The company is also planning to present its Climate Transition Plan 2040 to shareholders and pass the corresponding resolution at its Annual General Meeting on 30 April 2024. This will make GEA the first DAX index family company to put its climate transition plan to a vote.
“Having positioned ourselves at the forefront of our industry two years ago with our ambitious climate strategy, we are now shifting up a gear and going a step further,” says GEA CEO Stefan Klebert. “By holding a ‘Say on Climate’ vote, we are actively involving our shareholders in our net zero transformation and creating maximum transparency regarding our actions in the area of climate protection.”
GEA’s Climate Transition Plan 2040 aims to reduce greenhouse gas emissions to net zero at every link in the value chain by 2040. The company has now set the following climate targets compared with the base year of 2019:
- Reduction in GHG emissions from its own operations (Scope 1 and 2) by 60% by 2026. This target was originally set for 2030.
- Reduction in GHG emissions from its own operations (Scope 1 and 2) by 80% (previously 60% reduction) by 2030.
- Reduction in product-related GHG emissions (Scope 3) by 27.5% (previously 18% reduction) by 2030.
Alongside the medium-term targets raised, the net zero target is currently in the process of being validated by the Science Based Targets initiative (SBTi).
GEA also plans to invest E175 million in the decarbonization of its own sites by 2040.
GEA has devised an action plan to achieve the net zero target by 2040. These measures focus on three core areas:
- Transformation of its operations (Scope 1 and 2): GEA supplies its own sites with purchased or self-produced renewable energy and invests in climate-friendly building infrastructure to reduce its own emissions. GEA aims for self-generated renewable energy to account for 25% of the total by 2030.
- Product portfolio transformation (downstream Scope 3): GEA develops innovative and resource-efficient solutions that reduce its customers’ environmental footprint.
- Supply chain decarbonization (upstream Scope 3): GEA requires its suppliers to have their own SBTi-validated climate targets and supports low-emission transport options.
“We are aware that this action plan is ambitious. That is why we are accelerating the transformation of our business model to develop solutions that range from more sustainable to fully climate-neutral products and services by 2040,” says chief sustainability officer Dr Nadine Sterley. “Our goal is to reach net zero sooner than Germany or the EU. To achieve this, we need all of our employees, business partners and customers to pull together.”
