Smiths Group Releases 2024
'Sustainability at Smiths' Report
Smiths Group plc, the global
industrial technology company, has released its latest
'Sustainability at Smiths' report for the fiscal year 2024. The
report outlines the progress Smiths Group has made during the year
across its environment, social and governance (ESG)
strategy.
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Smiths Group's Net Zero targets and
net zero GHG emissions transition plan were this year validated by
the Science Based Targets initiative, while the company delivered
strong progress in operational GHG emissions reduction (10.7%) and
energy efficiency (4.5%). Performance in these key areas
contributes to executive and management long-term incentive
plans.
Building on the achievements of
2024, and with a new Group Head of Excellence & Sustainability
in place, Smiths has outlined several core development areas for
the upcoming FY2025 to FY2027 period. Smiths is targeting
30 biodiversity projects, 30 water saving
projects, and 30 waste/circularity projects for completion in this
period. Supplier management is also a
priority area with Smiths implementing the EcoVadis supplier
assessment and management system to ensure supply chain
alignment.
Carbon Capture, Utilisation and
Storage (CCUS), and hydrogen will continue to be decarbonisation
levers in FY2025. Smiths is now present in c.70 energy
transition-related hydrogen and CCUS projects, as the Group works
at pace to help customers through their own energy transition
journeys, while achieving respective sustainability goals.
Smiths also has a healthy project pipeline in
place for the year ahead.
Ensuring the health, safety and
well-being of Smiths employees is a high priority area for the
Group with a new, Group-wide Health, Safety & Well-being policy
launched during the year. Smiths Group's commitment to developing
and empowering talent has returned strong employee progression and
retention rates, while the company continues to embed an inclusive,
diverse and equitable culture, with inclusion built into the
company's leadership framework.
FY2024 saw the Smiths Group
Foundation become operational with £1m of grants received by 11
global charities aligned with the company's purpose. Grants have
focused on three outcomes: improving access to quality STEM
education and skills for underrepresented groups, improving safety
and connectedness within communities, and improving the
environmental sustainability of those communities. The next round
of funding is planned for FY2025.
Kini Pathmanathan, Group Head of Smiths Excellence &
Sustainability, said: "At
Smiths Group we take a practical approach
to ESG, with value creation and the growth and resilience of Smiths
at its heart. This includes using our exposure to megatrends such
as safety & security, energy efficiency & productivity, and
better connectivity to make a positive impact on the planet and
drive sustainable growth.
"We are proud to play a role in
supporting our customer needs to decarbonise and manage energy
diversification with our products, services and innovation.
We have great people, and our culture is strong.
Our commitment to developing talent is unwavering, as is our
ongoing focus on diversity, equity and inclusion."
For more information on the
'Sustainability at Smiths' report please visit our website,
www.smiths.com/sustainability.