- Highlights company's commitment to being a sector leader in
sustainability
- Demonstrates progress on Scope 1, 2 and 3 greenhouse gas
emissions goals
- Transitioning our workforce as we execute on Charging
Forward 2027
AUBURN
HILLS, Mich., June 23,
2023 /PRNewswire/ -- BorgWarner (NYSE: BWA) today
released its 2023 Sustainability Report, "Accelerating Action,"
highlighting the progress the company made in 2022 toward meeting
its environmental stewardship, social responsibility and governance
(ESG) objectives and outlining additional goals for 2023 and
beyond.
"2022 was another year of significant progress
for BorgWarner. I am incredibly proud of the contributions of
every person in our company, collectively working together toward
the same goals," said Frédéric Lissalde, President and CEO,
BorgWarner Inc. "At our 2023 Investor Day earlier this month, we
unveiled Charging Forward 2027, which underscores our
commitment to operating sustainably as we accelerate our
electrification strategy. The continued support of our employees
and collaboration with industry partners enables us to build on our
momentum, in pursuit of a clean, energy-efficient world and
achieving carbon neutrality by 2035."
As detailed in the report, BorgWarner is committed to being
a sector leader in sustainability and accelerating the world's
transition to eMobility. Highlights include:
- 88% of 2022 sales from clean and emissions reducing products
and investing 53% of our 2022 research and development in
electrification products
- Formally submitting our targets to reduce Scope 1, 2, and 3
emissions to the Science Based Target Initiative (SBTi)
- Kicking off workstreams dedicated to reducing our Scope 3
emissions by 25% by 2031 versus a 2021 baseline
- Reducing overall energy consumption by 13% versus 2021 as a
result of several actions including the use of smart meters at
BorgWarner's manufacturing sites
- Promoting an inclusive workforce through numerous initiatives,
including campus partnerships, scholar programs, second chance
hiring programs and more
- Upskilling our workforce through specialized programs such as
"Power to Evolve" which gives mechanical engineers the skills they
need to work on electric drive systems
- Continuing to focus on responsible supply chain management
To read the complete report, please
visit: https://www.borgwarner.com/company/sustainability
About BorgWarner
For more than 130 years, BorgWarner
has been a transformative global product leader bringing successful
mobility innovation to market. Today, we're accelerating the
world's transition to eMobility – to help build a cleaner,
healthier, safer future for all.
Forward-Looking Statements: This press release contains
forward-looking statements as contemplated by the 1995 Private
Securities Litigation Reform Act that are based on management's
current outlook, expectations, estimates and projections. Words
such as "anticipates," "believes," "continues," "could,"
"designed," "effect," "estimates," "evaluates," "expects,"
"forecasts," "goal," "guidance," "initiative," "intends," "may,"
"outlook," "plans," "potential," "predicts," "project," "pursue,"
"seek," "should," "target," "when," "will," "would," and variations
of such words and similar expressions are intended to identify such
forward-looking statements. Further, all statements, other than
statements of historical fact, contained or incorporated by
reference in this press release that we expect or anticipate will
or may occur in the future regarding our sustainability goals, our
financial position, business strategy and measures to implement
that strategy, including changes to operations, competitive
strengths, goals, expansion and growth of our business and
operations, plans, references to future success and other such
matters, are forward-looking statements. Accounting estimates, such
as those described under the heading "Critical Accounting Policies
and Estimates" in Item 7 of our most recently-filed Annual Report
on Form 10-K ("Form 10-K"), are inherently forward-looking. All
forward-looking statements are based on assumptions and analyses
made by us in light of our experience and our perception of
historical trends, current conditions and expected future
developments, as well as other factors we believe are appropriate
under the circumstances. Forward-looking statements are not
guarantees of performance, and the Company's actual results may
differ materially from those expressed, projected or implied in or
by the forward-looking statements.
You should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
Forward-looking statements are subject to risks and uncertainties,
many of which are difficult to predict and generally beyond our
control, that could cause actual results to differ materially from
those expressed, projected or implied in or by the forward-looking
statements. These risks and uncertainties, among others, include
challenges we will face as we seek to achieve our environmental,
social, and governance targets, including carbon neutrality and
Scope 1, 2, and 3 emissions goals; the difficulty in forecasting
demand for electric vehicles and our electric vehicles revenue
growth; the challenges associated with rapidly-changing
technologies, particularly as relates to electric vehicles, and our
ability to innovate in response; future changes in laws and
regulations, including, by way of example, emission standards, in
the countries in which we operate and international treaties;
supply disruptions impacting us or our customers, such as the
current shortage of semiconductor chips that has impacted original
equipment manufacturer ("OEM") customers and their suppliers,
including us; commodity availability and pricing, and an inability
to achieve expected levels of recoverability in commercial
negotiations with customers concerning these costs; competitive
challenges from existing and new competitors including OEM
customers; uncertainties regarding the extent and duration of
impacts of matters associated with the COVID19/coronavirus
pandemic, including additional production disruptions; potential
disruptions in the global economy caused by Russia's invasion of Ukraine; the ability to identify targets and
consummate acquisitions on acceptable terms; failure to realize the
expected benefits of acquisitions on a timely basis; our ability to
effect the intended tax-free spin-off of our Fuel Systems and
Aftermarket segments into a separate, publicly traded company on a
timely basis or at all; the potential that uncertainty during the
pendency of the spin-off transaction could affect our financial
performance; the possibility that the spin-off transaction will not
achieve its intended benefits; the failure to promptly and
effectively integrate acquired businesses; the potential for
unknown or inestimable liabilities relating to the acquired
businesses; our dependence on automotive and truck production, both
of which are highly cyclical and subject to disruptions; our
reliance on major OEM customers; fluctuations in interest rates and
foreign currency exchange rates; our dependence on information
systems; the uncertainty of the global economic environment; the
outcome of existing or any future legal proceedings, including
litigation with respect to various claims, or governmental
investigations, including related litigation; impacts from any
potential future acquisition or disposition transactions; and the
other risks noted under Item 1A, "Risk Factors" in our most
recently-filed Form 10-K and/or Quarterly Report on Form 10-Q.
We do not undertake any obligation to update or announce
publicly any updates to or revisions to any of the forward-looking
statements in this press release to reflect any change in our
expectations or any change in events, conditions, circumstances, or
assumptions underlying the statements..
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SOURCE BorgWarner