The science is clear: Our planet is warming quickly with grave and global consequences, requiring bold action, transparency, and accountability. To address the climate crisis, Medtronic has set an ambition to achieve net zero carbon emissions by fiscal year (FY) 2045 across its operations and value chain (scopes 1, 2, and 3). Achieving net zero carbon emissions will be no easy feat, but the environmental and health benefits justify the effort.
Caring for our planet makes good business sense, meets the expectations of our employees, and is the right thing to do. By embracing sustainability, companies create healthier workplaces, plan thoughtful development, improve risk management, and save costs. In FY23 we reduced our GHG emissions intensity by 35% relative to a FY20 baseline and are on track to meet our goal of 50% by FY25.
We have a goal of becoming carbon neutral in our operations by FY30, and to reduce carbon emissions to net zero in our operations, supply chain, and logistics by FY45. To achieve the ambition, we created a Decarbonization Roadmap and will pursue setting carbon emission reduction targets across scopes 1, 2, and 3. In FY23 we committed to set near-term science-based emissions reduction targets and long-term net-zero targets for validation by the Science-Based Targets Initiative (SBTi) — a multi-year process which provides companies a clearly defined path to reduce emissions aligned with the Paris Agreement.
Cogeneration, also known as combined heat and power, merges the production of usable heat and electricity into a single process that can substantially reduce carbon emissions and energy costs. Recently, we installed a new cogeneration unit at our Mirandola, Italy, facility. The new unit will produce about 7.5 million kilowatt-hours per year, reducing the facility’s reliance on the local power grid and shrinking the site´s carbon footprint by more than 30%.
The health care industry is responsible for 4.5% of global carbon emissions.1 To help reduce emissions in our industry, we are taking a leadership role in collaborative climate action with the National Health Service (NHS) in England and the U.S. National Academy of Medicine (NAM). Medtronic CEO Geoff Martha signed a joint letter with other global healthcare CEOs as members of the International Leadership Group for a Net Zero NHS to support England’s largest health system with its net zero goals. Medtronic is also participating in the NAM Action Collaborative to Decarbonize the U.S. Health Sector, which brings together multi-sectoral leaders to co-develop and implement a shared action agenda to reduce environmental impacts and strengthen sustainability and climate resilience.
We understand that health is directly tied to the environment. By reducing our carbon footprint and being advocates for change in our industry, we are investing in the health of our company, our people, and our planet.