Schaeffler Highlights ESG Progress in 2023 Sustainability Report

Schaeffler Highlights ESG Progress in 2023 Sustainability Report

Schaeffler is currently focusing on seven key ESG goals in the implementation of its sustainability strategy.

Schaeffler earlier this month published its 2023 Sustainability Report, highlighting the progress along its “three ESG dimensions.”

“Sustainability is an integral part of our corporate strategy,” Schaeffler CEO Klaus Rosenfeld said. “Schaeffler has always been known for its innovative strength and technological expertise – building on this, we want to bridge the gap between sustainability and cost efficiency. We have set ourselves ambitious targets. Despite all the progress we have made in recent years, we are aware that we still have a fair way to go.”

The 2023 Sustainability Report includes the definition of 10 actionable areas for the implementation of Schaeffler’s sustainability strategy, which are assigned to the three areas of environment, social and governance (ESG).

“Sustainability & Engagement” is a subprogram of “Roadmap 2025,” Schaeffler’s overarching business strategy. The program was updated in 2023 with its Climate Action Plan, which was devised in 2022 and details specific measures for reducing CO2e emissions. 

Schaeffler is currently focusing on seven key ESG goals in the implementation of the sustainability strategy, including climate neutrality, efficient use of resources, environmental protection and occupational health and safety.

For example, Schaeffler said it aims to achieve climate neutrality across production and its supply chain by 2030 and 2040, respectively.

The company said it instituted measures in 2023 that will lead to an annual reduction in freshwater consumption of 150,000 cubic meters. 

The Schaeffler Group reduced its freshwater consumption by around 9% in the reporting year, with 27 water-saving measures implemented and verified externally in 2023, according to the company. The measures are expected to account for a minimum annual savings of 265,000 cubic meters from 2024.

Among other highlights, the global nonprofit environmental organization CDP awarded Schaeffler an “A” score in the climate-change category for 2023 by for corporate transparency and performance, and an “A-“ in the water category.

In the EcoVadis sustainability rating, Schaeffler improved its score to achieve a total of 79 out of 100 points, earning itself Platinum status again and a repeat ranking in the top 1% in its peer group in 2023.

Focus on Decarbonization

Decarbonization is a key focus area for Schaeffler. Sustainable supply chains (Scope 3 upstream) and the purchase of low-emission materials and services are a few of the strategies Schaeffler is employing in this area.

“Through close and trusting partnerships with our suppliers, we have already achieved initial successes and set the right course,” said Andreas Schick, chief operating officer at Schaeffler. “Transparency and dialog with our suppliers are now crucial to mastering the challenges ahead of us together and achieving our goal of a climate-neutral supply chain in 2040.”

At Schaeffler, the decarbonization of production (Scope 1 and 2) is largely based on the use of renewable energies, increasing energy efficiency and retrofitting plants to use renewable energies. For this reason, the internal generation of renewable energies is being developed at sites across the Schaeffler Group as an extension to the existing energy-efficiency program. 

Since 2023, Schaeffler says 100% of the electricity purchased at almost every plant in Europe, Greater China and the Americas has come from renewable sources, with the plants in the Asia/Pacific region set to follow suit in 2024. 

The Schaeffler Group has seen a reduction in production-related greenhouse gases of around 24% compared with the previous year, resulting in a decrease from 493,000 tons CO2e tons 375,000 tons CO2e, according to the company.

“Sustainability and innovative strength are firmly rooted in the Schaeffler Group’s DNA,” said Uwe Wagner, chief technology officer at Schaeffler. “This is the only way for us to overcome the challenges of tomorrow and pave the way to a sustainable and eco-friendly future.”

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