Vontier Commits to 45% Initial Greenhouse Gas Reduction Target to Support Paris Climate Accord

Rhea-AI Summary

Vontier Corporation (NYSE: VNT) has set a target to reduce its Scope 1 and 2 greenhouse gas (GHG) emissions by 45% by 2030, with a long-term goal of achieving Net Zero emissions by 2050. This initiative aligns with the Paris Climate Agreement and is based on the guidelines of the Science Based Target initiative (SBTi). The company plans to implement energy efficiency measures and increase the use of renewable energy. Vontier aims to add a Scope 3 reduction target in 2022 for independent validation.

Positive

• Commitment to reduce Scope 1 and 2 GHG emissions by 45% by 2030.
• Long-term goal of achieving Net Zero emissions by 2050.
• Alignment with the Paris Climate Agreement and SBTi guidelines.

Negative

• None.

RALEIGH, N.C.--(BUSINESS WIRE)-- Vontier Corporation (“Vontier”) (NYSE: VNT), a global industrial technology company, announced today its commitment to reduce absolute Scope 1 and 2 greenhouse gas (GHG) emissions 45% by 2030, from a 2020 base year, on its way to achieving Net Zero by 2050 in support of the Paris Climate Agreement. Vontier is aligning its goals with climate science and the methodology defined by the Science Based Target initiative (SBTi) to reduce GHG emissions at the pace and scale that is consistent with keeping warming below 1.5°C.

Vontier will harness the Vontier Business System to implement, monitor and track emissions reductions towards its targets. GHG reductions are expected from energy efficiency across the enterprise as well as the deployment of renewable energy to further decarbonize the business.

Mark D. Morelli, President and Chief Executive Officer, stated, “As an industry leader, we are mobilizing the future to create a better world. We have a responsibility to use resources sustainably to serve our customers and communities worldwide. Our targets show we take this responsibility seriously and want to play our part in solving difficult global challenges.”

Katie Rowen, SVP, General Counsel and Interim Chief Human Resources Officer, stated, “I am incredibly proud that we have committed to the SBTi and have developed our Scope 1 and 2 GHG reduction plan. Our ESG program is grounded in transparency and accountability and this is a critical step to show our commitment to those ideals.”

Vontier plans to add a Scope 3 reduction target in 2022 when the Scope 3 inventory is completed and will then submit its targets to the SBTi for independent validation.

ABOUT VONTIER

Vontier is a global industrial technology company focused on transportation and mobility solutions. The company’s portfolio of trusted brands includes market-leading expertise in mobility technologies, retail and commercial fueling, fleet management, telematics, vehicle diagnostics and repair, and smart cities end-markets. Vontier’s innovative products, services, and software advance efficiency, safety, security, and environmental compliance worldwide.

Guided by the proven Vontier Business System and an unwavering commitment to continuous improvement and customer success, Vontier keeps traffic flowing through more than 90,000 intersections, serves more than 260,000 customer fueling sites, monitors more than 480,000 commercial vehicles, and equips over 600,000 auto technicians worldwide. Vontier’s history of innovation, margin profile, and cash flow characteristics are expected to support continued investment across a spectrum of compelling organic and capital deployment growth opportunities. Vontier is mobilizing the future to create a better world.

FORWARD-LOOKING STATEMENTS

This release contains forward-looking statements within the meaning of the federal securities laws. These statements include, but are not limited to statements regarding Vontier Corporation’s (the “Company’s”) business, and any other statements identified by their use of words like “goal,” “anticipate,” “expect,” “believe,” “outlook,” “guidance,” or “will” or other words of similar meaning. There are a number of important risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These risks and uncertainties include, among other things, the duration and ongoing impact of the COVID-19 pandemic, deterioration of or instability in the economy, the markets we serve, international trade policies and the financial markets, contractions or lower growth rates and cyclicality of markets we serve, competition, changes in industry standards and governmental regulations that may adversely impact demand for our products or our costs, our ability to successfully identify, consummate, integrate and realize the anticipated value of appropriate acquisitions and successfully complete divestitures and other dispositions, our ability to develop and successfully market new products, software, and services and expand into new markets, the potential for improper conduct by our employees, agents or business partners, impact of divestitures, contingent liabilities relating to acquisitions and divestitures, impact of changes to tax laws, our compliance with applicable laws and regulations and changes in applicable laws and regulations, risks relating to international economic, political, legal, compliance and business factors, risks relating to potential impairment of goodwill and other intangible assets, currency exchange rates, tax audits and changes in our tax rate and income tax liabilities, the impact of our debt obligations on our operations, litigation and other contingent liabilities including intellectual property and environmental, health and safety matters, our ability to pay cash dividends declared by our Board of Directors to our stockholders, our ability to adequately protect our intellectual property rights, risks relating to product, service or software defects, product liability and recalls, risks relating to product manufacturing, our relationships with and the performance of our channel partners, commodity costs and surcharges, our ability to adjust purchases and manufacturing capacity to reflect market conditions, reliance on sole sources of supply, security breaches or other disruptions of our information.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211203005334/en/

Lisa Curran

Vice President, Investor Relations

Vontier Corporation

5438 Wade Park Boulevard, Suite 600

Raleigh, NC, 27607

Telephone: (984) 275-6000

Source: Vontier Corporation

FAQ

What is Vontier's goal for greenhouse gas emission reduction by 2030?

Vontier aims to reduce its Scope 1 and 2 greenhouse gas emissions by 45% by 2030.

What long-term environmental goal has Vontier set?

Vontier is targeting Net Zero emissions by 2050.

When will Vontier add its Scope 3 reduction target?

Vontier plans to add a Scope 3 reduction target in 2022.

How does Vontier plan to achieve its environmental targets?

Vontier will implement energy efficiency measures and increase the deployment of renewable energy.

What initiative is Vontier's emission reduction commitment based on?

Vontier's commitment is aligned with the Science Based Target initiative (SBTi).