Philips Targets 25% Revenues From Reused, Recycled Products By 2025

By Maitane Sardon

Koninklijke Philips NV on Monday outlined new sustainability goals including its plan to increase revenue from low-waste activities to 25% of its sales by 2025.

The Dutch medical-technology company said over the next five years it will focus on reusing and recycling resources so a quarter of its sales come from circular products and services. In 2019 Philips generated 19.5 billion euros ($23 billion) in sales.

Philips said it will design all of its new products making sure these can be recycled or reused. To do so, the company said it will invest in sustainable innovation, extend its trade-in program to all its professional medical equipment and embed circular practices at its sites.

The company also said it will target 75% energy consumption from renewable sources by 2025, up from 36% in 2015.

Philips added it aims to have at least 30% of women in senior leadership roles by the end of 2025. Women currently make up almost a quarter of its senior management team, it said.

The company said it is on track to achieve its previous sustainability targets by the end of this year, including generating 70% of its sales from green products and services, having CO2-neutral operations and recycling 90% of its operational waste.

Write to Maitane Sardon at [e-mail]

(END) Dow Jones Newswires

September 14, 2020 04:48 ET (08:48 GMT)

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