Science Based Targets initiative Approves Otis Targets for Reducing Greenhouse Gas Emissions

Rhea-AI Summary

Otis, a leading elevator and escalator company, has had its near-term science-based greenhouse gas emissions reduction targets approved by the Science Based Targets initiative. The approved targets include reducing absolute scope 1 and 2 GHG emissions by 55% by 2033 and reducing scope 3 emissions by 33% within the same timeframe. This demonstrates Otis' commitment to the Paris Agreement's objectives and sustainability. Otis' CEO Judy Marks emphasizes the company's dedication to ESG principles and sustainable value creation for stakeholders.

FARMINGTON, Conn., April 22, 2024 /PRNewswire/ -- Otis (NYSE: OTIS), the world's leading elevator and escalator manufacturing, installation and service company, announced that the Science Based Targets initiative (SBTi) has approved its near-term science-based greenhouse gas (GHG) emissions reduction targets.

Otis' SBTi-approved targets are:

• Reduce absolute scope 1 and 2 GHG emissions 55% by 2033 from a 2021 base year.¹
• Reduce absolute scope 3 GHG emissions from purchased goods and services, business travel, and use of sold products 33% within the same timeframe.

These targets demonstrate the company's commitment to meeting the objective of the Paris Agreement to limit global warming to no more than 1.5 degrees Celsius above pre-industrial levels. 

"We are responsible for delivering sustainable value for all stakeholders. At Otis, ESG is firmly embedded in our business strategy and culture. We see it as a critical investment in our future, driving innovation and making our business stronger and more resilient," said Otis Chair, CEO and President Judy Marks. "This approval from SBTi is an important milestone in our sustainability journey."

To learn more about the company's commitment to sustainability, visit ESG at Otis.

SBTi is a partnership between Carbon Disclosure Project (CDP), the United Nations Global Compact (UNGC), the World Resources Institute (WRI) and the Worldwide Fund for Nature (WWF). The SBTi call to action is one of the We Mean Business Coalition commitments. It defines and promotes best practices in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies' targets.

About Otis

Otis gives people freedom to connect and thrive in a taller, faster, smarter world. The global leader in the manufacture, installation and servicing of elevators and escalators, we move 2.3 billion people a day and maintain approximately 2.3 million customer units worldwide – the industry's largest Service portfolio. You'll find us in the world's most iconic structures, as well as residential and commercial buildings, transportation hubs and everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 71,000 people strong, including 42,000 field professionals, all committed to meeting the diverse needs of our customers and passengers in more than 200 countries and territories. To learn more, visit www.otis.com and follow us on LinkedIn, Instagram and Facebook @OtisElevatorCo.

Forward-Looking Statements

This press 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 ("ESG") commitments, plans, targets, goals and future risks associated with climate change and their impact on our future business. These forward-looking statements are intended to provide management's current expectations or plans for our future performance, based on assumptions currently believed to be valid. 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 the availability and cost of low- or non-carbon-based energy sources and technologies; third-party coordination and alignment over which we do not have control and may be unpredictable; evolving regulatory requirements affecting ESG standards or disclosures; the availability of suppliers that can meet our sustainability, diversity and other standards; severe weather events, including from the effects of climate change; 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.

¹ The target boundary includes biogenic land-related emissions and removals from bioenergy feedstocks.

Media Contact:
Katy Padgett
+1 860-674-3047
Kathleen.Padgett@otis.com

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SOURCE Otis Worldwide Corporation

FAQ

What are Otis' SBTi-approved greenhouse gas emissions reduction targets?

Otis' approved targets include reducing absolute scope 1 and 2 GHG emissions by 55% by 2033 and reducing scope 3 emissions by 33% within the same timeframe.

What is Otis' approach to sustainability and ESG principles?

Otis is committed to sustainability and ESG principles, viewing them as critical investments in driving innovation and strengthening the business.

Who is Otis' Chair, CEO, and President?

Judy Marks serves as Otis' Chair, CEO, and President, emphasizing the company's focus on sustainability and stakeholder value.

What is the significance of SBTi's approval for Otis?

SBTi's approval marks an important milestone in Otis' sustainability journey, showcasing its dedication to meeting the objectives of the Paris Agreement.