Eaton Making Significant Progress on Sustainability Targets and I&D Journey as Outlined in Two New Publications

Rhea-AI Summary

Eaton (NYSE:ETN) has published its 2023 Sustainability Report and Global Inclusion and Diversity Transparency Report, highlighting substantial progress toward its 2030 ESG targets. The company has reduced greenhouse gas (GHG) emissions by 31% since 2018 and certified 79% of its manufacturing sites as zero waste to landfill. In addition, Eaton surpassed its water target by certifying 16% of sites as zero water discharge. The company has invested $1.3 billion in sustainable R&D since 2020, aiming for $3 billion by 2030.

On the inclusion and diversity front, Eaton increased the representation of women in salaried positions to nearly 28% and U.S. minorities to over 24%, with goals of 40% and 34% by 2030, respectively. The employee inclusion index score reached 77% against a goal of 80%. Eaton's board and senior leadership maintain strong diversity.

Guided by its commitment to sustainability and inclusivity, Eaton aims to improve quality of life and address power management challenges globally. The company reported $23.2 billion in revenues in 2023 and serves customers in over 160 countries.

• Company reduces GHG emissions 31% since 2018
• Achieves 79% of waste target and surpasses water target
• Invests $1.3 billion in research and development for sustainable solutions since 2020
• Makes business case for inclusion and demonstrates impact through data

DUBLIN--(BUSINESS WIRE)-- Intelligent power management company Eaton (NYSE:ETN) released its 2023 Sustainability Report and standalone Global Inclusion and Diversity Transparency Report today. The publications feature the company’s progress toward its 2030 environmental, social and governance (ESG) targets and in creating an inclusive workplace.

As the ESG regulatory landscape continues to evolve, Eaton is leaning forward—its 2023 Sustainability Report showcasing more transparency and reporting rigor than ever before. Likewise, the company’s Inclusion and Diversity Report shares several employee success stories and reveals how an inclusive culture can achieve better business results.

Highlights from Eaton’s sustainability report include:

• Reducing greenhouse gas (GHG) emissions by 31%, up from 27% in 2022, in its operations since 2018 through energy efficiency projects, energy conservation, and shifts to renewable energy. Eaton’s goal is to reduce 50% of GHGs from its operations by 2030.
• Certified 79% of manufacturing sites as zero waste to landfill, up from 75% in 2022. This moves the company closer to its goal to certify 100% by 2030.
• Certified 16% of manufacturing sites as zero water discharge, up from 8% in 2022, surpassing its goal to certify 10% of its sites in water-stressed areas by 2030.
• Invested $1.3 billion in research and development for sustainable solutions since 2020, up from $900 million in 2022, and progressing toward its goal to spend $3B by 2030.

“What’s important gets measured and what’s measured gets done,” said Harold Jones, chief sustainability officer and executive vice president, Eaton Business System. “I’m pleased to share that for yet another year, we’re getting it done. We’re marching closer to fulfilling our mission to improve the quality of life and the environment and these publications showcase the significant progress we’ve made on this journey.”

Highlights from Eaton’s I&D report include:

• Increasing the representation of women in salaried positions across the enterprise to nearly 28% and U.S. minorities to more than 24%, against 2030 aspirational goals of 40% and 34%, respectively.
• Increasing the employee inclusion index score—a gauge of employees’ sense of inclusion—to 77%, bringing Eaton closer to its aspirational goal of 80%.
• Maintaining a strong representation of women and U.S. minorities on the board of directors and senior leadership team.

“Inclusion and diversity are a powerful combination that strengthens our culture and workforce,” said Ernest Marshall, executive vice president and chief human resources officer. “Our reports reflect our transparency, accountability and commitment to advancing policies and programs that promote equity and opportunity for all.”

Eaton is an intelligent power management company dedicated to protecting the environment and improving the quality of life for people everywhere. We make products for the data center, utility, industrial, commercial, machine building, residential, aerospace and mobility markets. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power ─ today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re accelerating the planet’s transition to renewable energy sources, helping to solve the world’s most urgent power management challenges, and building a more sustainable society for people today and generations to come.

Eaton was founded in 1911 and has been listed on the New York Stock Exchange for more than a century. We reported revenues of $23.2 billion in 2023 and serve customers in more than 160 countries. For more information, visit www.eaton.com. Follow us on LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240710019705/en/

Margaret Hagan

+1 (440) 523-4343

MargaretHagan@Eaton.com

Drew Horansky

+1 (440) 523-4306

DrewAHoransky@Eaton.com

Source: Eaton

FAQ

What progress has Eaton made in reducing greenhouse gas emissions?

Eaton has reduced its greenhouse gas emissions by 31% since 2018, up from 27% in 2022, through energy efficiency projects, energy conservation, and shifts to renewable energy.

What are Eaton's waste reduction achievements as of 2023?

As of 2023, Eaton has certified 79% of its manufacturing sites as zero waste to landfill, up from 75% in 2022, moving closer to its goal of 100% by 2030.

How much has Eaton invested in sustainable research and development?

Eaton has invested $1.3 billion in research and development for sustainable solutions since 2020, aiming to reach $3 billion by 2030.

What are Eaton's goals for water discharge at manufacturing sites?

Eaton aims to certify 10% of its manufacturing sites in water-stressed areas as zero water discharge by 2030. As of 2023, 16% of these sites have been certified.

What is Eaton’s progress in increasing diversity in salaried positions?

Eaton has increased the representation of women in salaried positions to nearly 28% and U.S. minorities to more than 24%, with 2030 aspirational goals of 40% and 34%, respectively.

What is Eaton’s employee inclusion index score?

Eaton's employee inclusion index score has reached 77%, bringing the company closer to its aspirational goal of 80%.

What are Eaton’s financial highlights in 2023?

Eaton reported revenues of $23.2 billion in 2023 and serves customers in more than 160 countries.