Timken Shares Progress on 2030 Target To Reduce Emissions Intensity
The Timken Company (NYSE: TKR; www.timken.com), a global leader in engineered bearings and industrial motion products, has issued its annual corporate social responsibility (CSR) report, which features an update on progress towards its 2030 environmental emissions target. The report also details Timken’s efforts to improve the lives of individuals and communities and build a more efficient and resilient world.
“As we advance our corporate social responsibility programs, it is increasingly evident how interconnected they are,” said Richard G. Kyle, Timken president and CEO. “From our global operations to the communities where we live and work, we are pursuing a sustainable CSR strategy with long-term impact. At Timken, we continually focus on improving our operations. And, with our customers, we are continuously innovating to deliver more efficient and sustainable products — including for the renewable energy industry, our largest end-market sector.”
Announced in 2022 and measured against a 2018 baseline, Timken’s environmental emissions target is to reduce aggregate Scope 1 and 2 greenhouse gas emissions intensity by 50 percent by 2030i. This includes direct emissions intensity from its operations, and indirect emissions intensity from purchased energy. As of the end of 2022, the company had achieved a decrease of nearly 25 percent from its 2018 baseline. Helping to drive down emissions intensity, Timken used 10x more energy from renewable sources in its global operations last year than it did in 2018. Through the use of on-site solar arrays and purchase power agreements, the company expects to double its renewable energy use over the next three to five years.
Meanwhile, Timken’s Sustainable Engineering Process guides how the company creates and evaluates product sustainability across its portfolio and how it innovates with customers to advance everyone’s CSR objectives. The process also helps the company identify opportunities to target additional improvements and progress across its portfolio.
In addition, Timken is investing in strategic partnerships and STEM education, increasing the impact the company makes in developing the next generation of diverse engineering talent. Timken is focused on strengthening the skills and broadening the perspectives of its current and future workforce and next-generation leaders. The company provides employees with the necessary support to thrive and become leaders who understand the needs and desires of the global workforce of today and tomorrow.
Reflective of its unwavering commitment to ethics, integrity and good corporate governance, Timken has been honored 12 times, including this year, by Ethisphere as one of the World’s Most Ethical Companies. For the last three years, Newsweek has named Timken one of America’s Most Responsible Companies.
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com) designs a growing portfolio of engineered bearings and industrial motion products. With more than a century of knowledge and innovation, we continuously improve the reliability and efficiency of global machinery and equipment to move the world forward. Timken posted $4.5 billion in sales in 2022 and employs more than 19,000 people globally, operating from 46 countries. Timken has been recognized among America's Most Responsible Companies by Newsweek, the World's Most Ethical Companies® by Ethisphere, America's Most Innovative Companies by Fortune and America's Best Large Employers, Best Employers for New Graduates and Best Employers for Women by Forbes.
Certain statements in this release (including statements regarding the company’s beliefs, estimates, and expectations) that are not historical in nature are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, the statements related to Timken’s environmental sustainability plans, developments, targets, goals and, expectations are forward-looking. Timken cautions that actual results may differ materially from those projected or implied in forward-looking statements due to a variety of important factors, including those discussed in the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K for the year ended December 31, 2022, quarterly reports on Form 10-Q and current reports on Form 8-K. Except as required by the federal securities laws, the company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
i See the 2022 CSR report for additional details on the 2030 environmental emissions target