Science Based Targets Initiative Approves Otis Targets for Reducing Greenhouse Gas Emissions

FARMINGTON, CT / ACCESSWIRE / April 22, 2024 / Otis (NYSE:OTIS), the world's leading elevator and escalator manufacturing, installation and service company, announced that the Science Based Targets initiative (SBTi) has approved its near-term science-based greenhouse gas (GHG) emissions reduction targets.

Otis' SBTi-approved targets are:

• Reduce absolute scope 1 and 2 GHG emissions 55% by 2033 from a 2021 base year.^[1]
• Reduce absolute scope 3 GHG emissions from purchased goods and services, business travel, and use of sold products 33% within the same timeframe.

These targets demonstrate the company's commitment to meeting the objective of the Paris Agreement to limit global warming to no more than 1.5 degrees Celsius above pre-industrial levels.

"We are responsible for delivering sustainable value for all stakeholders. At Otis, ESG is firmly embedded in our business strategy and culture. We see it as a critical investment in our future, driving innovation and making our business stronger and more resilient," said Otis Chair, CEO and President Judy Marks. "This approval from SBTi is an important milestone in our sustainability journey."

To learn more about the company's commitment to sustainability, visit ESG at Otis.

SBTi is a partnership between Carbon Disclosure Project (CDP), the United Nations Global Compact (UNGC), the World Resources Institute (WRI) and the Worldwide Fund for Nature (WWF). The SBTi call to action is one of the We Mean Business Coalition commitments. It defines and promotes best practices in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies' targets.

^[1] The target boundary includes biogenic land-related emissions and removals from bioenergy feedstocks.

About Otis

Otis gives people freedom to connect and thrive in a taller, faster, smarter world. The global leader in the manufacture, installation and servicing of elevators and escalators, we move 2.3 billion people a day and maintain approximately 2.3 million customer units worldwide - the industry's largest Service portfolio. You'll find us in the world's most iconic structures, as well as residential and commercial buildings, transportation hubs and everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 71,000 people strong, including 42,000 field professionals, all committed to meeting the diverse needs of our customers and passengers in more than 200 countries and territories. To learn more, visit www.otis.com and follow us on LinkedIn, Instagram and Facebook @OtisElevatorCo.