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GE HealthCare Releases Sustainability Report, Shares Future Goals

GE HealthCare Releases
  • First Sustainability Report since January 2023 showcases the company’s commitment to creating a world with no healthcare limits
  • Report shows reduced operational Scope 1 and 2 greenhouse gas emissions by 27% since 2019
  • Strong leadership focus on sustainability efforts and ESG with a cross-functional ESP

GE HealthCare has released its inaugural Sustainability Report, marking its commitment to environmental, social, and governance (ESG) practices since becoming an independent company in January 2023. The report highlights the reduction of operational Scope 1 and 2 greenhouse gas emissions by 27% since 2019 and outlines the company's dedication to ESG principles and sustainability.

GE HealthCare recognizes the importance of sustainability and corporate responsibility in the healthcare industry. The report reflects the company's dedication to creating a world where healthcare knows no limits and its commitment to environmental and social impact.

ESG Program Leader at GE HealthCare, Kelvin Sanborn, stated,

GE HealthCare recognizes the global significance of fulfilling our purpose and delivering on our objectives and is pleased to have reduced our operational GHG emissions by 27% versus our 2019 baseline. With our broad ESG strategy and priorities in mind, we are carrying out a climate risk assessment that will inform our climate transition plan, and developing a net zero roadmap for Scope 1, 2, and 3 GHG emissions.

[Source: Business Wire]

Key Highlights from the Company's Inaugural Sustainability Report:

  • Environmental Impact

Since 2019, reduced GHG emissions by 27% with goals of 50% reduction by 2030 and net zero by 2050

Registered with Science Based Targets Initiative

Committed to decarbonizing the healthcare sector

  • Social Impact

Established cultural operating principles

Planned GE Healthcare Foundation for philanthropy

Appointed chief diversity, equity, and inclusion officer

  • Governance and Accountability

Strong corporate governance as a stand-alone public company

Relaunched Code of Conduct with high employee engagement

Joined UN Global Compact to support sustainable development goals

GE HealthCare conducted an ESG materiality assessment, defining five key focus areas for its sustainability strategy. These include expanding healthcare access, fostering diversity and inclusion, reducing greenhouse gas emissions, promoting the circular economy, and enhancing patient data cybersecurity. The report outlines the company's long-term ESG objectives and progress toward previous goals.

It is preparing to release an updated task force on climate-related financial disclosures (TCFD) report once its climate risk assessment is finalized. Furthermore, the company has scheduled a materiality assessment update for 2024. In parallel, GE HealthCare is exploring the expansion of Reporting Standards for its ESG disclosures and evaluating how its objectives align with the United Nations Sustainable Development Goals (UN SDGs).

After conducting an ESG materiality assessment before its spin-off, the company has pinpointed five vital areas for its sustainability strategy. These priorities, underscored by the company's core innovation, product quality, and integrity principles, encompass the following: Expanding global healthcare access by ensuring underserved populations have better healthcare opportunities; promoting a culture of inclusion and diversity; mitigating its climate impact through concerted efforts; facilitating equipment and prioritizing patient data security and cybersecurity by adhering to standardized data privacy and security practices based on global regulations such as the EU GDPR.

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