Otis Commits to Setting Science-Based Targets to Reduce Greenhouse Gas Emissions

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Nov 09, 2023, 08:00 ET

Submits Proposed Near-Term Targets to SBTi

FARMINGTON, Conn., Nov. 9, 2023 /PRNewswire/ -- Otis Worldwide Corporation (NYSE: OTIS) today announced its commitment to setting near-term science-based greenhouse gas (GHG) reduction targets, which have been formally submitted to the Science Based Targets Initiative (SBTi) for evaluation.

The submission includes proposed GHG emissions reduction targets for Scopes 1, 2 and 3, against a 2021 baseline. This SBTi commitment stands as a significant addition to Otis' existing public Environmental, Social and Governance (ESG) objectives and underscores Otis' dedication to combat climate change with decisive and principled action.

The science-based targets (SBTs) are founded on what the most up-to-date research identifies as critical for meeting the objective of the Paris Agreement to limit global warming to no more than 1.5 degrees Celsius above pre-industrial levels by 2030.

"We have a steadfast commitment to meeting our ESG goals, and we are committed to driving GHG reductions that make an impact for our business and the communities we serve," said Otis Chair, CEO and President Judy Marks. "We believe we all have a part to play. Working with SBTi to validate our near-term, science-based targets is an important step in our sustainability journey."

In 2021, Otis established 13 ESG goals within the focus areas of Health & Safety, Environment & Impact, People & Communities, and Governance & Accountability. To learn more about the company's commitment to sustainability, read the latest Otis ESG report.

SBTi is a collaboration between Carbon Disclosure Project (CDP), the United Nations Global Compact, World Resources Institute (WRI) and the Worldwide Fund for Nature (WWF) and one of the We Mean Business Coalition commitments. It defines and promotes best practices in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies' targets.

About Otis
Otis is the world's leading elevator and escalator manufacturing, installation and service company. We move 2 billion people a day and maintain approximately 2.2 million customer units worldwide, the industry's largest Service portfolio. Headquartered in Connecticut, USA, Otis is 69,000 people strong, including 41,000 field professionals, all committed to meeting the diverse needs of our customers and passengers in more than 200 countries and territories worldwide. For more information, visit www.otis.com and follow us on LinkedIn, Instagram, Facebook and Twitter @OtisElevatorCo.