Otis Publishes 2023 ESG Report

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Jun 12, 2024, 16:45 ET

Reinforces commitment to ESG in support of its business strategy

FARMINGTON, Conn., June 12, 2024 /PRNewswire/ -- Otis Worldwide Corporation (NYSE: OTIS) published its 2023 ESG Report, describing its Environmental, Social and Governance (ESG) strategy and outlining progress on its 13 ESG goals.

The Otis ESG strategy focuses on the key areas of Health & Safety, Environment & Impact, People & Communities, and Governance & Accountability. Progress made in each helps to drive value for stakeholders and to advance the company's business strategy across five strategic pillars: sustain New Equipment growth, accelerate Service portfolio growth, deliver modernization value, advance digitalization, and focus and empower the organization.

"Our 2023 ESG report highlights critical programs and recent successes that are central to the continued growth and integrity of our business," said Otis Chair, CEO and President Judy Marks. "Our ESG pillars are embedded in our long-term strategy and purposefully connected to our Absolutes of Safety, Ethics and Quality, the core principles that guide us in doing the right thing as we conduct business around the world every day. By transparently reporting on our progress, we hold ourselves accountable, and we invite our stakeholders to join us on our journey."

Highlights from the 2023 ESG Report

Health & Safety: Otis deployed and expanded innovative safety education programming to help ensure colleagues, subcontractors and passengers return home to their families safely every day, including hosting over 200,000 individual safety education and training engagements globally with colleagues and subcontractors through its fourth annual Season of Safety.

Environment & Impact: Otis continued to develop innovative and environment-friendly solutions by advancing digitalization and other technologies – including for modernization – to provide equipment and services that respond to customer and passenger needs. By measuring and managing the environmental impact of its products and operations and by increasing its renewable energy use, Otis has reduced absolute scope 1 and 2 emissions by 12% and absolute scope 3 emissions by 5%, both from a 2021 baseline.*

People & Communities: By creating an inclusive, equitable and accessible work environment and offering well-being programs to all colleagues, Otis empowered its people to succeed and positioned itself to attract and retain the best talent on the market. The company interacted meaningfully through high-impact initiatives in the communities where its colleagues live and work, serving more than 2,400 students across the learning continuum through STEM-focused initiatives, including its signature STEM education and volunteerism program, Made to Move Communities.

Governance & Accountability: Continued to leverage the Otis Absolutes of Safety, Ethics and Quality to uphold high standards of governance, helping to grow the business and build trust with stakeholders including colleagues, customers, suppliers, shareholders and the riding public.

View the complete Otis 2023 ESG Report here.

*Based on near-term science-based greenhouse gas (GHG) emission reduction targets approved by the Science Based Target initiative in April 2024.

About Otis

Otis is the world's leading elevator and escalator manufacturing, installation and service company. We move 2.3 billion people a day and maintain approximately 2.3 million customer units worldwide, the industry's largest maintenance portfolio. Headquartered in Connecticut, USA, Otis is 71,000 people strong, including 42,000 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, and Facebook @OtisElevatorCo.

Cautionary statement

This press release contains forward-looking statements (including statements that constitute forward-looking statements under the securities laws), including, but not limited to, statements that relate to our intent to achieve certain environmental, social and governance ("ESG") commitments, plans, targets, goals and future risks associated with climate change and their impact on our future business. These forward-looking statements are intended to provide management's current expectations or plans for our future performance, based on assumptions currently believed to be valid. The forward-looking statements are subject to future events, risks, uncertainties and other factors, many of which are beyond the control of the company, that could cause actual results to differ materially from our historical results or current expectations, including, but not limited to the availability and cost of low- or non-carbon-based energy sources and technologies; third-party coordination and alignment over which we do not have control and may be unpredictable; evolving regulatory requirements affecting ESG standards or disclosures; the availability of suppliers that can meet our sustainability, diversity and other standards; severe weather events, including from the effects of climate change; changes in the economic and political conditions in the industry and markets in which we operate; and other risks and uncertainties described in detail in the company's most recent Form 10-K, Form 10-Q and in similar sections of other filings made by the company with the Securities and Exchange Commission from time to time. The forward-looking statements speak only as of this date. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.