ESG in the Aerospace and Defense Industry

The aerospace and defense (A&D) industry is a critical player in global technology, transportation, and international security. However, with growing awareness of environmental and social issues, this sector faces increasing scrutiny regarding its environmental, social, and governance (ESG) practices. This report examines the ESG initiatives and controversies surrounding the top companies in the A&D industry, delves into relevant ESG regulations and frameworks, analyzes ESG investing trends, and explores the industry's environmental impact, including its efforts to reduce its carbon footprint.

Top Companies in the Aerospace and Defense Industry

The A&D industry encompasses a wide range of companies involved in the design, development, and manufacturing of aircraft, spacecraft, missiles, and other defense systems. Some of the largest aerospace companies worldwide include Boeing, Airbus, Lockheed Martin, Northrop Grumman, RTX Corporation (formerly Raytheon Technologies), General Dynamics, and SpaceX¹. In 2021, the top five A&D companies in the US by revenue were:

²

These top 10 companies generated a combined revenue of $373,795 million in 2021, with an average revenue growth of 3.5%. While most of these companies experienced revenue growth in 2021, Northrop Grumman and L3Harris Technologies saw a decline of -3.1% and -2.1%, respectively. Raytheon Technologies registered the highest revenue growth at 13.8%, while General Dynamics had the lowest at 1.4%³.

ESG Initiatives and Reporting

This section provides an overview of the ESG initiatives and reporting practices of the top A&D companies.

Lockheed Martin

Lockheed Martin has implemented a comprehensive sustainability program with a focus on innovation, integrity, and security. The company aims to strengthen communities, protect the environment, and ensure responsible growth by integrating sustainability throughout its business strategy, operations, and product and service innovations⁴.

Some of Lockheed Martin's key ESG initiatives include:

• Carbon Reduction: The company has committed to reducing its Scope 1 and 2 absolute carbon emissions by 36% from a 2020 baseline by 2030⁵.
• Renewable Energy: Lockheed Martin aims to match 40% of the electricity used across its global operations with electricity produced from renewable sources by 2030⁵.
• Supply Chain Sustainability: In partnership with other leading A&D companies, Lockheed Martin has implemented a sector sustainability assessment program using IAEG Sustainability Assessments powered by EcoVadis⁶.
• Cybersecurity Support for Small Businesses: The company provides cybersecurity support to small businesses through its Cybersecurity Small Business Pathfinder program⁶.
• Social Impact: Lockheed Martin is dedicated to advancing environmental sustainability by partnering with organizations that are developing equitable climate adaptation strategies and promoting carbon reduction through nature-based solutions⁷. For example, in support of the UN Sustainable Development Goal for affordable and clean energy, Lockheed Martin partnered with the Rocky Mountain Institute to develop grid-tied battery energy storage systems in India. This initiative aims to support the integration of renewable energy and accelerate the decarbonization of India's energy grid⁸.
• Supporting Sustainable Development: The company aims to double the level of corporate giving that addresses societal issues such as quality education, gender equality, affordable and clean energy, and peace, justice, and strong institutions by 2030⁸.

Lockheed Martin's senior vice president of Ethics and Enterprise Assurance provides leadership oversight for these efforts and reports on their performance to the Executive Leadership Team⁹.

Raytheon Technologies

Raytheon Technologies' ESG strategy is grounded in its core values of trust, respect, accountability, collaboration, and innovation¹⁰. The company's ESG priorities are centered around:

• Decarbonizing Operations: Raytheon Technologies is committed to reducing its greenhouse gas (GHG) emissions by 46% from 2019 levels by 2030, aligning with the Paris Agreement's goal to limit global warming¹¹.
• Net-Zero Carbon Emissions in Civil Aviation: The company aspires to collaborate with industry partners to achieve net-zero carbon emissions in civil aviation by 2050¹¹.
• Social Impact Initiatives: Raytheon Technologies launched Connect Up, a 10-year, $500 million corporate responsibility initiative focused on driving transformative change and addressing critical societal challenges, including promoting equitable opportunities in STEM education, career development, and community well-being¹².
• Employee Volunteerism: The company has implemented an enterprise-wide employee volunteer initiative to provide opportunities for employees to engage with and contribute to their communities¹².

Raytheon Technologies places a strong emphasis on driving greater energy efficiency and reducing emissions through sustainable technology and disruptive innovations. In 2022, the company invested $7.1 billion in research and development, including support for the industry's goal of achieving net-zero carbon emissions by 2050. It also invested $17.3 million in energy reduction-related projects¹³.

Boeing

Boeing's ESG strategy is built on three pillars: environmental stewardship, social responsibility, and strong governance practices¹⁴. The company's key initiatives include:

• Decarbonization: Boeing is committed to achieving net-zero carbon emissions within its operations and across its value chain¹⁴.
• Sustainable Aviation Fuel (SAF): Boeing has committed to delivering airplanes that are 100% compatible with SAF by 2030¹⁵.
• Renewable Energy: In 2023, 39% of the energy used in Boeing's operations was sourced from renewable electricity¹⁶.
• Diversity and Inclusion: Since 2020, Boeing has increased the percentage of its U.S. workforce made up of racial/ethnic minorities by 6.4 points and the percentage of women in its global workforce by 1.2 points¹⁶.
• Community Engagement: In 2023, Boeing employees dedicated a total of 477,000 hours to charitable causes worldwide, representing a 100,000-hour increase in employee volunteer hours¹⁶.
• Conserving Resources: Boeing has set 2025 goals to reduce greenhouse gas emissions by 25%, energy consumption by 10%, water consumption by 20%, solid waste to landfill by 20%, and hazardous waste by 5%¹⁷.

Boeing is investing in innovation and clean technologies to improve aerodynamic performance, increase propulsion and systems efficiency, reduce life cycle energy use and emissions, and enhance its digital design, test, and production capabilities¹⁸.

Northrop Grumman

Northrop Grumman's ESG strategy is guided by its core values and focuses on environmental sustainability, social responsibility, and ethical governance¹⁹. The company's key initiatives include:

• Net-Zero Greenhouse Gas Emissions: Northrop Grumman is committed to achieving net-zero greenhouse gas emissions by 2035¹⁹.
• Renewable Energy: The company aims to source 50% of its total electricity from renewable sources by 2030²⁰.
• Water Management: Northrop Grumman aims to reduce absolute water withdrawals by 10%, reuse 10% of water withdrawals, and replenish 10% of water withdrawals by 2030, with a focus on water-stressed regions²⁰.
• Waste Reduction: The company aims to reduce solid waste sent to landfill and incineration by 10% by 2030²⁰.
• Diversity and Inclusion: Northrop Grumman has completed year three of its five-year diversity plan, with the rate of people of color in leadership roles increasing from 28% in 2021 to 29% in 2022²¹.
• Support for Small Businesses: In 2022, Northrop Grumman awarded $3.9 billion to small business suppliers, representing 36% of its total domestic spend²¹.
• On-Site Solar and Water Conservation: The company has expanded on-site solar opportunities to 15 additional campuses and implemented water conservation measures in drought-prone states like California, resulting in a 12 million-gallon reduction in water withdrawals¹⁹.

Northrop Grumman emphasizes minimizing the environmental footprint of its operations and enhancing sustainability within the A&D industry by supporting customer needs and supply chain objectives²².

General Dynamics

General Dynamics is committed to sustainable practices in its day-to-day operations and throughout its value chain²³. The company's key initiatives include:

• Greenhouse Gas Reduction: General Dynamics has established a company-wide greenhouse gas reduction target of 40% by 2034, with a 2019 baseline²³.
• Energy Efficiency: The company is committed to reducing Scope 1 and Scope 2 GHG emissions by 40% by 2034, from a 2019 base year²⁴.
• Environmental Stewardship: General Dynamics seeks to protect the environment by improving operating efficiency, lowering costs, minimizing waste and emissions, reducing the use of fossil fuels, and ensuring compliance with applicable environmental laws and regulations²⁴.
• Hybrid-Electric Vehicles: The company is investing in the development of hybrid-electric vehicles for defense applications, which offer benefits such as reduced fuel consumption, extended silent watch, and improved acceleration²⁴.

General Dynamics emphasizes a decentralized approach to sustainability, leveraging each business unit's knowledge of its market, customer base, and supply chain²⁴.

BAE Systems

BAE Systems integrates sustainability throughout its Group Strategic framework and core company processes²⁵. The company's key initiatives include:

• Net Zero: BAE Systems is committed to achieving net-zero greenhouse gas emissions across its operations by 2030²⁶.
• Climate Resilience: The company is implementing a program to ensure climate resilience and progress towards Net Zero²⁷.
• Diversity and Inclusion: BAE Systems is committed to increasing diversity and inclusion within its workforce²⁷.
• Community Engagement: In 2022, BAE Systems contributed £11.1 billion to the UK's GDP and spent £4.1 billion with 6,000 UK suppliers²⁷.
• Employee Engagement: The company focuses on employee engagement and ensuring continued focus on safety and well-being²⁷.
• Workforce Growth and Social Impact: BAE Systems has committed to substantially growing its workforce over the next 20 years to meet the needs of the nation's submarine programs. Central to this aim is ensuring that the benefits of this growth are realized in the communities where it operates, creating a lasting social, economic, and environmental legacy²⁸.

BAE Systems has a dedicated ESG Committee that oversees the company's sustainability efforts²⁷.

Airbus

Airbus places sustainability at the heart of its business and strategy²⁹. The company's key initiatives include:

• Decarbonization: Airbus is committed to achieving net-zero carbon emissions for the aviation sector by 2050³⁰.
• Sustainable Aviation Fuel (SAF): Airbus aims to reach 15% SAF in its global fuel mix by 2024 and at least 30% by 2030³⁰.
• Renewable Energy: The company aims to source up to 100% renewable energy for all its European sites by 2024³¹.
• Aircraft Recycling: Airbus has established a proven method for decommissioning, dismantling, and recycling aircraft in an environmentally responsible way³².
• Environmental Responsibility: Airbus focuses on reducing its environmental impact through initiatives such as renewable energy procurement, infrastructure and equipment investments, efficiency standards, and conservation efforts³³.
• Paris Agreement Alignment: Airbus has committed to radically reducing its Scope 1 and 2 industrial emissions and aligning with the Paris Agreement's goal to limit global warming to 1.5⁰C³¹.

Airbus reports against the Global Reporting Initiative (GRI) standards and links its sustainability information to the Sustainability Accounting Standards Board (SASB) disclosure framework for A&D companies³⁴.

Leonardo

Leonardo's ESG strategy embraces the entire value chain and pursues the course of the UN 2030 Agenda Sustainable Development Goals (SDG)³⁵. The company's key initiatives include:

• Sustainability Plan: Leonardo is implementing 100 Sustainability Plan projects to reduce its environmental footprint and promote social responsibility³⁵.
• Environmental Responsibility: The company focuses on reducing energy consumption, CO2 emissions, water withdrawals, and waste produced³⁶.
• Innovation and Digitalization: Leonardo invests in research, product development, and customization to drive sustainable solutions³⁷.
• Diversity and Inclusion: Leonardo was included in the Bloomberg Gender-Equality Index (GEI 2023) for its reporting on gender-related data³⁸.
• Anti-Corruption: In 2021, Leonardo was included in band A, the highest band in the Defence Companies Index on Anti-Corruption and Corporate Transparency (DCI) drawn up by Transparency International³⁸.
• Energy Efficiency: Leonardo has launched several initiatives to reduce energy use and drive efficiency, including increasing energy efficiency in lighting and equipment, utilizing renewable electricity sources where possible, and optimizing fuel consumption³⁹.

Leonardo publishes an Integrated Report to offer a complete and transparent view of the value generated by the company, connecting financial performance with environmental, social, and governance information⁴⁰.

Thales

Thales's ESG strategy is embedded in its purpose of "building a future we can all trust." ⁴¹ The company's key initiatives include:

• Net Zero: Thales aims for "net zero" emissions by 2040⁴².
• Carbon Reduction: The company is committed to achieving a 35% reduction in CO2 emissions by 2023, a 50% reduction by 2030, and "net zero" by 2040⁴².
• Supplier Engagement: Thales engages with suppliers to support their efforts to reduce carbon emissions⁴².
• Diversity: The company aims to have at least three women on at least 75% of its management committees by 2023⁴².
• Environmental Protection: Thales is committed to a proactive and responsible approach to environmental protection⁴¹.
• Sustainability Program: Thales is developing a new sustainability program for 2024-2030 with even higher goals and more ambitious objectives than before⁴³.

Thales is certified to ISO 37001 (anti-bribery management systems) and has received an A rating from the Carbon Disclosure Project⁴¹.

Safran

Safran's CSR strategy, Engage for the future, supports the Group's global strategy with the aim of ensuring its sustainability⁴⁴. The company's key initiatives include:

• Carbon Reduction: Safran is committed to reducing CO2 emissions (scopes 1 and 2) by 30% by 2025 compared to 2018⁴⁵.
• Sustainable Aviation Fuel (SAF): Safran is actively involved in the development and use of SAF⁴⁶.
• UN Sustainable Development Goals: Safran contributes to 13 of the 17 UN sustainable development goals⁴⁴.
• Supplier Engagement: The company engages with suppliers to promote a responsible approach to ESG⁴⁶.
• Environmental Performance: Safran implements programs to lower energy consumption, develop an Internal Carbon Price (ICP), and use sustainable fuels for engine testing⁴⁵.

Safran has improved its CDP rating from "A-" in 2022 to "A" in 2023, placing it among the top 2% of companies assessed⁴⁷. Sustainalytics has also recognized Safran's improved ESG performance, ranking the company 3rd out of 89 companies in the "Aerospace & Defense" sector⁴⁸.

Comparative Analysis of ESG Initiatives

While all the companies discussed above have incorporated ESG considerations into their operations, their approaches and priorities differ. For example, Lockheed Martin and Raytheon Technologies have set ambitious targets for reducing their carbon emissions, while Boeing and Airbus have focused on sustainable aviation fuel (SAF) and renewable energy. Northrop Grumman has placed a strong emphasis on water management and waste reduction, while General Dynamics has prioritized the development of hybrid-electric vehicles for defense applications. BAE Systems has integrated sustainability throughout its Group Strategic framework and core company processes, while Leonardo has implemented a comprehensive Sustainability Plan with 100 projects. Thales has focused on supplier engagement and environmental protection, while Safran has aligned its CSR strategy with the UN Sustainable Development Goals.

These differences in approach reflect the companies' varying business models, operating environments, and stakeholder expectations. However, they all demonstrate a growing commitment to ESG principles and a recognition of the importance of sustainability in the A&D industry.

ESG Controversies

Despite the progress made in ESG initiatives, A&D companies continue to face controversies related to their products, operations, and supply chains. These controversies often stem from the inherent nature of the defense industry, which involves the production and sale of weapons and military technologies.

• Lockheed Martin: The company faces scrutiny regarding its involvement in the defense industry and the potential human rights implications of its products, particularly in conflict zones⁴⁹.
• Raytheon Technologies: Raytheon Technologies has faced controversies related to defective pricing, foreign bribery, and export control schemes, raising concerns about its ethical business practices and compliance with regulations⁵⁰.
• Boeing: The company has faced significant controversies related to the safety of its 737 MAX aircraft, which were involved in two crashes that killed 346 people. These incidents led to investigations, fines, and reputational damage for Boeing⁵¹.
• Northrop Grumman: Northrop Grumman faces scrutiny regarding its involvement in the Yemen conflict and the potential human rights implications of its products⁵³.
• Airbus: Airbus has faced controversies related to bribery and corruption, leading to a nearly $4 billion settlement with fraud agencies⁵².
• Leonardo: The company has faced allegations of corruption related to the proposed sale of training jets and corvettes to Colombia⁵⁴.
• Thales: Thales faced scrutiny for its use of white phosphorus in military equipment, although it has since stopped producing, selling, and delivering any equipment containing this substance⁵⁵.
• Safran: Safran faced a data leak incident that exposed sensitive information due to a misconfiguration of its systems⁵⁶.

These controversies underscore the importance of robust ESG risk management, ethical business practices, and transparency in the A&D industry. They also highlight the need for companies to proactively address potential ESG risks and engage with stakeholders to build trust and maintain a positive reputation.

ESG Regulations and Frameworks

The A&D industry operates in a complex regulatory environment with various ESG-related regulations and frameworks. These regulations and frameworks aim to promote responsible business practices, environmental sustainability, and social responsibility in the sector. Some of the key regulations and frameworks applicable to the A&D industry include:

• International Traffic in Arms Regulations (ITAR): ITAR is a U.S. regulatory framework that governs the export and import of defense-related articles and services. It aims to safeguard U.S. national security and foreign policy interests by controlling the transfer of sensitive military technologies.
• EU Corporate Sustainability Reporting Directive (CSRD): The CSRD is a European Union directive that requires companies to disclose information on their environmental, social, and governance impacts. It aims to enhance transparency and accountability in corporate sustainability reporting.
• Sustainability Accounting Standards Board (SASB) Standards: The SASB Standards provide industry-specific standards for disclosing ESG information. They aim to help companies identify and report on the most material ESG issues for their industry.
• Task Force on Climate-related Financial Disclosures (TCFD) Recommendations: The TCFD Recommendations provide a framework for disclosing climate-related risks and opportunities. They aim to help companies better understand and manage their climate-related risks and opportunities.
• UN Global Compact: The UN Global Compact is a voluntary initiative that encourages companies to align their operations and strategies with ten universally accepted principles in the areas of human rights, labor, environment, and anti-corruption.

These regulations and frameworks are driving greater transparency and accountability in the A&D industry's ESG performance. They are also encouraging companies to adopt more sustainable practices and integrate ESG considerations into their business strategies.

ESG Investing

ESG investing is gaining traction in the A&D industry as investors increasingly recognize the importance of ESG factors in their investment decisions. Studies show that ESG investing in the A&D sector is influenced by several key trends:

• Increased Scrutiny of Defense Companies: Investors are increasingly scrutinizing the ESG performance of defense companies, particularly their involvement in controversial weapons and conflicts⁵⁷. This scrutiny reflects growing concerns about the ethical implications of investing in companies that produce and sell weapons.
• Focus on Sustainability: Investors are seeking companies that are committed to reducing their environmental impact, promoting social responsibility, and upholding strong governance practices. This focus reflects a growing awareness of the importance of sustainability and the long-term risks associated with environmental and social issues.
• Engagement with Companies: Investors are engaging with A&D companies to encourage them to improve their ESG performance and disclose more information on their ESG risks and opportunities. This engagement reflects a desire for greater transparency and accountability in corporate ESG practices.

ESG investing is likely to continue to influence the A&D industry, driving companies to prioritize sustainability and responsible business practices. As investors become more discerning about ESG factors, companies that demonstrate strong ESG performance are likely to attract more investment and gain a competitive advantage.

Environmental Impact and Carbon Footprint Reduction

The A&D industry has a significant environmental impact, primarily due to greenhouse gas emissions from aircraft operations⁵⁸. The industry is actively working to reduce its carbon footprint through various initiatives, including:

• Sustainable Aviation Fuel (SAF): SAF is a key pathway to reduce emissions from aircraft operations⁵⁹. Companies are investing in the development and use of SAF, which can significantly reduce lifecycle greenhouse gas emissions compared to conventional jet fuel.
• Electric Propulsion: Electric and hybrid-electric propulsion systems are being developed for smaller aircraft and short-haul flights⁶⁰. These technologies offer the potential for zero-emission aviation.
• Aircraft Technology Improvements: Companies are investing in more fuel-efficient aircraft designs and technologies, such as lighter materials and improved aerodynamics⁶¹.
• Operational Improvements: Airlines are implementing operational improvements to reduce fuel consumption, such as optimizing flight paths and reducing delays⁶².
• Infrastructure Efficiencies: Improvements in air traffic management and airport infrastructure can help reduce emissions by optimizing flight routes and minimizing ground delays⁶¹.
• Buy-to-Fly Ratio and Recycled Materials: Aerospace companies can further reduce their carbon footprint by improving the "buy-to-fly ratio," which refers to the proportion of raw materials that end up in finished aircraft. By optimizing manufacturing processes and using recycled materials, companies can minimize waste and reduce the embodied energy in aircraft components⁶³.

These initiatives are crucial for the A&D industry to achieve its decarbonization goals and contribute to a more sustainable future. The urgency for the A&D industry to achieve its sustainability goals is increasing as aviation's contribution to global warming continues to rise⁶⁴.

Conclusion

The A&D industry is undergoing a significant transformation as it faces increasing pressure to improve its ESG performance. Leading companies are implementing various initiatives to reduce their environmental impact, promote social responsibility, and enhance governance practices. However, controversies and challenges remain, highlighting the need for continued efforts and robust ESG risk management. ESG investing is gaining momentum, further driving companies to prioritize sustainability and responsible business practices. The industry's environmental impact, particularly its carbon footprint, remains a key concern, but companies are actively pursuing solutions such as SAF, electric propulsion, and operational improvements to reduce emissions and contribute to a more sustainable future.

Looking ahead, the A&D industry's ESG journey will be shaped by several factors, including technological advancements, geopolitical developments, and evolving stakeholder expectations. Technological innovations, such as advancements in electric propulsion and the development of new sustainable aviation fuels, will play a crucial role in reducing the industry's environmental impact. Geopolitical factors, such as increasing global conflicts and the growing emphasis on national security, may influence the industry's social and governance practices. Evolving stakeholder expectations, particularly from investors and customers, will continue to drive greater transparency and accountability in ESG performance.

The A&D industry has a critical role to play in addressing global challenges such as climate change and promoting sustainable development. By embracing ESG principles and integrating them into their business strategies, A&D companies can contribute to a more sustainable and equitable future for all.

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