Flex Releases 2022 Sustainability Report and Commits to Net Zero Greenhouse Gas Emissions by 2040

Flex (NASDAQ: FLEX) today released its 2022 sustainability report, which summarizes the company’s global sustainability activities, performance and results from calendar year 2021. In tandem with the report’s release, the company announced a commitment to reach net zero greenhouse gas (GHG) emissions by 2040, doubling down on climate action efforts. Business Wire India
Flex (NASDAQ: FLEX) today released its 2022 sustainability report, which summarizes the company’s global sustainability activities, performance and results from calendar year 2021. In tandem with the report’s release, the company announced a commitment to reach net zero greenhouse gas (GHG) emissions by 2040, doubling down on climate action efforts.
 
“Our 2021 achievements are encouraging and motivate us to continue pushing toward our 2030 sustainability goals. The progress we’ve made to date and commitment to reach net zero emissions by 2040 are only possible through the unwavering efforts of our 170,000 employees and ongoing collaboration with our suppliers and customers,” said Revathi Advaithi, Chief Executive Officer at Flex. “Now, more than ever, companies across every industry and sector must take purposeful steps to address the climate crisis and champion a more sustainable way of working. Flex is dedicated to doing its part to accelerate climate action and helping our value chain partners do the same.”
 
In 2021, Flex announced a new long-term sustainability strategy, framework and a comprehensive, ambitious set of targets, aligned with the United Nations Sustainable Development Goals and UN Global Compact’s ten principles. Through its sustainability strategy, Flex is focused on reducing its environmental impact, investing in local communities, advancing a safe, inclusive, and respectful workplace, driving responsible, ethical business practices and accelerating a more sustainable value chain in partnership with customers and suppliers.
 
Prepared in accordance with the Global Reporting Initiative (GRI) Standards: Core Option, Flex’s 2022 sustainability report marks the first year of the company driving initiatives in alignment with its refreshed strategy and goals through 2030.
 
2021 sustainability accomplishments
 

  • 14 percent decrease in absolute scope 1 and 2 greenhouse gas emissions from 2019 baseline year[1]
  • 97 percent of major sites[2] partnered with an NGO
  • 17 percent reduction in safety incident rate year over year
  • 100 percent of employees had access to emotional and mental health programs
  • 22 percent female representation at the director level and above globally, and 31 percent racial and ethnic diverse representation at the director level and above in the U.S.
  • 29 percent of preferred suppliers and 48 percent of specified customers[3] set greenhouse gas emissions reduction and science-based targets, respectively

In 2021, Flex received accolades and awards for sustainability and ESG leadership, including placement on the “A List” for water security strategy and performance from CDP for the second consecutive year and inclusion in the S&P Global Sustainability Yearbook­­ for the third year in a row. Additionally, the company received a Platinum rating from EcoVadis and maintained the highest disclosure and transparency scores from Institutional Shareholder Services.

Commitment to net zero greenhouse gas emissions by 2040

By 2040, Flex is committed to reaching net zero greenhouse gas emissions as part of the company’s overall sustainability strategy. The company joined the Science Based Targets initiative in 2021 and is focused on scope 1, 2 and 3 emissions reduction targets aligned with the Paris Agreement’s goal of limiting global temperature rise to 1.5°C above preindustrial levels.

Flex will continue to take a multi-pronged emissions reduction approach to support its net zero ambition. This includes investing in site and system efficiencies, procuring and deploying renewable energy and continuing collaboration with its ecosystem of customers and suppliers to develop and implement energy and emissions reduction strategies.

 

[1] The target boundary includes biogenic emissions and removals from bioenergy feedstocks. The company’s revenue grew 8% during fiscal year 2022. With that growth, Flex saw an increase of absolute scope 1 and 2 emissions from 2020 to 2021. Flex is developing an energy management strategy to account for growth and remain on track with its greenhouse gas emissions reduction commitments. While Flex experienced an increase year over year, the company’s absolute scope 1 and 2 market-based emissions in 2021 decreased from its 2019 baseline year.
[2] Sites with 1,000 or more employees.
[3] Flex is committed that 70% of its customers by emissions covering purchased goods and services, capital goods and use of sold products will have science-based targets by 2025.


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