Corporate press release
12 Dec 2023
“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 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:
Introduction of a short-term target for 2026:
Medium-term targets for 2030 raised:
Validation of the long-term target for 2040:
GEA plans to invest a total of EUR 175 million in specific measures to further reduce greenhouse gas emissions in its own operations by 2040. This investment is required to complete the phase-out of fossil fuels, convert the entire fleet to electric vehicles as well as develop our own renewable energy production. At the same time, GEA plans to install additional energy management systems for our sites and upgrade our buildings to make them more energy-efficient.
GEA has devised a specific action plan to achieve the net zero target by 2040. These measures focus on three core areas:
“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.”
- Dr. Nadine Sterley, Chief Sustainability Officer
The comprehensive Climate Transition Plan 2040 sets out the short, medium and long-term targets for reducing greenhouse gas emissions in the value chain. It also specifies timings, the measures to be implemented and the investments required. GEA will publish the Climate Transition Plan 2040 together with its 2023 Annual Report on March 7, 2024. Additionally, the company will continue to report on the progress of its climate strategy in its annual sustainability report.
To demonstrate the Executive Board’s commitment to GEA’s target of achieving net zero by 2040, the reduction of Scope 1 and Scope 2 emissions has been taken into account in the Executive Board’s long-term variable remuneration since 2022. From 2024, Scope 3 will also be part of the long-term renumeration.
At the next Annual General Meeting on April 30, 2024, GEA plans to hold an advisory vote by shareholders on the Climate Transition Plan 2040. In addition, the Annual General Meeting will be asked to vote on the progress made every three years.
“We are proud to be pioneering ‘say on climate’ in Germany,” says CEO Stefan Klebert. “This move highlights not only the importance of climate protection to GEA, but also its role as a success driver for our future growth.”
Media Relations
GEA Group Aktiengesellschaft
Peter-Müller-Str. 12
40468
Düsseldorf
Germany
+49 211 9136-0
GEA is one of the world’s largest suppliers of systems and components to the food, beverage and pharmaceutical industries. The international technology group, founded in 1881, focuses on machinery and plants, as well as advanced process technology, components and comprehensive services.