The sustainability landscape is littered with bold claims, ambitious targets and a widening gap between rhetoric and reality. Against that backdrop, Siemens AG presents a case worth examining — not because it declares itself a climate leader, but because it treats the climate transition as an operating constraint rather than a branding opportunity.

Eva Riesenhuber, Siemens’ Global Head of Sustainability, is explicit about the forces shaping the moment. “We are in the middle of two transitions,” she told us — the energy transition and the emerging circularity transition — and “the business case for sustainability is very healthy.”

That’s a confident assertion, but it raises a question: Is Siemens ahead of the curve, or simply well positioned to adapt to a world whose regulations and market forces increasingly leave companies little choice?