Today we announced an ambitious plan to contribute to efforts to create a more sustainable future.
As part of the next phase of our strategy, we have set stretching targets to further improve our environmental impact, to support the safety of our employees and to promote diversity & inclusion across our business. We have defined five environmental, social and governance (ESG) objectives to improve our performance as a Group.
Reduce our environmental impact
- Our aspiration is to be a CO2 net zero business by 2050. Our 2030 target is to reduce our Scope 1 and Scope 2 CO2 emissions by 50% (from a 2015 baseline).
- Our aspiration is to use water sustainably across our business. Our 2030 target is to reduce our overall water usage by 30% and reduce our water usage in high stress areas by 30% (from a 2015 baseline).
Improve our safety performance
- Our aspiration is to create an environment and culture with zero harm to our employees. Our 2030 target is a lost time accident rate below 0.1 (lost time accidents per 100,000 hours worked).
Improve the diversity & inclusion of our business
- Our aspiration is that our employee demographics reflect the communities that we operate in. Our 2030 target is for 40% female representation across our leadership population of our organisation.
- Our aspiration is a welcoming and inclusive environment where our employees can grow and thrive. Our 2030 target is to attain a top quartile employee engagement score.
To coordinate our improvement efforts and ensure that we integrate ESG factors into our business processes and decision making, we have created a Group Director of Environment and Sustainability role, reporting to the CEO. We will update on our progress and plans twice a year with our results and we will provide a comprehensive summary of our progress and position in an annual sustainability report.
Morgan CEO Pete Raby commented; "We are passionate about doing business the right way, for our people, our customers and the communities in which we operate. The goals we outlined today are an important step towards meeting our ESG aspirations, and I am delighted with the commitment and improvements we are making for the longer term, to help make the world more sustainable."
Our purpose, to use advanced materials to make the world more sustainable and to improve the quality of life, guides our decision making. We deliver on our purpose both through the way we operate and manufacture our products, as well as through the products themselves.
We are investing in our manufacturing processes and technology to reduce the environmental impact of our business. In parallel, we are investing in new materials and process technologies that improve the performance of our products and deliver greater environmental and safety benefits to our customers.
Our products make a positive contribution to our customers and support three UN Sustainable Development Goals:
- We improve the quality of life through our medical applications.
- We enable greener electricity generation with our carbon brushes in wind turbines and our ceramic products in solar panel manufacturing
- We enable the digital world and all the benefits that it brings to health and the environment
- Our fire protection products help to keep people safe
- We enable electrification for cleaner public transport through our carbon strips and brushes
- Our insulation products help our customers to manage heat and reduce their energy usage.