Wednesday, April 5, 2023

Vitesco Technologies Publishes “Sustainability Report For Fiscal Year 2022”

* Ambitious sustainability targets: the company successfully made improvements in all key areas 

* Vitesco Technologies follows the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) 

The report includes disclosures relating to scenario-based climate-related opportunities and risks for the first time 

Vitesco Technologies, a leading international supplier of advanced drive technologies and solutions for e-mobility presented its latest sustainability report – the first to use climate scenario analyses, as recommended by the Task Force on Climate-related Financial Disclosures (TCFD). The company thus has an overview of all the key climate-related opportunities and risks within its own business activities. The report is now available online. 

“On more than 100 pages, we present our goals and progress when it comes to sustainability,” explainsIngo Holstein, CHRO at VitescoTechnologies: “In direct comparison with our first sustainability report for fiscal 2021, we can see improvements in all key areas.” 

With its systematic focus on climate-friendly drive technologies, Clean Mobilityis an integralpart of the corporate strategy. The goal is to generatesales of around10 to 12 billion euroswith electric and electrified solutions by 2030. With total salesin 2022 of €1.1 billionand a high number of incoming orders in the field of electrification, the company has every reason to be confident that it will also achieve its next medium-term target of more than €5 billion in 2026. 

Another focus area of VitescoTechnologies’ sustainability agenda is Climate Protection: Vitesco Technologies has set itself the ambitiousgoal of making its entire value chain carbon-neutral by 2040 at the latest.This also includesall business activities beyond the company’sown processes – such as the procurement of production materials,raw material extraction or use of the products,for example. In its own operations, the company is already aiming to be entirely carbon-neutral by 2030. At the end of 2022, 91.9 percentof this target had alreadybeen met (2021: 90.6 percent). 

In terms of Resource Efficiency and the Circularity, Vitesco Technologies is aiming for a waste recovery quota of 95 percent by 2030. The company already came very close to achieving this target in 2022, with 94.6 percent (2021: 92.6 percent). 

A key objective in the Responsible Sourcing and Partnerships focus area should even be achieved this year, once all strategic suppliers without exception have signed the Code of Conduct for Business Partners, thus confirming Vitesco Technologies’ key human rights and ethical principles. 

For the Fair Work and Diversity material topic, the central key performance indicator is the proportion of women in management positions. Here, the company has increased its strategic target value: The figure is to rise to 21 percent by 2026. It currently stands at 15.4 percent, 1.8 percentage points higher than in the previous year. 

The target in the Occupational Health and Safety material topic has also been set for 2026: After 1.9 in 2021 and 1.7 in 2022, the number of accidents per million hours worked is to fall to a maximum of 1.4. 

The Sustainability Report also contains extensive information on other relevant reporting topics, such as technical compliance. The relevant management system at Vitesco Technologies covers products, product-related services, as well as software and hardware throughout the entire product life cycle, from product development to the end of 

the product life cycle. It is comprehensively integrated into the company with the help of a systematic organizational structure. 

TCFD: “For a better understanding of climate risks” 

In line with the major reporting standards, the Sustainability Report provides detailed insights and gives numerous examples of how Vitesco Technologies aims to achieve its ambitious sustainability targets. In the current edition, the company has implemented a new chapter – in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD): For this purpose, consistent disclosures on climate-related opportunities and risks were determined on the basis of climate scenario analyses. Companies, banks and investors can use these to keep stakeholders informed. 

“We very much welcome this initiative,” says Dr. Anja Rivera de la Cruz, Global Head of Sustainability & Security at Vitesco Technologies, “It contributes to the stability of the financial system and toward a better understanding of climate risks and can thus facilitate the financing of the transition to a more stable and sustainable economy.” 

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