Mumbai, 2nd August 2023Teva Pharmaceutical Industries Ltd., a leading generic pharmaceutical company, (NYSE and TASE: TEVA) announced today that it is working with Honeywell (NASDAQ: HON) to help reduce energy consumption and carbon emissions at its Debrecen, Hungary, manufacturing facility.
Teva will leverage Honeywell’s ‘Energy as a Service’ (EaaS) model, enabling it to deploy energy improvement upgrades without making a major capital investment. The efforts will support Teva in furthering its environmental, social, and governance goals and minimize its impact on the environment.
Under the EaaS contract, Honeywell will establish a three-year energy performance baseline for the Debrecen facility and determine what building assets are driving the site’s energy consumption. Using Ready-now solutions such as Honeywell Forge Sustainability+ for Buildings | Carbon and Energy Management and submetering tools, Honeywell will enable continuous collection of energy use data at the device and asset level. Using this data, Honeywell will work with Teva to develop a plan to help reduce energy use while maintaining an ideal occupant experience.
“Reducing our carbon impact is not just a commitment, it’s a responsibility,” said Gary Baker, general manager, Teva Active Pharmaceutical Ingredients, Hungary. “At Teva, environmental sustainability ranks high on our agenda, and our recently launched 2022 ESG Progress Report showcases our strategic approach and priority topics, among others minimizing our environmental footprint. We reduced our absolute scope 1 and 2 greenhouse gas emissions by 24% (vs. 2019), putting us ahead of schedule to meet our 2025 target (25% reduction), and we reduced our absolute scope 3 GHG emissions by 12% (vs. 2020). This project will further support our efforts to lessen the impact we have on the environment.”
The urgency of building better energy management is paramount. Commercial buildings and construction accounted for 37% of global energy- and process-related carbon dioxide emissions and more than 34% of energy demand globally 2011.
“Despite the prioritization of sustainability efforts, managing costs is often a factor. Using an EaaS model, companies now have the opportunity to make significant energy improvement updates without significant capital outlay, meaning they can invest in other priorities while also reducing the environmental impact of their buildings,” said Evangelos Alepochoritis, European leader for energy and sustainability, Honeywell. “Leaders of large multinational companies such as Teva recognize that sustainability is now key to their success – and that the energy efficiency of the buildings they own or lease is a strategic business priority as well as an environmental imperative.”
Honeywell’s EaaS approach can help customers meet their sustainability goals by implementing a variety of upgrades throughout a building to help reduce energy use. Honeywell is also creating an ecosystem of third-party solutions and complementary services to further help customers reduce energy consumption in their buildings.