Medical Device News Magazine

Thursday, March 23, 2023

Philips Recognized with ‘A’ Score for its Climate Action Leadership

Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, today announced that the company has been recognized for its climate action leadership by global environmental non-profit CDP. Thanks to its actions to cut emissions, mitigate climate risks, and develop the low-carbon economy, Philips has secured a place on CDP’s ‘A List’ for the ninth consecutive year.

“With health systems and consumers increasingly committed to making more sustainable choices and to climate action, we remain convinced that doing business sustainably is the only way forward,” said Frans van Houten, CEO of Royal Philips. “Our ongoing actions to embed sustainability in our solutions, our operations, and across the supply chain, have once again been recognized with a place on CDP’s prestigious benchmark. I am proud that the creativity and inspiration of our global workforce continue to make a difference in creating a healthier and more sustainable world.”

CDP’s annual environmental disclosure and scoring process is widely recognized as the gold standard of corporate environmental transparency. Its scoring methodology assesses companies on the comprehensiveness of their disclosure, awareness and management of environmental risks and demonstration of best practices associated with environmental leadership, such as setting ambitious and meaningful targets.

Global recognition

To achieve its vision of making the world healthier and more sustainable through innovation, Philips employs a comprehensive set of commitments across all the Environmental, Social, and Governance (ESG) dimensions that guide the execution of company strategy. Philips is already carbon neutral in its operations and is set to further reduce its CO2 emissions in line with 1.5°C global warmings, for example by further improving the energy efficiency of its products during the customer use phase and teaming up with customers and stakeholders to decarbonize healthcare. The company has also set ambitious circular economy objectives, such as generating 25% of its revenue from circular products, services and solutions by 2025. Philips is also taking action to drive the significant reduction of greenhouse gas emissions in its supply chain.

The company’s longstanding commitment to doing business responsibly and sustainably has received widespread recognition. For example, Philips has achieved top positions in the global Dow Jones Sustainability Indices and Sustainalytics rankings, and the company was awarded a top ESG score of 90 out of 100 by S&P Global Ratings. Moreover, Philips was the first health technology company to have its carbon emission targets for the 2020 – 2040 period assessed and approved by the Science-Based Targets initiative (STBi). 

More information about how Philips is partnering with stakeholders to drive environmental, social, and governance priorities and make a global impact, is available here.

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