Philips Says It Met ESG, Green Energy Targets

By Maitane Sardon

Koninklijke Philips NV said Tuesday that it has met the environmental, social and governance targets it set in 2016 and it is mainly using green energy to power its operations.

The Dutch health-technology company said it achieved carbon neutrality across its direct business operations, getting 100% of the energy it uses from renewable sources and removing from the atmosphere the same amount of carbon dioxide it adds.

Philips said it has met its goal of increasing revenue from low-waste products and services. It said its green revenues were 13.9 billion euros ($16.87 billion) in 2020 and represented 71% of its sales. Philips defines green revenues as those generated with the sale of products and services that offer a "significant environmental improvement" in areas such as energy efficiency, packaging or hazardous substances.

The company also said 15% of its sales in 2020 came from circular products, which are the result of reusing and recycling resources. It plans to increase circular revenue to 25% of its total sales by 2025.

"With the Covid-19 pandemic and climate change exposing the risks in terms of people's health and access to quality healthcare, we are committed to building inclusive and resilient healthcare systems, while reducing our dependency on natural resources," Philips Chief Executive Frans van Houten said.

Philips added that it has achieved its objective of sending zero waste to landfill.

Write to Maitane Sardon at [e-mail]

(END) Dow Jones Newswires

February 23, 2021 05:57 ET (10:57 GMT)

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