Why Schneider Electric Tops Time Magazine's 2024 Sustainability List

In 2024, Schneider Electric has been named the world’s most sustainable company by Time Magazine, a recognition that underscores the company's commitment to sustainability across all facets of its operations. This accolade is the result of rigorous evaluations by Time Magazine in collaboration with Statista, assessing over 5,000 companies on more than 20 key performance indicators related to sustainability (Statista R) (TEDmag).

The majority of my career has been spent at Schneider Electric, where I have been for close to 13 years. During this time, I have witnessed remarkable organizational transformation, driven by the visionary leadership and strategic foundation laid by our chairman, Jean-Pascal Tricoire .

Key Criteria and Achievements

Evaluation Methodology: The evaluation criteria included compliance with international reporting standards, emissions reductions, and a demonstrated commitment to sustainability initiatives. Schneider Electric achieved a top score of 88.6, surpassing its nearest competitor, NEC Corp, by over 3 points. The company’s high performance was attributed to several critical factors:

• Ambitious Emissions Targets: Schneider Electric aims to achieve carbon neutrality by 2025. The company has maintained an "A" climate score from the CDP (formerly the Carbon Disclosure Project) for 12 consecutive years, reflecting its consistent commitment to reducing emissions (TEDmag).
• Supply Chain Sustainability: Schneider Electric’s supply chain strategy, known as STRIVE (2021-2023), focuses on reducing carbon emissions, enhancing environmental safety, and promoting social responsibility. By the end of 2020, 80% of Schneider’s operations were powered by renewable energy. The company’s Zero Carbon Project aims to halve the CO2 emissions of its top 1,000 suppliers by 2025 (Schneider Electric) (Supply Chain Movement). Mourad TAMOUD , Executive Vice-President for Global Supply Chain at Schneider Electric, highlights the company’s holistic approach: “Sustainability is central to STRIVE(now IMPACT), Schneider Electric’s supply chain transformation strategy. We always consider decarbonization, circularity, safety, and biodiversity preservation in our decision-making and supplier relationships” (Schneider Electric). This comprehensive approach includes leveraging renewable energy, with a goal to operate the entire supply chain on renewable energy by 2025 (Supply Chain Movement).
• Customer Impact: Schneider’s Sustainability Business unit helps clients improve energy efficiency and reduce their carbon footprints. Since 2018, the company has helped its customers save and avoid 553 million tonnes of CO2 (TEDmag).

Awards and Recognition: In addition to being recognized by Time Magazine, Schneider Electric has also been included in the Dow Jones Sustainability World Index for the 13th consecutive year, securing the top spot in its industry. This recognition reflects Schneider Electric’s strong ESG performance and its commitment to integrating sustainability into its core business strategy (TEDmag).

Schneider Electric’s Vision and Values

Schneider Electric's vision is to be a digital partner for sustainability and efficiency. They aim to empower all to make the most of their energy and resources, ensuring that Life Is On everywhere, for everyone, at every moment. Their sustainability strategy is rooted in six long-term commitments that cover all dimensions of environmental, social, and governance (ESG) aspects.

Peter Herweck , CEO of Schneider Electric, emphasized their holistic approach to sustainability: “This achievement is a testament to our unwavering commitment to sustainability, which is embedded in everything we do. We consider the environment, society, and good governance in our decisions and daily operations” (TEDmag).

Conclusion

Schneider Electric’s recognition as the world’s most sustainable company by Time Magazine is a testament to its comprehensive and committed approach to sustainability. From ambitious emissions targets to transformative supply chain strategies and significant customer impact, Schneider Electric sets a high benchmark for sustainability in the corporate world.

For more details, you can visit Schneider Electric's sustainability page and the Time Magazine article (TEDmag).