Timken Issues Annual CSR Report, Sets 2030 Target for Greenhouse Gas Emissions
The Timken Company (NYSE: TKR; www.timken.com), a global industrial leader in engineered bearings and industrial motion products, today released its annual corporate social responsibility (CSR) report and announced a 2030 environmental target to reduce aggregate Scope 1 and Scope 2 greenhouse gas emissions intensity by 50 percent by 2030.
"Timken exists to develop customer-focused solutions for the world's most challenging applications," said Richard G. Kyle, Timken president and CEO. "With our innovative product and service solutions, we help our customers save energy and increase efficiency. We're leveraging our 120-plus years of specialized engineering expertise to drive sustainability in the products we make, throughout our global operations and in the industries we advance."
Work is already underway in Timken's global plants to achieve the 2030 target by investing in plant-efficiency projects, cultivating an eco-friendly mindset among the company's associates and establishing plans to purchase more renewable energy as it becomes more readily available.
Meanwhile, Timken continues to employ a sustainable engineering process that enables its teams to identify opportunities for improvement at every stage of product development. Timken innovates with its customers, creating optimized designs that reduce power loss and consumption, extend service life, cut down on maintenance and are manufactured from recycled material. Concurrently, the company is expanding its role as a leading global supplier for wind turbines and solar power sites.
This year's CSR report also details how Timken is working to build a stronger future by developing the next generation of world-class problem solvers and creating resilient communities. The company is committed to the success of its workforce, offering both global programs and individualized career development and advancement opportunities. Timken also leads in communities by helping to provide global citizens with equal access to basic needs, education and careers in STEM.
Timken maintains a long-standing reputation for strong values, ethics and governance and, for the past two years, Newsweek has recognized it as one of "America's Most Responsible Companies."
The company is using 2018 as the baseline year for calculating its reduction in emissions intensity. The normalizing factor used to track emissions intensity is revenue.
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