Phinia released its 2024 sustainability report on Thursday.
"We believe sustainability is not only core to responsible business — it's an important contributor to our long-term success and business strategy. Our sustainability initiatives create lasting value for our stakeholders and fuel innovation drive by our people, our purpose and our values across engineering, operations and culture," says Brady Ericson, president and CEO.
The report shows Phinia's year over year progress on its sustainability initiatives. Highlights include:
- 89% of Phinia's 2024 research and development investments were dedicated to fuel efficiency and alternative fuel technologies, including for use with zero-carbon fuels and lower-carbon fuels.
- Reduced Scope 1 and 2 greenhouse gas emissions by 11.7% year over year and established a near-term emissions reduction goal of 50% by 2030 from a 2020 baseline year.
- Reduced energy consumption by 4.5% year over year and implemented a global energy monitoring system across priority manufacturing sites representing about 85% of the company's energy consumption.
- Recognized 10 suppliers for excellence, including alignment with Phinia's sustainability expectations. The vast majority — 81% — of in-scope suppliers completed sustainability self-assessments.
"We've moved from building a foundation to driving measurable impact," Ericson says. "We're continuing to shape a more sustainable future for our industry and and communities through data-driven decisions, global collaboration and targeted investments."
Phinia says the next year will bring more initiatives, such as a Scope 3 greenhouse gas emissions baseline and strategy, broader adoption of renewable energy across global facilities, expansion of life cycle management tools and training, and more investments in efficiency.
"We are proud of our progress and even more energized by what lies ahead," Ericson says. "From more sustainable technologies and establishing emissions reduction goals to engaging our talent and ethical business practices, sustainability continues to guide how we innovate, operate and grow."
