Cummins Named to Key Climate Action Groups Ahead of COP26 Summit
October 21 2021 - 7:45AM
Business Wire
Cummins Inc. (NYSE: CMI) announced today it has been accepted
into two influential groups advocating for climate action ahead of
the global COP26 climate summit in Glasgow, Scotland (U.K.)
starting Oct. 31.
The Business Ambition for 1. 5°C campaign encourages companies
to set robust emission reduction goals for greenhouse gases (GHGs)
using science-based targets aligned to the 2015 Paris Climate
Accords. By extension, Cummins has also been accepted into the
United Nations’ Race to Zero, a global campaign to rally
leadership and support from businesses, investors, cities and
regions for climate action. Both groups maintain acting now can
prevent future environmental threats, create jobs and unlock
sustainable growth.
Cummins worked with the Science Based Targets initiative (SBTi)
in developing the company’s PLANET 2050 environmental strategy
released in 2019. The strategy includes 2030 goals aligned to
targets established in the Paris Climate Accords, and the
aspiration to reach net zero emissions by 2050.
Cummins’ Chairman and CEO, Tom Linebarger, says the world’s
climate challenges threaten Cummins’ ability to deliver on its
mission of making people’s lives better by powering a more
prosperous world.
“Climate change is the existential crisis of our time and the
biggest threat to our Mission as an organization,” said Linebarger.
“So, we want to dedicate our innovation, our talent, our resources,
and our investments reducing our impact on the climate. Of course,
we have a lot of other challenges to address at the same time to
fulfill the needs of our stakeholders, but if we don’t address
climate change, there will be nothing else to do.”
Alberto Carrillo Pineda, Managing Director of the Science Based
Targets initiative, one of the partners in Business Ambition for 1.
5°C, said it is critical to take action now.
“There is no time to lose,” Pineda said. “The transformation to
a net-zero economy is unavoidable. …To stand a fighting chance of
maintaining a habitable planet, we urgently need more companies to
act on climate science and to decarbonize our economy.”
TAKING A LEADERSHIP ROLE
Cummins is advocating for climate action through its
participation with a number of groups including the CEO Climate
Dialogue, the Business Roundtable, the International Council on
Clean Transportation and the global Hydrogen Council. Linebarger
serves as Co-Chair of the Hydrogen Council.
PLANET 2050 includes two approved science-based targets. One is
to reduce absolute GHG emissions from Cummins’ facilities and
operations (scopes 1 and 2) by 50%, which is consistent with
keeping global warming to 1.5°C above pre-industrial levels. The
other is an absolute lifetime reduction in the company’s scope 3
GHG emissions from newly sold products by 25%. Scope 3 emissions
include emissions from a product in use by a customer.
Cummins has long been working to reduce the environmental impact
of core products such as diesel and natural gas engines, cutting
the emission of two key contributors to smog from diesel engines,
particulate matter and nitrogen oxides, by more than 95% since the
1990s. Facility goals between 2014 and 2020, meanwhile, produced
GHG savings equivalent to removing more than 100,000 cars from the
road for a year.
The company has also become a leader in bringing to market low-
and no-carbon power technologies such as battery and fuel cell
electric. That technology is powering such things as the world’s
first hydrogen-powered train. Cummins is also a leading
manufacturer of electrolyzers to produce green hydrogen, a
promising fuel for decarbonization. The company is now partnering
in projects involving the technology with Spain-based Iberdrola, a
leader around the world in no- and low-carbon energy
production.
BUILDING SUPPORT
Since launching two years ago more than 650 companies from
around the world have joined the Business Ambition for 1. 5°C with
a combined market capitalization of $13 trillion. Other members of
the group include Apple, General Motors, Johnson & Johnson, and
Volvo.
The Race to Zero campaign has built a coalition of more than
3,000 businesses, more than 700 cities, more than 600 institutions
of higher education and more than 150 investors supporting net-zero
initiatives around the world.
About Cummins Inc.
Cummins Inc., a global power leader, is a corporation of
complementary business segments that design, manufacture,
distribute and service a broad portfolio of power solutions. The
company’s products range from diesel, natural gas, electric and
hybrid powertrains and powertrain-related components including
filtration, aftertreatment, turbochargers, fuel systems, controls
systems, air handling systems, automated transmissions, electric
power generation systems, batteries, electrified power systems,
hydrogen generation and fuel cell products. Headquartered in
Columbus, Indiana (U.S.), since its founding in 1919, Cummins
employs approximately 57,825 people committed to powering a more
prosperous world through three global corporate responsibility
priorities critical to healthy communities: education, environment
and equality of opportunity. Cummins serves its customers online,
through a network of company-owned and independent distributor
locations, and through thousands of dealer locations worldwide and
earned about $1.8 billion on sales of $19.8 billion in 2020. See
how Cummins is powering a world that’s always on by accessing news
releases and more information at
https://www.cummins.com/always-on.
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Jon Mills, Cummins Inc. 317-658-4540 Jon.mills@cummins.com
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