Our aim: Becoming climate neutral by 2030/40¹
Trusted Partner for sustainability
For almost 150 years, it has been a matter of course for us to take responsibility. In recent years, our stakeholders’ expectations to contribute to a sustainable development have steadily increased. Therefore, economic, ecological and social aspects are taken seriously by RENK and are core elements of all our business activities.
We seek to contribute to an economically stable and ecologically responsible development of our society. We believe that this creates a clear benefit for our employees, society and our customers.
RENK is aiming to:
- … protect society: Contributing to upholding peace and security as leading drive technology supplier.
- … facilitate the energy transition by supporting energy efficiency and new energy technologies at scale.
- … operate sustainably: Ambition to be climate neutral by 2030 in Europe and 2040 globally.⁽¹⁾
- … foster talent & diversity: Striving for an inclusive culture and technological leadership through attracting and training top talent.
- … govern responsibly: Aspiring to meet the highest governance and compliance standards.
Contributing to the Sustainable Development Goals (SDGs)
Our sustainability strategy contributes to the United Nations' Sustainable Development Goals (SDGs)
These 17 goals were defined to ensure sustainable development at the economic, social and ecological levels worldwide. RENK's focus areas contribute to the following six SDGs:
RENK’s contribution: Focus on offering innovative, durable, and efficient products.
Contribute to climate protection through group strategy and products.
Use of secondary raw materials, promoting the circular economy.
RENK’s contribution: Providing a safe and secure work environment.
RENK’s contribution: Equal treatment of employees and promoting women in management.
RENK’s contribution: Equal opportunities for everyone.
Our sustainability targets
Based on our focus areas and in line with our sustainability strategy, sustainability goals were defined in the areas of environment, social and governance to help meet national and international targets
(as of July 2023).
- 40% reduction in scope 1+2 emissions by 2025 (base year 2021)
- 20% reduction ⁽²⁾ in water consumption by 2030
- Bring transparency to CO2 emissions in supply chain in 2023 ⁽³⁾
- 60% renewable electricity globally by 2025 ⁽⁴⁾
- Focus on substituting hazardous and environmentally harmful raw materials ⁽⁵⁾ by 2025
- Expand recycling processes at sites by 2025 ⁽⁶⁾
- Use RMI ⁽⁷⁾ approach to track supplier sourcing of critical raw materials ⁽⁸⁾
- Established individual annual environmental targets for each site in 2022
- Ca. 100% renewable electricity used in German sites since 2021
- Increase women in management positions to 20% by 2030
- 100% managers to undergo leadership development training by 2025
- Reduce LTIFR further to 2.0 by 2025
We have achieved a Sustainalytics rating of 22.6
Sustainalytics ESG risk rating as of June 2023. Risk ratings are based on the final ratings score: negligible risk (0-10), low risk (10-20), medium risk (20-30), high risk (30-40), and severe risk (40+).
Sustainalytics’ ESG risk ratings measure a company’s exposure to industry-specific material ESG risks and how well a company is managing those risks.
Transparent reporting and evaluation of ESG performance
The RENK Group actively engages in different initiatives and associations aimed at fostering a shared comprehension of sustainability.
As a member of the United Nations Global Compact, we are committed to its ten principles in the areas of human rights, labour, anti-corruption and the environment.
We are explicitly committed to the Diversity Charter and its principles to promote a diverse and inclusive work environment where the uniqueness and diversity of each employee is valued and respected.
For more information on our commitment to sustainability, please see our sustainability report 2022.
Download our ESG Report
- Climate neutrality describes RENK’s ambition to avoid and reduce carbon emissions towards neutrality within production (Scope 1 and 2 emissions as defined in the GHG protocol). RENK’s ambition is subject to progress made in identified measures, includes offsets and relies on assumptions and may not be able to be influenced by RENK and therefore might not be achievable
- Ambition. Relative indicator: 0.085 m³ per €1,000 revenue (base year 2021). RENK already uses water very efficiently in production, so it sees savings in the sanitary area as a relevant lever. To achieve this goal, RENK primarily relies on awareness training for employees
- Ambition. Scope 3 (upstream) is to be recorded in reporting year 2023 through software-based determination of associated CO2 emissions
- Ambition. RENK has defined measures at site level to reduce energy consumption and to shift to renewable energy sources. We aim to achieve these measures through a combination of changing to the specific green electricity tariffs and by using our own electricity derived from solar energy
- Ambition. To substitute hazardous and environmentally harmful raw materials in its products, a substitution procedure mandatory for entire Group will be planned to be developed as a first step in 2023
- Ambition. Possible considerations relate to changing the treatment of recyclable waste (Abfall zur Verwertung – AZV) from thermal recycling to sorting in order to increase the proportion of recyclable waste. Already implemented at RENK Augsburg
- Responsible Minerals Initiative
- Such as tin, tungsten, tantalum or gold