Philips meets its ‘Healthy people, Sustainable planet’ targets and forges ahead with integrated ESG framework
February 23, 2021
- Philips is one of the first health technology companies in the world that has become fully carbon neutral in its operations
- New integrated Environmental, Social and Governance framework with targets and action plans builds on current success to raise the bar for the company’s ESG performance over the next five years
Amsterdam, the Netherlands – Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, today announced that it successfully met all the targets set out in its 2016 - 2020 ‘Healthy people, Sustainable planet’ program. Key achievements of the program include carbon neutrality in its operations, 100% electricity from renewable sources, over 70% of sales from Green Products and Services , 15% of sales coming from circular revenues, recycling 90% of its operational waste, and sending zero waste to landfill.
“I am pleased that we have delivered on all the targets set out in our Healthy people, Sustainable planet program, making Philips one of the first health technology companies in the world that has become carbon neutral in its operations,” said Frans van Houten, CEO of Royal Philips. “Our current integrated ESG framework builds on this success, and we are determined to join forces with all necessary stakeholders, public and private, to drive environmental, social and governance priorities and generate global impact. With the COVID-19 pandemic and climate change exposing the risks in terms of people’s health and access to quality healthcare, we are committed to building inclusive and resilient healthcare systems, while reducing our dependency on natural resources.”
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Philips’ Environmental, Social and Governance update is an integral part of the Philips Annual Report 2020, which was published earlier today. Highlights include:
- Renewable energy sources: Through consortium-led virtual Power Purchase Agreements, Philips is securing renewable electricity supply to power its European operations.
- Circular economy: Philips plays a leading role in the Platform for Accelerating the Circular Economy (PACE), setting global Action Agendas and driving change to embed circular thinking and ways of working. As part of its commitment to the World Economic Forum (WEF) Capital Equipment pledge, Philips has delivered on its commitment to close the loop for large medical systems equipment by offering a trade-in for all deals that the company won around the globe, repurposing/recycling components and materials in a responsible way to improve more lives without further depleting the world’s natural resources.
- Supply chain: Philips works with suppliers to further reduce their carbon emissions by supporting capability building and contributing to transparency and efficiency in the supply chain. This approach has improved the sustainability performance of suppliers that entered the program in 2019 by 36% compared to last year.