One of our strategic targets is to be a leader in sustainability and we strive for continuous improvement in all our business activities. Our sustainability focus areas include driving innovation and improving resource efficiency, providing the most sustainable offering, being the best employer and attracting talent as well as enabling our partners and societies to prosper. At KONE, we believe that sustainability is a source of innovation and a competitive advantage for us. Conducting business in a responsible way with good corporate governance supports us in creating long-term value for shareholders.
For the elevator and escalator industry, urbanization is an important megatrend and also an opportunity to help make cities better places to live. As today’s cities account for 75% of global energy consumption and buildings constitute 40% of it, by providing eco-efficient solutions to buildings KONE can help reduce cities’ impact to the environment. With breakthrough technologies such as the KONE MonoSpace 500 and UltraRope, a superlight hoisting rope, KONE is an industry pioneer in developing eco-efficient solutions.
The installed base of elevators and escalators is aging rapidly, especially in Europe and North America. By modernizing elevators installed in 1985 or earlier with the best available technology, energy savings of up to 63% can be achieved (Source: Energy Efficiency of Elevators and Escalators (E4) study supported by the European Commission).
KONE Corporation has set science-based targets for significant reductions in its greenhouse gas (GHG) emissions by the year 2030. KONE's targets are the most ambitious in the industry and have been validated against the latest climate science by the Science Based Targets initiative (SBTi). In another first for the industry, KONE has pledged to have carbon neutral operations by 2030.
KONE’s sustainability reporting follows the Global Reporting Initiative’s (GRI) guidelines. KONE’s Sustainability Report 2019 was published in April 2020. KONE’s operational greenhouse gas emissions and water consumption at KONE's manufacturing units disclosed in the report have been externally assured.
KONE’s Annual Review 2020 also contains information on ESG topics, such as non-financial risks and risk management and KONE’s reporting according to TCFD (Task Force on Climate-Related Financial Disclosures) guidelines.