Vitesco Technologies Group AG: Vitesco Technologies sets an ambitious climate goal: a CO2-neutral value chain by 2040 at the latest

    DGAP-News: Vitesco Technologies Group AG / Key word(s): Sustainability
    12.01.2022 / 10:00
    The issuer is solely responsible for the content of this announcement.

    Vitesco Technologies sets an ambitious climate goal: a CO2-neutral value chain by 2040 at the latest

    - Systematic decarbonization along the entire value chain encompasses upstream supply chains and subsequent use of vehicles by end customers

    - Sustainability firmly anchored in corporate strategy, ensures broad product portfolio for electric mobility

    - 89 percent of Vitesco Technologies production is already today climate-neutral

    Regensburg, January 12, 2022. Vitesco Technologies, a leading international provider of innovative drive technologies and solutions for electric mobility, has set itself an ambitious climate protection target: By 2040 at the latest, the company, headquartered in Regensburg with around 50 locations worldwide, wants to achieve carbon neutrality along its entire value chain. Vitesco Technologies is thus going well beyond its direct environmental impact (scopes 1 and 2), which the company seeks to make completely climate-neutral by 2030. This objective is to apply to all business processes along the entire value chain (scope 3) by 2040 at the latest - specifically, all supplier products and subsequent use of Vitesco Technologies components and systems in vehicles.

    "With our broad product portfolio of solutions for electric mobility, we see ourselves as a key driver of the technological transformation to clean, climate-friendly mobility," explains Andreas Wolf, CEO of Vitesco Technologies: "Therefore sustainability is key to our corporate strategy. Moving forward, we're taking a rigorous approach in this regard, with a clear goal in mind."

    With its stock exchange listing last September, Vitesco Technologies has presented an ambitious sustainability agenda that encompasses five focal topics: In addition to clean mobility, resource efficiency and circularity, fair working conditions and diversity, and responsible purchasing and partnerships, the topic of climate protection is also included.

    "We're already on the right track in this regard," explains Ingo Holstein, CHRO responsible for sustainability at Executive Board level. "By 2030, we will be shaping our own corporate activities worldwide in a CO2-neutral way." Vitesco Technologies already sources 100 percent of its purchased electricity worldwide from renewable energy sources.

    As a result, the company has already reduced emissions from its own processes by 89 percent compared to the base year 2019. "For the remaining energy still procured from fossil-fuel resources, we will create ecologically viable alternatives in the near future, such as heat from biogas, and systematic electrification."

    Besides covering its electricity needs exclusively from renewable energy sources, Vitesco Technologies is also working on reducing its overall energy consumption. "We want to save a total of 80 GWh of energy by 2030 with the help of energy efficiency programs at our locations," explains Dr. Hans-Jürgen Braun, head of Operations at Vitesco Technologies.

    In order to achieve complete climate neutrality, Vitesco Technologies has covered not only product added value, but also activities that are not product-related, such as business travel, investment, and leasing. Added to this are the CO2 emissions from the upstream supply chain and subsequent use of its products in the vehicle. These two phases each make up more than 40 percent of the company's total emissions. The company is therefore working closely with its suppliers, business partners and customers, who support transparency in reducing their environmental impact. Vitesco Technologies benefits greatly from its expertise in life cycle engineering to improve the life cycle assessment of individual products, which is expected to be rolled out shortly to all processes within the company.

    Vitesco Technologies is set to publish its first comprehensive sustainability report in spring.
     

    Vitesco Technologies is a leading international developer and manufacturer of modern drive technologies for sustainable mobility. With intelligent system solutions and components for electric, hybrid and combustion drive trains, Vitesco Technologies makes mobility clean, efficient and affordable. The product portfolio includes electric drives, electronic control systems, sensors and actuators, as well as exhaust gas aftertreatment solutions. In 2020, Vitesco Technologies achieved a turnover of €8 billion and employs more than 40,000 people at around 50 locations. Vitesco Technologies is headquartered in Regensburg, Germany.
     

    Contact for Journalists

    Emerenz Magerl-Ziegler
    Spokesperson Human Relations
    Vitesco Technologies
    Siemensstraße 12
    93055 Regensburg, Germany
    Telefon +49 941 2031 901 49
    emerenz.magerl-ziegler@vitesco.com
    www.vitesco-technologies.com

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    12.01.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
    The issuer is solely responsible for the content of this announcement.

    The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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