Cummins Inc. (NYSE: CMI) was named today one of 45 inaugural recipients of the Terra Carta Seal, an initiative led by the United Kingdom's Prince Charles to recognize businesses for their commitment to environmental sustainability and decarbonization.
Inspired by the Magna Carta, the medieval document that remains an important symbol of liberty around the world, the Terra Carta is a recovery plan for the planet that serves as the guiding mandate for The Prince of Wales' Sustainable Markets Initiative (SMI). The initiative seeks to establish a global forum for industries to restructure their operations in a way that protects the world's natural resources.
"The Terra Carta Seal recognizes those organizations which have made a serious commitment to a future that is much more sustainable, and puts Nature, People and the Planet at the heart of the economy," Prince Charles said in a ceremony at an art museum and gallery not far from the COP26 global climate summit taking place in Glasgow, Scotland. "We all need to make changes if we are to preserve the planet for our children and grandchildren and these businesses have pledged to make it easier for us all to do so."
The Sustainable Markets Initiative says the seal is awarded to companies who hold a leadership position within their industry and have "credible transition roadmaps to reduce their impact on the environment, including the carbon they produce, underpinned by globally recognized, scientific metrics for achieving net zero emissions by 2050 or earlier."
Cummins is committed to taking a leadership role on the world's climate challenges and other environmental concerns. In 2019, the company unveiled PLANET 2050, Cummins' environmental sustainability strategy, which includes science-based goals timed to 2030 that are aligned to the Paris climate agreements. The agreements seek to limit average global temperature rise above pre-industrial levels to 1.5 degrees Celsius.
"As the Terra Carta recognizes, sustaining a vibrant economy while using fewer of the earth's resources is the challenge of our time," said Cummins Chairman and CEO Tom Linebarger. "Our mission of making people's lives better by powering a more prosperous world requires a healthier planet, and it will take all of us working together to solve the world's climate challenges. Being part of the Sustainable Markets Initiative is both a great honor and a great responsibility."
As part of its approach to environmental stewardship, Cummins aspires to be carbon neutral by 2050. The company is working to reduce the carbon impact of its diesel and natural gas platforms while bringing to market innovative no-carbon technology, including battery and fuel cell electric. Cummins has also quickly emerged as a leader in the manufacture of electrolyzers critical to the production of green hydrogen, a promising no-carbon fuel.
The company also advocates for climate action through its membership in several organizations, including Business Ambition for 1.5°C, the CEO Climate Dialogue, the Business Roundtable and the Hydrogen Council, a global coalition of CEOs working to accelerate the use of green hydrogen. Linebarger serves as co-chair of the Hydrogen Council.
Cummins has been named to the S&P Dow Jones Sustainability Indices for North America for 15 consecutive years and qualified for Sustainalytics' 2021 ESG Industry Top Rated Badge among other honors.
Other inaugural recipients of the Terra Carta Seal include Bank of America, PepsiCo, Salesforce and Xerox. The Sustainable Markets Initiative expects to add more recipients annually as additional companies join its campaign to meet the world's climate challenges.
About the seal
Working closely with The Prince of Wales, Sir Jony Ive and his creative team at LoveFrom have created a physical and animated seal that is both simple and beautifully crafted. The prince's Sustainable Markets Initiative says the design combines "a host of natural references including oak leaves, fern, magnolia and honeybees and intricate patterns both in nature and in the arts, creating a visual celebration reflecting the power of and reverence for nature that is at the heart of the Terra Carta."
About Cummins Inc.
Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company's products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen generation and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 57,825 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $1.8 billion on sales of $19.8 billion in 2020. See how Cummins is powering a world that's always on by accessing news releases and more information at https://www.cummins.com/always-on.
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