FORVIA recognized with ‘A’ score for transparency on climate change
FORVIA, France’s 1st and the world’s 7th-largest automotive technology supplier, has been recognized for leadership in corporate transparency and performance on climate change by global environmental non-profit Carbon Disclosure Project (CDP), securing a place on its annual ‘A List’.
Based on data reported through CDP’s 2023 Climate Change questionnaire, FORVIA is one of the very few companies that achieved ‘A’ – out of over 21,000 companies scored.
Fully TCFD[1] aligned, CDP holds the largest environmental database in the world, and CDP scores are widely used to drive investment and procurement decisions towards a zero carbon, sustainable and resilient economy. In 2023, over 740 financial institutions with over US$136 trillion in assets requested companies to disclose data on environmental impacts, risks and opportunities through CDP’s platform. A record-breaking 23,000 companies responded.
A detailed and independent methodology is used by CDP to assess these companies, allocating a score of A to D- based on the comprehensiveness of disclosure, awareness and management of environmental risks and demonstration of best practices associated with environmental leadership, such as setting ambitious and meaningful targets. Those that don’t disclose or provide insufficient information are scored an F.
“I am honored that FORVIA has been scored 'A' for transparency on climate change by the CDP. Since our group engaged in a net-zero roadmap validated by SBTi in 2022, we have engaged several initiatives to reach our target, such as the use of renewable energy, the development of a 'green factory' whitebook, the development of Designed for Scope 3 innovations reinforced by the creation of MATERI'ACT, our subsidiary entirely dedicated to low-carbon materials. This score by CDP is further proof of FORVIA's unwavering dedication to mitigate the effects of climate change by drastically lowering our footprint,” said Patrick Koller, CEO of FORVIA.
In 2022, the Science Based Targets initiative (SBTi), a collaboration between CDP, the United Nations Global Compact, the World Resources Institute (WRI) and the World Wide Fund for Nature (WWF), approved FORVIA’s net-zero roadmap under which the group will reach net zero emission across all scopes in 2045 with two intermediate steps: net zero on scopes 1 and 2 by 2025 and 45% reduction of scope 3 emissions by 2030. FORVIA is the 1st French company and the world’s 1st company to have its net-zero roadmap validated
“Congratulations to all the companies on CDP’s A List, and those companies that started or accelerated their journey towards environmental transparency in 2023 – we saw a 24% increase of disclosures last year and that trajectory is to be applauded. It is only by laying the groundwork of disclosure that companies can show they are serious about the vital part they play in securing a net-zero, nature-positive future,” declared Sherry Madera, CEO of CDP. “Earning a place on the A List is about more than the score. It’s an indication of high quality, complete data that equips companies with a holistic view of their environmental impact, serves as a baseline for transition plans and – crucially – enables them to follow through on their ambitions. As we move deeper into the Decade of Action, and as CDP continually raises the bar for what represents environmental leadership, the work of A List companies is never complete. We look forward to seeing all companies turn their commitments into further and more meaningful and effective action.”
The full methodology and criteria for the A List is available on CDP’s website at: https://www.cdp.net/en/companies/companies-scores
[1] Task Force on Climate Related Financial Disclosures (Climate Disclosure Working Group), created in 2015 by the G20 Financial Stability Board by SBTi.
