An Action Plan for a More Sustainable World
Electrocomponents plc, an omnichannel supplier of which RS Components is a part, asked itself an important challange: an ESG action plan to reach by 2030. The goal? To be a reference point as a responsible, sustainable, and inclusive business
Being first choice for stakeholders, creating profitable growth, leading the global industrial sector as a truly responsible, sustainable, and inclusive business. These are the goals of Electrocomponents plc, a global omnichannel supplier of products and services of which RS Components is a part. The comprehensive 2030 Environmental, Social and Governance (ESG) was announced during an online press conference by Andrea Barrett, VP of Social Responsibility and Sustainability. The action plan is integrated within the company’s Destination 2025 strategy, and it’s comprised of four ambitious global goals.
The four global goals to be achieved
The first goal is advancing sustainability by developing operations, product and service solutions to reduce environmental impacts and tackle climate change. The Group has committed to reach net zero greenhouse gas emissions across its global operations by 2030. Add to this the commitment to work with supplier and customer partners towards a net zero global value chain by 2050. It has set science-based targets for Scope 1, 2 and 3 and has committed to the Science Based Target initiative (SBTi). That obviously includes making packaging more sustainable and reducing, reusing and recycling waste.
It is also fundamental to champion education and innovation, by building skills and fostering innovative solutions with 1.5 million young engineers and innovators. This includes engaging the company’s DesignSpark community to support the development of sustainable solutions. Third golad, to empower people by creating a safe, inclusive, and dynamic culture, aiming for zero accidents with employees. This includes working towards 40% of the company’s leaders being women, and 25% being ethnically diverse. Finally, doing business responsibly. It is necessary to ensure the highest ethical and environmental standards throughout the business and global value chain, by introducing ESG objectives to be embedded in employee rewards, supplier objectives (evaluated against high standards) and a new sustainability-linked loan.
A strong foundation and a new committee
The goals announced build upon the strong progress already made. Here are the main key achievements to date: 62% cut in CO2 emissions from premises energy usage since 2014/15; in 2020/21, 67% of electricity usage from renewable sources and 76% of waste recycled; 44% Board members are female including the Chair. These achievements have been recognised externally shown by high ESG ratings. To drive progress towards achieving these goals, Electrocomponents has established a new ESG Leadership Committee overseen by Lindsley Ruth, CEO. The Committee has four members from the Senior Management Team, plus Andrea Barrett.