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ABB publishes its first comprehensive annual report

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ABB publishes its first comprehensive annual report

2023-12-08
The report covers ABB's financial performance and sustainable development performance in 2022 Release a new medium-term sustainable development target for 2025 for its own operation and supplier emission reduction ABB's own greenhouse gas emissions have decreased by 65% since 2019 ABB released its first comprehensive report today, focusing on the progress of the company's strategy and comprehensively showing how ABB can create value for stakeholders in the short, medium and long term. As the main report at ABB Group level, this report is aimed at a wide range of stakeholders and integrates the most important information about the company and its strategy, business, governance, and financial and sustainable development performance. In addition to this comprehensive report, the 2022 series of reports issued by ABB this time also include the financial report, corporate governance report, compensation report, sustainable development report and Form 20-F submitted to the United States Securities and Exchange Commission.   Fu Sai, Chairman of ABB Group, said: "I am very happy to introduce ABB's first comprehensive report, which explains how we can improve performance and create value for stakeholders under the guidance of the company's vision and objectives. The report shows how the company's various departments around the world can cooperate with each other and make contributions to achieving a more sustainable society while improving financial performance."   "The report also outlines the external environment in which we operate and our development path to achieve short-term, medium-term and long-term goals. The report also covers our performance in the past year, which I am very proud of, and full of confidence in the execution of our team. We will move forward to achieve more ambitious financial and sustainable development goals in the future."   The Group issued a new medium-term goal for sustainable development in 2025 to strengthen the implementation of responsibilities Since the release of the 2030 sustainable development strategy in November 2020, ABB has made continuous progress in enabling a low-carbon society, protecting natural resources, promoting social progress and building a culture of integrity and transparency in the entire value chain.   "ABB is committed to using leading technologies in the electrical and automation fields to enable a more sustainable and efficient development of the future. In the context of social crises and challenges in the past year, ABB's goals are more meaningful than ever, especially in the area of climate change," said Robion, CEO of ABB Group   In order to further strengthen the implementation, ABB has set a new medium-term target for 2025 in the field of enabling low-carbon society with its sustainable development strategy. The objectives include:   Reduce the carbon dioxide emission equivalent of its own scope 1 and scope 2 by at least 70% Cooperate with major Tier 1 suppliers to help them reduce CO2 emissions equivalent of Scope 1 and Scope 2 by 20% Steadily advancing the 2030 Sustainable Development Goals In 2022, ABB reduced its greenhouse gas emissions in its operations by 42%. Since 2019, ABB's total emissions have decreased by about 65%. At the same time, ABB helps customers reduce or avoid greenhouse gas emissions through leading electrical and automation technologies.   ABB continues to promote other pillar areas of its sustainable development strategy. In 2022, the company strengthened its circular development model by defining clear key performance indicators for each stage of the product life cycle from design to final disposal. One of the important initiatives is the launch of EcoSolutions The label, which is verified by a third party, provides completely transparent information for the recycling value and environmental impact of the product.   In promoting social progress, ABB continued to improve workplace safety performance, and the rate of work-loss accidents decreased by 29% year-on-year. The company also further promoted the gender diversity of senior managers, increased the proportion of women in senior management from 16.3% to 17.8%, and strengthened human rights due diligence. In addition, ABB has made great progress in achieving the 2030 integrity goal, which ensures that the whole company always maintains a high standard of integrity principle by implementing a comprehensive and risk-focused audit method.   Adhere to internationally recognized standards and frameworks ABB's comprehensive report is based on the content elements of the International Comprehensive Reporting Framework, and its financial statements are prepared in accordance with US GAAP. Sustainable development information complies with GRI (Global Reporting Initiative) standards, SASB (Accounting Standards Committee for Sustainable Development) standards, TCFD (Working Group on Climate Related Financial Information Disclosure) recommendations, EU classification and the ten principles of the United Nations Global Compact.   ABB is a technology leader in the field of electrical and automation, and is committed to enabling a more sustainable and efficient development in the future. ABB integrates engineering experience and software technology into solutions to optimize manufacturing, transportation, energy and operation. With an excellent history of more than 130 years, ABB's 105000 employees around the world have made every effort to promote innovation and accelerate industrial transformation. (This part of suppliers accounts for 70% of ABB's annual procurement expenditure)