As we reflect on Landis+Gyr’s sustainability journey over the past year, our commitment to embedding sustainability into our strategy and operations has grown even stronger. Sustainability remains integral to our vision, and we continuously strive to deepen our impact in alignment with global best practices and standards.
I am pleased to reaffirm Landis+Gyr’s steadfast support for the ten principles of the United Nations Global Compact in the areas of human rights, labor, environment, and anti-corruption. Through this annual activity report, and thanks to continuous innovation and collaboration, we transparently demonstrate our ongoing efforts to integrate these principles into our strategy, corporate culture, and daily operations, further contributing to the achievement of the United Nations Sustainable Development Goals (SDGs).
In FY 2024, we continued to drive decarbonization efforts throughout our entire value chain, achieving notable progress at both product and operational levels. Our installed base of smart meters enabled remarkable savings of 9 million tons of CO2 emissions. Furthermore, the percentage of products shipped delivering significant environmental benefits, classified within our Eco-Portfolio, increased to 89%, up from 84% in FY 2023, clearly reflecting our ongoing innovation in sustainable solutions.
We remain committed to achieving our Science-Based Targets (SBTs) and made strong progress in FY 2024. Renewable electricity now accounts for 96% of our total electricity consumption, up from 79% in the previous year, and we remain on track to achieve our ambitious goal of reaching 100% renewable electricity by FY 2025—five years ahead of our original target. In addition, we are pleased to report that we have achieved our SBT for combined Scope 1 and 2 emissions, reducing these emissions by 67% compared to our FY 2021 baseline, surpassing our target by 25%. This significant progress is the result of increased renewable energy usage, enhanced energy efficiency, and the ongoing electrification of our vehicle fleet. Regarding Scope 3 emissions, while absolute figures rose by 4% compared to FY 2021, they decreased by 12% relative to every USD 100 of net revenue, reflecting continued improvements in carbon efficiency throughout our value chain.
Beyond emissions reduction, we have also achieved significant improvements in our environmental performance, notably reducing our waste generation by 19% and increasing the proportion of waste recycling by 5% compared to last year. These initiatives highlight our holistic approach to environmental stewardship, demonstrating that we consider all aspects of our operational impact.
Moreover, we remain dedicated to fostering a safe and inclusive work environment. This year, our focused efforts in occupational health and safety resulted in a noteworthy decrease in our Lost Time Incident Frequency Rate from 1.14 to 0.85. We also continued to prioritize employee development, with average training hours per employee surpassing 30 hours in FY 2024. Our employees’ commitment and contributions have been fundamental to achieving these successes, and we continuously invest in initiatives that empower our workforce, enhance employee well-being, and strengthen our inclusive company culture.
Our sustainability efforts have received outstanding external recognition. We are particularly proud to have been awarded the EcoVadis Platinum rating, placing us among the top 1% of companies evaluated globally. In FY 2024, we also became a member of the Responsible Business Alliance, further underscoring our commitment to advancing supply chain sustainability. In line with this commitment, we intensified our due diligence across our supply chain, conducting 52 ESG audits that covered 92.5% of our direct material spend.
We recognize the vital role focus and collaboration play in advancing sustainability. By working closely with our partners, suppliers, customers, and industry peers, we can amplify our collective impact. Our collaborative approach has allowed us to share best practices, learn from each other, and jointly tackle pressing sustainability challenges, further underscoring our role as a sustainability leader.
As part of our strong commitment to transparency and regulatory compliance, we have launched a project to align our reporting systems and processes with the requirements of the EU Corporate Sustainability Reporting Directive (CSRD). This initiative, including our recently completed Double Materiality Assessment (DMA), ensures that we proactively integrate the evolving European Sustainability Reporting Standards (ESRS) into our broader sustainability strategy.
Looking ahead, Landis+Gyr remains dedicated to advancing sustainability and driving positive change. We are positioned at the forefront of a rapidly evolving landscape, characterized by increasing resource scarcity, rising energy demands, and the urgent transition toward cleaner, sustainable energy solutions. And as you will read in this report, we are enabling this transformative era by prioritizing all our stakeholders, with a deep commitment to environmental stewardship and social responsibility at the core of our mission.
With your continued partnership and support, I am confident we will make meaningful contributions to a sustainable future for all.
