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Swedish multinational household appliance manufacturer, Electrolux, has been identified as a global leader in climate change mitigation by CDP – a not-for-profit group measuring the environmental impact of firms. In a statement released today by the Electrolux Group, the Stockholm-headquartered company said its sustainability policy has earned it a place in the exclusive Climate A List 2016, CDP's list of 193 companies with strong performance in climate change mitigation.

“Improving our climate impact is a core part of Electrolux sustainability framework For the Better, and CDP’s assessment is one of the most important external references showing we are at the forefront of the industry,” said Henrik Sundström, Head of Sustainability Affairs at Electrolux.

The Climate A List 2016 has been published in a new CDP report, "Out of the starting blocks: Tracking progress on corporate climate action." CDP runs a global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts.  About 5,800 companies, representing close to 60 per cent of global market capitalization, currently disclose to CDP for independent assessment.

Electrolux is among 9 per cent of participating corporations to be recognised for its actions to reduce emissions and mitigate climate change in the past reporting year. Electrolux also said as part of its sustainability campaign, For the Better, it has a new target to cut its carbon footprint in half by 2020.

“We are now increasing our efforts to use more energy from renewable sources,” Sundström said. “This year, we’ve signed an agreement to only use renewable electricity in our European manufacturing of major appliances, and are moving forward with setting new goals for the rest of the world. Our ambition is that half of Electrolux energy should come from renewable sources by 2020. This means we have to more than double the share of renewable energy from today.”

CDP’s chief executive officer, Paul Simpson, said, “We congratulate the 193 A List companies that are leading the charge towards our low carbon future. Companies are key actors in enabling the global economy to achieve its new climate goals, and the leadership of this group points the way for others to take bold action and capitalize on the many opportunities that await.”

CDP said companies tackling climate change will be more attractive to investors, capitalize on new business opportunities and revenue streams, and build resilience for the future. New regulations and policies resulting from the Paris Agreement will mean a change in business practices is inevitable and those able to adapt will thrive. The organisation said fundamental changes to the way companies do business can result in significant emissions reductions without any negative impact on revenue – in fact, it can mean quite the opposite