End-market customer concerns about the environment and sustainability—fueled by stakeholder pressure—are prompting the machinery industry to focus on energy transition across the value chain.
Even as the world continues to struggle with the COVID-19 pandemic, economies and markets are planning for what will come after. Central to many of these discussions—among investors, governments, regulators, corporations, and society at large—is an expanded commitment to environmentally sustainable growth. Machinery end markets, including construction, infrastructure, agriculture, manufacturing, mining, and oil and gas, are receiving much of this attention, with their environmental footprints attracting focus from investors, regulators, and other stakeholders.
New environmental initiatives such as the European Green Deal—a set of targets and policy objectives approved by the European Parliament in 2020 and expanded in February 2021—have significant compliance implications for industrial sectors. The European Green Deal aims to make the European economy environmentally sustainable by 2050. 1 Interim 2030 targets include, at a minimum, the following goals: a 40 percent cut in greenhouse gas emissions, 32 percent of energy sourced from renewables, and a 32.5 percent increase in energy efficiency. 2 Meanwhile, in the United States, an updated climate agenda is taking shape under […]
