Hon Hai Technology Group (Foxconn) Pledges 100% Renewable Electricity By 2040 and Joins RE100
TAIPEI – Hon Hai Technology Group ("Foxconn") (TWSE:2317) announced its worldwide operations will run fully on green electricity by 2040 and has joined the global initiative RE100, in a milestone on Earth Day 2024 that adds the world's largest electronics manufacturer and technology solution provider among the most influential businesses committed to 100% renewable electricity.
The pledge, at the company's 50th anniversary, is an acceleration of Foxconn's determination to move its operations towards a more environmentally friendly and sustainable direction. Foxconn's renewable energy ratio now exceeds 40%, two years after it first publicly pledged on Earth Day 2022 to use at least 50% green power by 2030.
Led by the Climate Group and in partnership with CDP, RE100's mission is to accelerate change towards zero carbon grids at scale. Foxconn has joined multiple international sustainability initiatives, including environmental reporting non-profit CDP and the GHG emissions validation Science Based Target initiative (SBTi), because it is the right thing to do for ensuring a safer, sustainable world.
"In promoting sustainability, Foxconn will continue to seek the most suitable international standards. This decision to respond to RE100 is based on this thinking. More importantly, we hope to set an example with our supply chain and partners so they will prioritize sustainable management as well," said Foxconn Chairman and CEO Young Liu, who also heads the Group's Sustainability Committee. "Foxconn will also promote green energy at its global locations to share, collaborate and thrive with all stakeholders."
Earlier this month, Foxconn shared its latest CDP scoring for environment stewardship in 2023. It earned an (A-) in climate change and an (A) in supplier engagement rating, demonstrating leadership in both areas. It scored a (B) in water security, indicative of good environment management. All three metrics improved from the previous year.
In 2020, the Group formally responded to the three goals proposed by the Climate Action 100+ by pledging to achieve net-zero emissions in the value chain by 2050, and in 2023 its short-term emission reduction targets were validated by SBTi. Last year, Foxconn released its first Net Zero Vision Report, based on Task Force on Climate-related Financial Disclosures (TCFD) recommendations.
