Coherent Issues Its ESG Report 2023 and Sets a Net Zero Greenhouse Gas Emissions Target of FY2040
December 20 2023 - 4:30PM
Coherent Corp. (NYSE: COHR), a leader in materials, networking, and
lasers, today published its Environmental, Social, and Governance
(ESG) Report 2023 and announced that it has set a net-zero Scope 1
and Scope 2 greenhouse gas (GHG) emissions target of FY2040. The
ESG Report 2023 is available on the Coherent website at this link.
“By establishing a net-zero target for Coherent, we reached a
significant new ESG milestone,” said Dr. Vincent D. Mattera, Jr.,
Chair and CEO. “It not only represents the great strides we’ve made
in the past year, but it also elevates and makes transparent our
level of commitment to create long-term value for all our
stakeholders through ESG programs that are sustainable, inclusive,
principled, and innovative.”
Highlights from the ESG Report 2023 include:
- Environment: In addition to establishing a net-zero Scope 1 and
Scope 2 GHG emissions target of FY2040, the company is now
obtaining >50% of its global energy needs from renewable energy
sources. This represents over 400,000 MWh of renewable energy,
mitigating more than 175,000 metric tons of CO2 emissions
annually.
- People: The company streamlined its talent management processes
to improve the experience for both managers and employees; expanded
its diversity, equity, and inclusion efforts; and harmonized
practices and policies following the July 2022 acquisition of the
former Coherent, Inc.
- Governance: Coherent confirmed its commitment to comply with
the Responsible Business Alliance (RBA) Code of Conduct and
launched a new ESG webpage with links to its ESG Report and related
policies. Over two dozen ESG-related policies have been updated and
standardized globally, and are grounded in the principles of the
RBA, the United Nations Global Compact (UNGC) and Sustainable
Development Goals (SDGs), and the International Labor Organization
(ILO).
- Products: Coherent’s silicon carbide (SiC) substrates and the
SiC metal-oxide semiconductor field-effect transistors (MOSFETs)
fabricated on them will further enable customers to bring to market
ever-more efficient high-performance electric vehicles, industrial
motors, and renewable energy systems.
- Sustainable Procurement: Coherent issued a Supplier ESG
Standards statement, adopted the RBA Code of Conduct as its
supplier code of conduct, and issued an updated Supplier Diversity
statement. The company also launched a project to develop a supply
chain decarbonization program.
As stated in the report, Coherent considers that all its
employees and entire supply chain contribute to the company’s ESG
performance. The company supports standardization of ESG reporting,
and its report is indexed according to the SASB (Sustainability
Accounting Standards Board) framework. Coherent reports its GHG
emissions and water usage publicly through CDP and supports its
customers’ requests for ESG information through standard surveys
such as those from EcoVadis and RBA. Management of Coherent is
overseen by a highly qualified and diverse Board of Directors. The
company’s sustainability vision is guided at the highest levels of
the Board by its Environmental, Social, and Governance
Committee.
About Coherent
Coherent empowers market innovators to define the future through
breakthrough technologies, from materials to systems. We deliver
innovations that resonate with our customers in diversified
applications for the industrial, communications, electronics, and
instrumentation markets. Headquartered in Saxonburg, Pennsylvania,
Coherent has research and development, manufacturing, sales,
service, and distribution facilities worldwide. For more
information, please visit us at coherent.com.
Contact
Mark LourieVice President, Corporate
Communicationscorporate.communications@coherent.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b9c27c03-8071-4da5-8cf1-473ea32c714d
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