September 20, 2023 — GE HealthCare released its inaugural Sustainability Report, which describes the steps the company has taken to establish its stand-alone environmental, social, and governance (ESG) practice and infrastructure, as well as how it has bolstered the foundation put in place prior to its spin-off from GE. The report incorporates findings from GE HealthCare’s existing ESG materiality assessment, which informed the Company’s ESG strategy, and outlines the Company’s long-term ESG objectives and progress against previous goals.
“With a solid foundation from our legacy as part of GE and our journey as a new independent company, we are redefining our focus on sustainability by building on our historical strengths and developing new capabilities for the future,” said GE HealthCare President and CEO Peter J. Arduini. “ESG responsibility is central to our vision and we are embedding these principles into the core of our business and risk management as we seek to create a world where healthcare has no limits.”
Through an ESG materiality assessment conducted prior to the company’s spin-off, GE HealthCare has defined a list of focus areas deemed most relevant by stakeholders for its sustainability strategy. These five focus areas include the following and are underpinned by the Company's longstanding commitments to innovation, product quality, and integrity:
- Expanding greater access to healthcare for underserved populations globally
- Promoting inclusion and diversity across the enterprise by fostering an inclusive culture in which GE HealthCare colleagues feel empowered to do their best work
- Mitigating its climate impact and improving resilience by working to reduce greenhouse gas (GHG) emissions
- Advancing the circular economy and environmental design by promoting and enabling the reuse of equipment and parts from deinstalled equipment, and by incorporating environmental considerations at the product design phase
- Protecting patient data and cybersecurity by adopting standardized approaches to data privacy and security worldwide, based in large part, on the General Data Protection Regulation (“EU GDPR”) and similar privacy laws
GE HealthCare recognizes sustainability must be a Company priority. The Board oversees management’s establishment and execution of corporate strategy, along with the company’s ESG program and activities, and there is a cross-functional Enterprise Stewardship Program (ESP) that encompasses both ESG and Enterprise Risk Management. GE HealthCare appointed Kelvin Sanborn as the company’s ESG Program Lead who brings deep sustainability experience, having previously led GE HealthCare's Global Environment Team.
Highlights from the Company’s inaugural Sustainability Report include:
Environmental Impact
- Reduced operational GHG emissions by 27% since 2019, in line with the Company’s goals to reduce Scope 1 and 2 emissions by 50% by the year 2030 and achieve net zero by 2050
- Registered with the Science Based Targets Initiative (SBTi), with the commitment to provide targets for validation by year-end 2023
- Joined the Department of Health and Human Services / White House pledge to decarbonize the health sector and make healthcare facilities more resilient to the effects of climate change
Social Impact
- Established a set of Cultural Operating Principles, which are designed to serve, guide, and inspire GE HealthCare’s people as they deliver on the Company’s commitment to patients and customers
- Announced the planned establishment of a GE HealthCare Foundation in 2024 to support the Company’s corporate philanthropy and volunteerism strategies
- Appointed a new Chief Diversity, Equity, and Inclusion Officer to establish and drive GE HealthCare’s diversity, equity, and inclusion strategy
Governance and Accountability
- Launched as a stand-alone public company with strong corporate governance provisions including an independent Lead Director with clearly delineated duties and no supermajority provisions, poison pill, or dual-class share structure
- Relaunched GE HealthCare’s Code of Conduct “The Spirit & The Letter” in 10 languages, with 99.7% of employees engaging (certified as having read and understood the Code)
- Joined the UN Global Compact to align with the UN Sustainable Development Goals (UN SDGs) and support efforts to fulfill them
“GE HealthCare recognizes the global significance of fulfilling our purpose and delivering on our objectives and is pleased to have reduced our operational GHG emissions by 27% versus our 2019 baseline,” shared Kelvin Sanborn, ESG Program Leader, GE HealthCare. “With our broader ESG strategy and priorities in mind, we are carrying out a climate risk assessment that will inform our climate transition plan, as well as developing a net zero roadmap for Scope 1, 2, and 3 GHG emissions, with targets expected to be submitted for validation to the Science Based Targets initiative by year-end.”
GE HealthCare intends to issue an updated Task Force on Climate-Related Financial Disclosures (TCFD) report following the completion of the climate risk assessment. The Company also plans to refresh its materiality assessment in 2024. Additionally, GE HealthCare plans to expand the Reporting Standards used for disclosing its ESG information and is currently looking into how its goals align with the UN SDGs.
For more information: 2022 Sustainability Report
August 06, 2024 
