Making Better Essential: Pentair Releases 2023 Corporate Responsibility Report Featuring Its Progress in Advancing Sustainability

Rhea-AI Summary

Pentair plc (NYSE: PNR) released its 2023 Corporate Responsibility Report, showcasing progress in advancing sustainability. The report highlights reductions in greenhouse gas emissions and water withdrawal, design for sustainability efforts, responsible supply chain practices, and inclusion & diversity achievements.

Positive

• Pentair's total Scope 1 and 2 greenhouse gas emissions decreased by 30.9% compared to the 2019 baseline.
• Absolute water withdrawal within Pentair's operations decreased by 22.9% compared to the 2019 baseline.
• 100% of new products were assessed with the product sustainability scorecard in 2023.
• Pentair achieved 31% female representation in the workforce and leadership positions.
• Pentair continues to be recognized for its sustainability leadership by ratings agencies like MSCI and Sustainalytics.

Negative

• None.

LONDON--(BUSINESS WIRE)-- Pentair plc (NYSE: PNR), a leader in helping the world sustainably move, improve and enjoy water, life’s most essential resource, today released its 2023 Corporate Responsibility Report, reporting on the Company’s efforts and progress toward Making Better Essential.

The Pentair 2023 Corporate Responsibility Report features the Company's progress in advancing a more sustainable future for people and the planet. (Graphic: Business Wire)

“As a purpose-driven company, at Pentair we are energized each day by the positive impact we can make in creating a better world for people and the planet through smart, sustainable water solutions,” said John L. Stauch, Pentair President and CEO. “Improving the world around us is essential to the products we design, the solutions we create, the customers and communities we serve, and how we operate. We are inspired that we can make a positive impact through our mission to help the world sustainably move, improve, and enjoy water, life’s most essential resource.”

The Report highlights progress towards Pentair’s Social Responsibility Strategic Targets which are designed to make a positive impact on people and the planet, including the following 2023 progress highlights:

• Carbon Footprint Reduction Progress Highlights¹: Pentair’s total Scope 1 and 2 greenhouse gas emissions decreased 30.9% compared to the 2019 baseline.
• Water Withdrawal Reduction Progress Highlights¹: Pentair’s absolute water withdrawal within its operations decreased 22.9% as compared to the 2019 baseline, which represents an approximately 22 percentage point improvement from 2022.
• Design for Sustainability Progress Highlights: Building on our success from 2022, we assessed 100% of new products with our product sustainability scorecard.² We continued to consider product sustainability, along with other factors, as we weighed decisions in our commercialization process. We also laid the groundwork for new sustainability tools to aggregate product sustainability achievements for our customers.
• Responsible Supply Chain Progress Highlights: As part of new supplier screening, we assess each supplier’s ESG maturity and alignment with Pentair’s social responsibility strategy. In collaboration with a third-party expert, we assessed the ESG maturity of approximately 73% of our top 80% of existing suppliers by spend, and 50% of new suppliers with a projected spend greater than $1 million.
• Inclusion & Diversity Progress Highlights¹: We continue to advance a diverse and inclusive workforce. Pentair achieved 31% female representation in the workforce (2019 baseline of 30%) and 31% female representation in leadership positions (2019 baseline of 28%). In the U.S., people of color (POC) representation in the workforce was 38% (2019 baseline of 39%) and U.S. POC representation in leadership positions was 24% (2019 baseline of 23%).

“In 2023, through the collective efforts of our dedicated employees, customers and partners, Pentair continued our contributions to positively impact the world,” said Karla Robertson, Executive Vice President, General Counsel, Secretary, and Chief Social Responsibility Officer. “I am proud of the progress we have made and grateful for the commitment to Making Better Essential. Together, we can make the world better and build a brighter future for all.”

The positive impact of Pentair’s products, solutions and workplace initiatives is further highlighted within the Report including efforts to advance a more sustainable future by helping customers reduce energy use and avoid single-use plastic water bottles. Pentair continues to be recognized for its leadership by ratings agencies such as MSCI, where we have maintained a AAA rating since 2022 and Sustainalytics, which has ranked Pentair in the top 17% or better of the Machinery Industry group since 2022.

Pentair engaged with a third party to assure the Scopes 1 and 2 GHG emissions, water withdrawal, energy consumption, safety injury frequency rate, and inclusion and diversity rates in the 2023 Corporate Responsibility Report. To learn more about Pentair’s Social Responsibility Strategic Targets and its 2023 Corporate Responsibility Report, visit Pentair.com/Impact.

¹As of December 31, 2023.

² Pentair’s product sustainability scorecard analyzes five impacts from a product’s lifecycle – water use, energy use, GHG emissions, resource use efficiency, and material health – and incorporates an assessment of these impacts as part of new product design.

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ABOUT PENTAIR

At Pentair, we help the world sustainably move, improve, and enjoy water, life’s most essential resource. From our residential and commercial water solutions, to industrial water management and everything in between, Pentair is focused on smart, sustainable water solutions that help our planet and people thrive.

Pentair had revenue in 2023 of approximately $4.1 billion, and trades under the ticker symbol PNR. With approximately 10,500 global employees serving customers in more than 150 countries, we work to help improve lives and the environment around the world. To learn more, visit www.pentair.com.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This release contains statements that we believe to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are forward-looking statements. Without limitation, any statements preceded or followed by or that include the words “targets,” “plans,” “believes,” “expects,” “intends,” “will,” “likely,” “may,” “anticipates,” “estimates,” “projects,” “should,” “would,” “could,” “positioned,” “strategy,” or “future” or words, phrases, or terms of similar substance or the negative thereof are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions, and other factors, some of which are beyond our control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including the risk that we will be unable to execute our strategy or achieve our ESG goals or targets because of market or competitive conditions. Additional information concerning these and other factors is contained in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2023. All forward-looking statements speak only as of the date of this release. Pentair plc assumes no obligation, and disclaims any obligation, to update the information contained in this release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240418265589/en/

Shelly Hubbard

Vice President, Investor Relations

Tel: 763-656-5575

E-mail: shelly.hubbard@pentair.com

Rebecca Osborn

Senior Director, Communications

Tel: 763-656-5589

E-mail: rebecca.osborn@pentair.com

Source: Pentair plc

FAQ

What is the content of Pentair's 2023 Corporate Responsibility Report?

The report showcases Pentair's progress in advancing sustainability.

How much did Pentair's greenhouse gas emissions decrease in 2023 compared to the 2019 baseline?

Pentair's total Scope 1 and 2 greenhouse gas emissions decreased by 30.9%.

What was the percentage improvement in water withdrawal within Pentair's operations in 2023?

Absolute water withdrawal decreased by 22.9% compared to the 2019 baseline.

What percentage of new products were assessed with the product sustainability scorecard in 2023?

100% of new products were assessed.

What is the female representation in the Pentair workforce and leadership positions?

Pentair achieved 31% female representation in both the workforce and leadership positions.

How is Pentair recognized for its sustainability leadership?

Pentair is recognized by ratings agencies like MSCI and Sustainalytics.