GlobalData offers a comprehensive analysis of Lear, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of climate change and associated ESG keywords, GlobalData delivers valuable information on Lear‘s ESG performance. GlobalData’s company profile on Lear offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
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Lear, a global automotive technology company, has set an ambitious target to achieve net-zero by 2050. The company aims to compare its climate change goals with a 2019 baseline. As an interim goal, Lear aims to achieve a 50% reduction in both direct and indirect carbon emissions at its manufacturing plants, coupled with a commitment to sourcing 100% renewable energy for the electric power consumed at these facilities. In 2022, Lear tracked various metrics relevant to climate-related risks and opportunities, including GHG emissions by country/region and business division, energy consumption and generation, renewable energy utilization, waste management, and water usage.
In terms of carbon emissions, Lear reported that in 2022, its direct (scope 1) emissions were 78,554 metric tons CO2e, while its indirect (scope 2) emissions were 341,850 metric tons CO2e (location-based) and 277,680 metric tons CO2e (market-based). The company received limited assurance for its 2022 scope 1 and scope 2 emissions. Lear aims to finalize the computation of its Scope 3 greenhouse gas (GHG) emissions by the end of 2023.
In 2020, Lear established two ambitious goals to be achieved by 2030. The first target aims for a 50% reduction in Scope 1 and 2 greenhouse gas (GHG) emissions across all facilities. The second objective is to transition to 100% renewable energy for the electric power consumed at Lear's global sites. In line with this, the company has taken several important steps to reduce emissions and achieve its targets. The company has developed a comprehensive renewable energy strategy, which includes on-site renewable energy generation, the purchase of energy attribute certificates, and power purchase agreements to support new renewable energy projects. Lear also collaborates with customers to identify opportunities for reusable and recyclable packaging. Additionally, the company conducts life cycle assessments on its major product lines to measure their carbon footprint and identify carbon reduction opportunities. Lear is also actively monitoring water usage and taking steps to reduce dependence on water resources in regions prone to water stress.
Lear is aware of transition risks associated with carbon pricing programs, national commitments to climate change, and increased GHG emissions reporting requirements. The company acknowledges the importance of managing climate-related risks and has developed a climate change mitigation library with the help of a third-party consultant. The company believes that efforts to address climate change will help avoid potential business disruptions and infrastructure dependencies. Lear expects support and cooperation from the industry and downstream customers to align with regulatory initiatives and stakeholder expectations.
Overall, Lear is committed to reducing its carbon footprint and managing climate-related risks. The company's efforts to achieve its net-zero targets include renewable energy adoption, product innovation, collaboration with customers, and ongoing assessments of GHG emissions. By prioritizing sustainability, Lear aims to contribute to the global transition towards low-carbon economies and mitigate the impacts of climate change.
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