Vitesco Technologies publishes its third independent Sustainability Report
–Report documents company’s progress across seven material topics
-Materiality assessment in preparation for the European Corporate Sustainability Reporting Directive (CSRD)
-Validation of short-term climate targets through the Science Based Targets initiative (SBTi)
-Also: net-zero greenhouse gas emissions across the entire value chain targeted by 2040
Pune, April01, 2024:Vitesco Technologies, a leading international supplier of advanced drive technologies and solutions for e-mobility, today publishes its third independent Sustainability Report. The report documents the company’s progress across seven material topics. Among other things, it is guided by the standards of the Global Reporting Initiative (GRI), the Sustainable Development Goals (SDGs), the United Nations Global Compact (UN GC), and the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD).
“Thanks to our passionate team and our strong ambition to be a ‘Driver of Sustainability’, we managed to further embed sustainability in our business processes in 2023,” says Dr. Anja Rivera de la Cruz, Head of Sustainability and Security at Vitesco Technologies: “We have thus performed valuable pioneering work and paved the way for our future endeavors.”
Among other things, the company carried out a comprehensive materiality assessment in 2023 in preparation for the European Corporate Sustainability Reporting Directive (CSRD) based on the final European Sustainability Reporting Standards (ESRS), which were published in July 2023. The Sustainability Agenda was further developed in line with the results of the materiality assessment. The six existing material topics – Clean Mobility, Climate Protection, Resource Efficiency and Circularity, Fair Work and Diversity, Responsible Sourcing and Partnerships, and Occupational Health and Safety – were reconfirmed, and Business Ethics and Compliance was added as a seventh material topic. The presentSustainability Report is also structured according to these material topics.
To measure its progress, Vitesco Technologies uses Key Performance Indicators, such as the eNPS (Employee Net Promoter Score), the accident rate, the waste recycling quota, and the share of electrification solutions in its business. The report also presents a wide range of examples of how sustainability is established at all levels within the company.
Vitesco Technologies achieved an important milestone in the 2023 reporting year with the validation of its short-term climate targets by the Science Based Targets initiative (SBTi): Vitesco Technologies has set itself the target of reducing absolute GHG emissions from its own operational activities (Scope 1 and 2) by 100% by 2030 compared to the base year 2019. Furthermore, the company has committed to reducing its absolute Scope 3 emissions by 25% by 2030 compared to the base year 2021. Beyond this, Vitesco Technologies aims to achieve net-zero greenhouse gas emissions across the entire value chain by 2040.
