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    RSW   GB0007323586

RENISHAW PLC

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Delayed London Stock Exchange  -  11:35 2022-08-09 am EDT
4090.00 GBX   -3.22%
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Renishaw : announces detailed Net Zero emissions commitments

06/20/2022 | 03:54pm EDT
20 June 2022

After committing in November 2021 to a Net Zero target by no later than 2050, engineering technologies company, Renishaw, has announced further targets to reduce its greenhouse gas emissions and overall impact on the environment across its sites globally. The company has announced plans to achieve Net Zero for scope one and two emissions by 2028 and to have fully measured scope three emissions by March 2023, enabling it to set a more ambitious Net Zero target for all emissions. The company's newly expanded sustainability team will be working to educate internal and external stakeholders about how they can better understand their environmental impact and how collectively they can assist Renishaw to meet its science-based targets.

UK businesses are increasingly focused on sustainability, with almost a third of FTSE 100 companies making Net Zero pledges after COP26. Renishaw has aligned its sustainability strategy with the United Nations Sustainable Development Goals, including responsible consumption and production. Its Net Zero targets will be validated and monitored by the Science Based Target initiative (SBTi), an international body that promotes best practice in emissions reductions, to ensure that the goals of businesses globally are in line with the latest climate science.

Renishaw is already making clear steps towards its Net Zero targets with 80 per cent of its total electricity use now coming from renewable sources. The Company will also continue to increase its renewable electricity generation across its sites globally, and is investigating a range of renewable energy options, including solar carports, wind and hydro. In the 2021 financial year, less than 10% of all waste went to landfill and Renishaw will continue to work on reducing this amount.

Life Cycle Assessment (LCA) is one of the pillars of Renishaw's sustainability strategy. Its internal LCA specialists will work across the business to quantify and reduce the carbon footprint of the products Renishaw manufactures and sells. This process will help Renishaw's customers achieve their own emissions targets by providing clear data and reporting on the carbon impact of each product. Another pillar of the strategy is design for circularity, where Renishaw aims to move from cradle-to-grave to cradle-to-cradle life cycle thinking for product design. Life Cycle Assessment and design for circularity will take a large role during product development stages by helping the research and design teams embed sustainable design principles and use lower carbon materials and manufacturing processes.

"We still have a long way to go before we fully understand how to achieve our Net Zero targets," explained Ben Goodare, Head of Sustainability at Renishaw. "With the expert support of our sustainability team and the strong commitment to sustainability throughout the business, we are placing ourselves in a good position to achieve our Net Zero targets and reduce our overall environmental impact."

For further information about Renishaw's sustainability targets, visit:
http://www.renishaw.com/sustainability.

Disclaimer

Renishaw plc published this content on 20 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 June 2022 19:53:03 UTC.


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Sales 2022 670 M 810 M 810 M
Net income 2022 135 M 164 M 164 M
Net cash 2022 252 M 305 M 305 M
P/E ratio 2022 22,0x
Yield 2022 1,85%
Capitalization 2 977 M 3 598 M 3 598 M
EV / Sales 2022 4,07x
EV / Sales 2023 3,82x
Nbr of Employees 4 832
Free-Float 46,7%
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Allen Christopher George Roberts Group Finance Director & Director
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Dave Wallace Director-Group Operations
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