- GKN Automotive publishes second sustainability report, outlining 2023 progress
- In 2023, CO2e emissions were 10.5% lower than the previous year
- 87% of R&D expenditure was on products that contribute to the decarbonisation of the industry, exceeding 50% target
LONDON, June 10, 2024 (GLOBE NEWSWIRE) -- GKN Automotive, the global leader in drive systems, has published its latest Sustainability Progress Report, demonstrating the progress made in 2023 against all areas of its strategy.
The company’s sustainability strategy is aligned with the UN Sustainable Development Goals (SDGs)1 and embedded across the business. It’s built on core foundations of ethics, compliance, safety and security, and based around four strategic pillars: Climate Action, Our People, Responsible Sourcing and Our Impact. Each pillar is tied to ambitious targets2 that focus the company’s efforts.
Accelerating progress in its Climate Action pillar, the company reduced its total direct CO2e emissions (scope 1 and 2) by 10.5% in 2023, compared to the previous year. Energy savings contributed the majority of on-site emissions reductions, via initiatives such as replacing energy intensive production equipment and implementing upgrades to air conditioning and heat systems.
This achievement marks a significant step for GKN Automotive towards meeting its long-term carbon emissions reduction target to be net-zero across its value chain by 2045, which was approved by the Science Based Targets initiative (SBTi) in 2023.
Further highlights in the report include:
- 10% of electricity consumed was certified renewable, up from 7% in 2022. This included purchasing 100% renewable electricity at three sites in Europe.
- 87% of R&D expenditure was on products that contribute to the decarbonisation of the industry, exceeding the 50% target for 2023. In 2024, GKN Automotive increased this target to 90%.
- 74% of new business across its Driveline and ePowertrain product groups was awarded to GKN Automotive on EV platforms.
- New charitable giving framework launched with a network of local community champions. In 2023, 85% of sites had local charitable relationships, marking an improvement on 2022 and further progress towards the target of 100% by 2025.
- Supplier Assurance questionnaire rolled out to strategic supplier base to assess suppliers on ESG performance.
- Successfully met the target of maintaining an Accident Frequency Rate of below 0.1% per year, ensuring health and safety remains a priority.
- Awarded a Silver rating for sustainability by EcoVadis, the globally-recognised sustainability and benchmarking platform, placing the company within the top 3% of participants within its category.
The report also highlights the important contribution of locally-led initiatives. Among other examples, this includes an energy-saving competition hosted at the company’s Vigo plant in Spain, which led to a reduction in gas usage by over 2% per year, as well as a 12-month internship programme launched in Mexico that supported 35 interns with training and practical experience.
Dr. Clare Wyatt, Chief People, Communications & Sustainability Officer at GKN Automotive, comments: “With our technologies turning the wheels of more than half the cars on the road today, we have an opportunity to play a leading role in decarbonising the automotive sector.
“We have spent the last three years carving out a clear pathway to meet our targets and embedding this strategy across our global operations, so I’m delighted to see the progress we’ve made across our targets in 2023. We’re still in the early stages of our sustainability journey and have much more to accomplish, but I’m confident in the continued progress we can make together with our employees, suppliers and customers.”
The reporting period covers GKN Automotive’s Financial Year 2023, from 1 January to 31 December 2023.
1 as well as the Global Reporting Initiative (GRI) and the Sustainability Accounting Standards Board (SASB) Auto Parts standards. Through Dowlais Group plc, GKN Automotive also measures its climate-related risks and opportunities in accordance with the recommendations of the Task Force for Climate-Related Financial Disclosures (TCFD).
2 Overview of targets:
| Pillar | Target |
| Our People | 33% female membership of the Executive Team by 2030. |
| Maintain an AFR of <0.1%. | |
| 100% of eligible, permanent employees to receive annual performance reviews by 2024 | |
| Climate Action | Net zero transition plan with certified science-based targets in place by 2023. |
| 50% of electricity consumed to be certified renewable by 2025. | |
| 100% of waste to be diverted from landfill by 2030. | |
| Responsible Sourcing | Top 80% of strategic suppliers to provide sustainability roadmaps and targets by 2023. |
| Zero substances classified as ‘conflict minerals’ knowingly sourced. | |
| Our Impact | All locations to have established charity partnerships aligned with our values and services by 2025. |
| 90% of total R&D expenditure per annum to contribute to the decarbonisation of the automotive sector by 2025. | |
| 50% of new products to contribute to the decarbonisation of the automotive sector by 2025. |
ABOUT GKN AUTOMOTIVE
GKN Automotive is a world-leading global automotive technology company at the forefront of innovation. Its origins date back to 1759 and for the last 70 years it has been putting key technologies into series production. It is the trusted partner for most of the world’s automotive companies, specialising in developing, building, and supplying market-leading drive systems and advanced ePowertrain technologies.
It is the global leader in sideshafts, with eight out of ten of the world’s best-selling cars outside China using its sideshaft technology. GKN Automotive’s first eDrive system was fitted to a production car over 20 years ago; today, over two million electrified vehicles worldwide are powered by this technology.
GKN Automotive is part of Dowlais Group plc, a specialist engineering group focused on the automotive sector.
For further information, please contact:
GKN Automotive
Corrie Raine
External Communications Manager
Email: corrie.raine@gknautomotive.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/48e711e3-f4bf-4d20-8d40-c8e388d31bbe
