ON Semiconductor Affirms Commitment to Climate Change Action and Transparency

ON Semiconductor Corporation (Nasdaq: ON) announced today that it has posted its 2020 Sustainability Accounting Standards Board (SASB) results specific to the semiconductor industry on its social responsibility webpage. In addition, the company confirmed that its sustainability programs are aligned with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). The results reinforce ON Semiconductor’s dedication to the development of strategies and programs addressing global climate change.

“As climate change continues to be one of the key issues facing all global businesses today, we believe that it is imperative to understand the potential risks our business faces as well as to recognize and address the potential impact of our business on the climate,” said Hassane El-Khoury, president and CEO of ON Semiconductor. “The better we identify these risks and our opportunities, the better we will be able to mitigate climate challenges in our global operations to better serve our customers. We are committed to driving sustainability within our company and to being held accountable for the status and plans of our climate change actions by disclosing them continuously to our investors and all other stakeholders.”

In 2021, ON Semiconductor affirmed its climate change policy highlighting the focus areas for its climate change-related actions. In accordance with this policy, the company intends to take actions to address carbon emissions from its global manufacturing operations, deliver products that help its customers achieve their climate goals, and educate and inform its employees on sustainable living.

The TCFD recommendations are intended to provide decision-useful information to lenders, insurers, and investors. A third-party analysis noted the company’s well established enterprise risk management program (ERM) has already identified some climate-related risks associated with its business and remarked upon the existing awareness of climate change by the board of directors and executive staff, and the company’s environmental, health and safety (EHS) department.

“We are proud to have key elements in place to address the four TCFD pillars of governance, strategy, risk management and metrics and targets,” said Jean Chong, vice president, ethics and corporate social responsibility. “Addressing these pillars requires long-term commitment and is only possible with a clear vision and strong execution by an engaged board of directors, leadership and employees.”

The ON Semiconductor 2020 CSR report is expected to be released in June 2021.