FARMINGTON, Conn., April 22,
2024 /PRNewswire/ -- 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.
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.
Forward-Looking Statements
This press release contains forward-looking statements
(including statements that constitute forward-looking statements
under the securities laws), including, but not limited to,
statements that relate to our intent to achieve certain
environmental, social and governance ("ESG") commitments, plans,
targets, goals and future risks associated with climate change and
their impact on our future business. These forward-looking
statements are intended to provide management's current
expectations or plans for our future performance, based on
assumptions currently believed to be valid. The forward-looking
statements are subject to future events, risks, uncertainties and
other factors, many of which are beyond the control of the company,
that could cause actual results to differ materially from our
historical results or current expectations, including, but not
limited to the availability and cost of low- or non-carbon-based
energy sources and technologies; third-party coordination and
alignment over which we do not have control and may be
unpredictable; evolving regulatory requirements affecting ESG
standards or disclosures; the availability of suppliers that can
meet our sustainability, diversity and other standards; severe
weather events, including from the effects of climate change;
changes in the economic and political conditions in the industry
and markets in which we operate; and other risks and uncertainties
described in detail in the company's most recent Form 10-K, Form
10-Q and in similar sections of other filings made by the company
with the Securities and Exchange Commission from time to time. The
forward-looking statements speak only as of this date. We undertake
no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by applicable law.
1 The target boundary includes biogenic
land-related emissions and removals from bioenergy feedstocks.
Media Contact:
Katy
Padgett
+1 860-674-3047
Kathleen.Padgett@otis.com
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SOURCE Otis Worldwide Corporation
