US firm Parker aims for carbon-neutral operations by 2040
US motions and controls firm Parker has unveiled plans to reach carbon neutrality across its operations by 2040, with fresh new carbon reduction targets set to be submitted to the Science Based Targets initiative (SBTi).
The US firm has released its 2020 Sustainability Report and announced a new commitment to achieve carbon-neutral operations by 2040. The carbon-neutrality commitment covers Scope 1 and 2 and will be supported with interim carbon reduction targets. The company has not disclosed how much Scope 1 and 2 account for the overall carbon impact of the value chain.
By 2030, Parker will reduce the absolute emissions directly from the company’s operations and indirect emissions from purchased energy by 50%. Supporting this goal is an aim to reduce indirect emissions related to materials and logistics by 15% by 2030 and then 25% by 2040. The targets will be submitted for approval to the SBTi.
“Parker has made great progress on our sustainability journey and we recognize the need to do even more,” Parker’s chief executive Tom Williams said. “Our technologies enable customers around the world to be cleaner and more efficient, and this commitment to reducing our own carbon emissions is another important step we are taking to create a more sustainable future for generations to come.”
Since 2010, Parker has reduced its energy intensity by 42% and greenhouse gas intensity by 50%. The company also recycles more than 85% of its manufacturing waste and is committed to reducing the volume sent to landfill.
The manufacturer also believes its products and services can assist with the broader low-carbon transition.
Parker currently engineers materials that are used for thermal processes, coating and adhesives for electric appliances and offers a range of motion and control technologies that will increase in uptake as batteries, fuel cells, hydrogen, sustainable fuels and renewable energy become more commonplace.
Last month, research from BloombergNEF found that the power sector needs to decarbonise at the highest pace over the next decade, reducing emissions by 57% compared to 2019 levels and then by 89% by 2040. The research notes that this can be delivered by renewable energy and electrification, by that clean hydrogen, carbon capture solutions and modular nuclear plants can all play a key role in helping other sectors decarbonise. Parker believes it can contribute to the uptake of these technologies.