Siemens is a global technology group operating across industrial automation, digital industries, smart infrastructure and mobility. Its products and services support manufacturing, energy systems and transport networks worldwide.
Reason for engagement
As a company operating in a high-impact sector and assessed by the Transition Pathway Initiative at level 5 (transition planning and implementation), Siemens plays an important role in advancing industrial decarbonisation. Our engagement has focused on strengthening its climate transition planning and implementation, including clearer timelines, improved quantification and transparent communication of progress.
What we did
During 2024, in addition to addressing the board at the annual general meeting, we met representatives of the company to discuss its overall climate approach and progress. A further meeting in 2025 continued this dialogue. These conversations have helped to maintain regular contact and support clearer communication of the company’s transition planning.
Outcomes
By early 2025, Siemens had raised its 2030 scope 3 reduction target from 15% to 30%. This reflects areas we had discussed with the company in earlier meetings on value-chain targets and on the drivers of scope 3 performance.
In response to our request for a more structured presentation of its climate pathway, Siemens developed a visual roadmap to 2030 and beyond to 2050. At our 2025 meeting, Siemens confirmed that our previous feedback had led to the inclusion of this roadmap.
Siemens’ updated sustainability report also provides more detail in several areas raised in our engagement, including the treatment of offsetting and the narrative around scope 3. At the 2025 meeting, Siemens’ representatives explained why its reported scope 3 emissions from the use of sold products are high: the company counts the full electricity used by its motors and drives over their lifetime, while many peers count only the small share of energy lost as heat. Siemens noted that if it used the peer approach, its reported scope 3 emissions would fall by around 70%. We also discussed progress within Siemens Financial Services, including how the business is addressing financed emissions and limiting exposure to coal-related activities while supporting energy-transition projects.
Finally, Siemens acknowledged that some trade associations do not fully reflect its climate policy and said it is open to improving communication about how it seeks alignment.
Across these areas, Siemens has responded constructively to engagement, with improvements in transparency, ambition and presentation that allow for clearer investor assessment of its transition plan.