Governance for Longevity
Prior to the COVID-19 epidemic, technology was everywhere. And its importance has risen since then, becoming even more critical in allowing us to stay connected and work or learn from home.
According to Gartner, PC sales increased by 32% in the first quarter of 2021, while International Data Corporation (IDC) reported that the worldwide hardcopy peripherals market shipped 27 million units in the fourth quarter of 2020, representing a year-over-year growth rate of over 6%. According to IDC, the global technology sector will generate $5 trillion in sales this year.
As technology continues to pervade our professional, academic, and personal lives, and as the industry develops new goods and services, creating long-term impact alongside product innovation must remain the north star. Climate change is deemed an “existential threat” to mankind by the United Nations. We must transition away from the present take-make-waste model and toward a net-zero, regenerative economy.
To do so, sustainability and innovation must work in tandem — it cannot be one or the other. We believe that pairing is both doable and beneficial based on our expertise building a robust PC portfolio. For the second year in a row, HP recorded more than $1 billion in sales victories where sustainability was a factor. Customers continue to want more sustainable products and support firms that work in the service of mankind, according to external studies and our own statistics.
As a result, we are making public our climate pledges. Our aim is to achieve net-zero greenhouse gas (GHG) emissions across the HP value chain by 2040, beginning with our supply business, which will reach carbon neutrality by 2030. Our net-zero objective of 2040 is a decade ahead of the UN’s target of 2050.
Along the way, we hope to reduce HP value chain GHG emissions by half by 2030i and achieve carbon neutrality and zero waste in HP operations by 2025ii. HP was one of the first 100 corporations in the world to set authorized, scientific-based climate objectives, and we will continue to use the most up-to-date information as we seek to reduce our emissions.
We also established a 75 percent circularity objective for our goods and packaging by 2030, which means that 75 percent of our total yearly product and package content (by weight) will be made up of recycled and renewable materials, as well as repurposed products and parts.
This is in addition to our current target of having 30 percent post-consumer recycled plastic content in our goods by 2025. Allowing our goods to survive longer and have many lives – including reuse – is critical in our pursuit of circularity.
Finally, we intend to keep deforestation to a minimum for HP paper and paper-based packaging iii. We will increase investment in forest conservation, restoration, and other measures to combat deforestation for non-HP paper used in our goods and print services by 2030 iv to have a bigger impact.
We collaborate with the World Wildlife Fund and other prominent non-governmental organizations to ensure that every page printed with HP is ethically sourced and helps to forest restoration. With these activities, we hope to not only conserve forests and the biodiversity that inhabits them, but also to promote forests as natural solutions to climate change.
Our objectives are only a few of the ways we feel we can have a long-term effect on future generations. They will necessitate a fundamental shift in how we produce goods, what materials we use, and who we make them with. However, we are dedicated to the difficult but important job of decoupling growth from consumption.
And we invite other businesses to join us on this path since we all have a part in safeguarding our world. Our future is determined by the decisions we make now. We cannot afford to waste this opportunity to take serious action on climate change.