GlobalData offers a comprehensive analysis of Raytheon Technologies, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of climate change and associated ESG keywords, GlobalData delivers valuable information on Raytheon Technologies’s ESG performance. GlobalData’s company profile on Raytheon Technologies offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
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In 2019, Raytheon Technologies, a leading aerospace and defense company, established an ambitious objective to attain net-zero carbon emissions for commercial aviation by 2050 in collaboration with the commercial aviation industry. This aligns with the Paris Climate Agreement's goal of limiting the global temperature increase to 1.5 degrees Celsius. In addition, by 2030, it aspires to achieve a 46% reduction in greenhouse gas (GHG) emissions from 2019 levels, demonstrating a commitment to fully decarbonize its operations. The company is actively managing its greenhouse gas (GHG) emissions across scope 1, scope 2, and scope 3.
In terms of carbon emissions, Raytheon Technologies has made progress in reducing its GHG emissions. As per 2022 ESG report, the company witnessed a 21% reduction in GHG emissions compared to its 2019 baseline. The total Scope 1 and 2 emissions, which include direct emissions from owned or controlled sources and indirect emissions from purchased electricity, were 22.3 metric tons per $1 million in revenue in 2021, and this decreased to 21.4 metric tons in 2022. In 2022, it reported total Scope 1 and 2 (market-based) GHG emissions of 1,433,300 (MT CO2e) and total Scope 3 GHG emissions of 22,256,400 (MT CO2e).
Raytheon Technologies has taken significant steps to reduce its emissions and achieve its net-zero targets. The company has implemented energy and GHG best management practices, with 64% implementation in 2022. It has also increased the percentage of renewable energy sourced from the electricity grid, from 52% in 2021 to 53% in 2022. Additionally, Raytheon Technologies has undertaken over 30 renewable energy projects and procured or generated 111,100 MWh of renewable electricity in 2022.
The company's waste management efforts have also contributed to its emission reduction goals. Raytheon Technologies has achieved a 24% reduction in waste sent to landfill and incineration since 2019. It has also increased the percentage of hazardous waste recycled to 24%. However, the number of facilities certified under the Green Business Certification Inc.'s Total Resource Use and Efficiency (TRUE) zero-waste certification program decreased from 20 in 2021 to 14 in 2022 due to site closures and disruptions caused by the COVID-19 pandemic.
In conclusion, Raytheon Technologies is committed to addressing climate-related risks and opportunities through its net-zero targets and emission reduction efforts. The company has made progress in reducing its GHG emissions and implementing sustainable practices in its operations. By investing in renewable energy projects and waste management initiatives, Raytheon Technologies is taking significant steps towards achieving its net-zero targets and contributing to a more sustainable future.
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