis was the first in its industry to sign the Paradigm for Parity® gender parity commitment and aims for gender parity in its executive ranks by 2030.
• Achieving its annual >20% target of U.S supplier spend to diverse suppliers*

In addition to these 2021 ESG milestones, Otis became a signatory of the U.N. Global Compact, completed its first CDP disclosure, and launched the second year of Made to Move Communities. Winners of this challenge will be announced in April 2022.

The full ESG Report can be found on www.otis.com and www.otisinvestors.com

* Diverse supplier is defined as a minority owned, small businesses and/or operating in an economically-challenged zone.

About Otis

Otis is the world's leading elevator and escalator manufacturing, installation and service company. We move 2 billion people a day and maintain more than 2.1 million customer units worldwide, the industry's largest Service portfolio. Headquartered in Connecticut, USA, Otis is 70,000 people strong, including 41,000 field professionals, all committed to meeting the diverse needs of our customers and passengers in more than 200 countries and territories worldwide. For more information, visit www.otis.com and follow us on LinkedIn, Instagram, Facebook and Twitter @OtisElevatorCo.

Cautionary Statement
This release contains forward-looking statements (including statements that constitute forward-looking statements under the securities laws), including but not limited to, statements that relate to our intent to achieve certain environmental, social and governance plans, targets, goals and future risks associated with climate change. These forward-looking statements are intended to provide management's current expectations or plans for our future operating performance, based on assumptions currently believed to be valid. All such forward-looking statements are subject to risks and uncertainties, and our future results of operations could differ materially from our historical results or current expectations reflected by such forward-looking statements. The forward-looking statements are subject to future events, risks, uncertainties and other factors, many of which are beyond the control of the company, that could cause actual results to differ materially from our historical results or current expectations, including, but not limited to, changes in regulations and law; severe weather events, including from the effects of climate change; challenges in the development, production, delivery, support, performance and realization of the anticipated benefits of advanced technologies and new products and services; changes in the economic and political conditions in the industry and markets in which we operate; and other risks and uncertainties described in detail in the company's most recent Form 10-K, Form 10-Q and in similar sections of other filings made by the company with the Securities and Exchange Commission from time to time. The forward-looking statements speak only as of this date. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Media Contact:
Ray Hernandez
+1-860-674-3029
Ray.Hernandez@otis.com

Investor Relations Contact:
Michael Rednor
+1-860-676-6011
investorrelations@otis.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/otis-releases-inaugural-environmental-social-and-governance-report-301514633.html

SOURCE Otis Worldwide Corporation

FAQ

What are the main highlights of Otis's ESG Report for 2021?

Otis's ESG Report for 2021 highlights include a 7% reduction in Scope 1 and 2 emissions, ISO 14001 certification for all factories, and 36% of executives being women.

How does Otis plan to achieve its 2030 emissions reduction goal?

Otis aims to reduce its Scope 1 and Scope 2 emissions by 50% by 2030, building on a 7% reduction since 2019.

What is Otis's commitment regarding gender diversity in leadership?

Otis is committed to achieving gender parity in its executive ranks by 2030.

What frameworks does Otis disclose its ESG initiatives against?

Otis discloses its ESG initiatives against the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), and Task Force on Climate-Related Financial Disclosures (TCFD).

When was Otis's ESG Report released?

Otis's inaugural ESG Report was released on March 31, 2022.