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Schneider Electric on track of its 6 sustainability targets by end of 2023 under SSI score
Schneider Sustainability Impact (SSI) 2021-2025 program drives and measures company-wide progress towards 11 global sustainability targets, supplemented by locally-led initiatives, which collectively support Schneider Electric’s six long-term Environmental, Social and Governance (ESG) commitments. At the end of the third quarter of 2023, the SSI score came in at 5.76, on track to reach the 2023 end-year target of 6 out of 10.
Schneider Electric published details of its quarterly sustainability impact performance alongside its third-quarter financial results.
Local highlights during the quarter include solar power solutions installed at a children’s clinic in Kenya gave 20,000 people access to clean electricity and improved the quality of life of the local community.
It also sheds light on collaboration with Enactus in Mexico, 60,000 students from over 400 universities and colleges engaged in training initiatives to drive social impact in local communities. As a result, Schneider Electric has now crossed the halfway mark in its goal of training 1 million people by 2025.
Schneider Electric and the Gaia Energy Impact Fund II raised €40 million to support renewable energy projects in Africa. This impact investment partnership funds startups and entrepreneurial projects with a strong environmental and social focus.
Schneider Electric’s unique contribution to Barcelona’s district cooling project was rewarded with the Best Energy Innovation Award from El Periódico de la Energía.
Additionally this quarter, Schneider Electric received several prestigious global recognitions for its diversity and inclusion policies as well as three global awards for sustainable procurement, upstream decarbonization and people development practices from the Chartered Institute of Procurement and Supply (CIPS).
About SSI :
Schneider Sustainability Impact (SSI), is Schneider Electric’s continuous improvement process to deliver outstanding sustainability performance, in line with its business strategy. Progress is measured against a 2020 baseline, except for two programs measured against a 2019 baseline to mitigate COVID -19 impacts (#1 Impact revenues and #10 opportunities for the next generation), one program measured against a 2021 baseline (#7 Level of confidence to report unethical conduct), and one program measured against a 2022 baseline (#6 our strategic suppliers provide decent work to their employees).
The SSI provides, on a scoring scale of 10, an overall measure of the Group’s progress on its sustainability goals. This is done by converting each KPI’s performance on a 10-point scale, considering that base year performance receives a 3/10 score, and the 2025 objective translates in a 10/10 score.
For each KPI, the relevant score is obtained by linear interpolation, and rounded down to the second decimal. By construction, the score of an indicator cannot exceed 10/10, and cannot be lower than 0/10. The overall score of the tool is the average of each KPI’s score with equal weight, excluding the Local commitment (SSI #+1).
An external auditor provides a limited assurance on the KPIs of the SSI once a year – including the review of the methodologies and processes used to consolidate the different KPIs. In 2022, the Group obtained a “reasonable” assurance for SSI #8 and will progressively cover all externally assured KPIs with this new level of assurance. Each year, the SSI performance impacts short-term incentives for the Group’s executives and about 64,000 eligible employees, for 20% of the collective share.
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