A Message From Our Chairman, President and Chief Executive Officer
In 2021, we compiled the first global inventory of our Scope 1 and Scope 2 Greenhouse Gas (GHG) emissions (starting with fiscal year 2020) and are developing a GHG monitoring and management plan. We have set a goal to reduce our Scope 1 and Scope 2 combined emissions in company operations, normalized for revenue, by 40% from 2020 levels by the end of fiscal year 2040.
I should emphasize that sustainability has been a core part of Teledyne's corporate strategy and capital allocation for over two decades. Today, Teledyne is a global leader in space-based sensing for earth science and carbon monitoring, ambient air quality monitoring, instrumentation for ocean science and climatology, and world-class products for sustainability, energy efficiency and human health.
Recently, the prominence and importance of sustainability and Environmental, Social and Governance (ESG) initiatives have dramatically increased. In this inaugural Corporate Social Responsibility (CSR) Report, we are proud to disclose and highlight some of Teledyne's most recent efforts focused on ESG and sustainability.
When Teledyne became an independent company in late 1999, we began our acquisition strategy with the belief that demand for environmental monitoring instruments would outgrow general industrial process instrumentation. With our first three acquisitions in 2001 through 2003, Teledyne entered the environmental instrumentation business with targeted investments in ambient air quality monitoring, emissions monitoring, and analysis of trace contaminants in water. Following more than 60 other acquisitions and two decades of focused research and development efforts, Teledyne's global impact to sustainability is significant and consequential.
How do scientists and engineers study climate change and predict weather? How can governments plan for infrastructure, agriculture, and fisheries, or develop regulations and monitor compliance? On a weather application, from where does the air quality data come? Many times, it is Teledyne's products which collect critical climate data and make such sustainability research, government policy and information services possible. Our imaging sensors enable greenhouse gas and pollution monitoring from space. Our instruments provide data on the concentration of chemicals and particulates in the air we breathe. Our autonomous underwater floats and vehicles enable the monitoring of the health of our oceans and improved forecasting of hurricanes. We highlight a portion of these products in this CSR report.
The overwhelming majority of our Government businesses produce products used for applications such as observation, search and rescue, and electronic countermeasures — that is, for defensive applications. The primary purpose of our avionics products is to increase the safety and efficiency of commercial air transport aircraft. Our marine instrumentation business once only served energy customers, but today, sales related to ocean science, hydrography, marine mapping, and other applications significantly exceed those related to offshore energy exploration and production.
Going forward, we will continue to evaluate our emission reduction goals, while at the same time providing the tools and technologies enabling environmental science and climatology across the globe.
Chairman, President and
Chief Executive Officer
February 25, 2022