Trane Technologies Accelerates Growth through Leading Sustainability Performance

Rhea-AI Summary

Trane Technologies (NYSE: TT) has released its latest ESG report, highlighting substantial progress in sustainability and financial performance. Key achievements include reducing 157 million metric tons of customer carbon emissions and a 44% reduction in operational emissions since 2019.

The company also reported over 20% adjusted EPS growth for the third consecutive year. Notable advancements include achieving 68% renewable energy use, a 33% reduction in total water usage, and gender parity on the Board of Directors.

Trane Technologies continues to invest in sustainable innovation and culture as part of its 2030 Sustainability Commitments and 2050 net-zero goals. The company has been recognized with several prominent awards for its sustainability efforts.

Positive

• Reduced 157 million metric tons of customer carbon emissions since 2019.
• 44% reduction in operational emissions since 2019.
• Achieved over 20% adjusted EPS growth for three consecutive years.
• 68% of global electricity demand met through renewable energy sources.
• 33% reduction in total water usage since 2019.
• Achieved gender parity on the Board of Directors.
• Increased women in management roles to 25.2%.
• 92,517 employee volunteer hours completed in 2023.
• Recognized in Dow Jones Sustainability Index for the 13th consecutive year.
• Ranked 1st in Buildings Materials & Construction industry by Just Capital’s JUST 100 List.
• Listed on the CDP Climate Change ‘A’ List and Fortune’s World’s Most Admired Companies.

Negative

• Reduced absolute energy use by only 4% toward the 10% goal, despite increased demand and production.

Company’s latest ESG report highlights reduction of 157 million metric tons of customers’ carbon emissions and 44% reduction in operational emissions since 2019 while significantly increasing earnings per share

SWORDS, Ireland--(BUSINESS WIRE)-- Trane Technologies (NYSE: TT), a global climate innovator, is accelerating growth and delivering continued, industry-leading financial performance while advancing the company’s bold 2030 Sustainability Commitments.

Trane Technologies’ latest Environmental, Social and Governance (ESG) Report, Accelerating Action for Impact, highlights the company’s relentless investment in sustainable innovation, its uplifting, engaging culture and substantial progress toward its externally validated 2030 Sustainability Commitments and 2050 net-zero goals. The company has reduced 157 million metric tons of carbon from customers' emissions since 2019 while delivering a third consecutive year of more than 20% adjusted EPS growth.

“We continue to innovate, and grow, to address climate change at scale,” said Dave Regnery, chair and CEO of Trane Technologies. “As we deliver on our leading, transformative climate goals, we are driving innovation and return on investment for our customers, uplifting our communities and positively shaping our industry.”

“Our strong sustainability performance begins with our culture, where sustainability is integrated into every role and function and reflects our shared belief in our ability to have a meaningful impact,” said Paul Camuti, Chief Technology & Sustainability Officer of Trane Technologies. “By placing sustainability at the center of our business strategy, we are addressing global challenges through tangible actions – scaling today’s technology and innovating for tomorrow.”

Trane Technologies’ 2023 ESG Report is a comprehensive, framework-aligned set of data that provides transparency and accountability. Notable advancements made in 2023 toward Trane Technologies’ 2030 Sustainability Commitments and other areas include (compared to 2019 baseline unless otherwise noted):

• Gigaton Challenge: Reduced 157 million metric tons of carbon – equivalent to the emissions generated from nearly 18 billion gallons of gasoline – from customers’ emissions toward the Gigaton Challenge, a pledge to reduce one billion metric tons of carbon from emissions by 2030.
• Carbon Neutrality: Reduced operational (Scope 1 and 2) emissions by 44%, ahead of schedule toward reaching science-based target of 50% reduction and carbon neutral operations across the company’s footprint by 2030.
• Absolute Energy: Reduced absolute energy use by 4% toward 10% goal, even as demand and production increased.
• Renewable Energy¹: Met 68% of global electricity demand through renewable energy sources.
• Water and Waste: Reduced water usage by 26% at facilities in water-stressed regions for a 33% decrease in total water use and achieved zero waste to landfill at 85% of global manufacturing sites.
• Gender Parity: Increased women in management roles to 25.2% and achieved gender parity on Board of Directors, with women occupying six out of 12 seats.
• Volunteerism: Completed 92,517 employee volunteer hours in 2023, reaching 47% of our 2030 goal.
• Workforce Innovation²: Repositioned policy of tuition reimbursement to tuition advancement to further enable opportunities for learning by reducing the upfront financial burden – increasing program participation by 39% compared to prior year. Launched pioneering, skills-based Trane® Technician Apprenticeship Program, nationally registered through the U.S. Department of Labor, welcoming more than 80 apprentices from 26 states.

A series of prominent awards, ratings and listings also recognized Trane Technologies for its industry-leading sustainability performance and company culture:

• Dow Jones Sustainability Index (13th consecutive year listed on North America Index, 3^rd on World Index)
• Just Capital’s JUST 100 List (ranked 1^st in Buildings Materials & Construction industry, 56^th overall)
• CDP Climate Change ‘A’ List
• Fortune’s World’s Most Admired Companies
• Corporate Knights (ranked 23 on the 2024 Global 100)
• Ethisphere® Institute’s World’s Most Ethical Companies
• Financial Times “European Climate Leaders 2023”

To read Trane Technologies’ full 2023 ESG Report, visit tranetechnologies.com/esg.

About Trane Technologies

Trane Technologies is a global climate innovator. Through our strategic brands Trane® and Thermo King®, and our portfolio of environmentally responsible products and services, we bring efficient and sustainable climate solutions to buildings, homes and transportation. Visit tranetechnologies.com.

This news release includes “forward-looking statements” within the meaning of securities laws, which are statements that are not historical facts, including statements that relate to our sustainability commitments and the anticipated impact of these commitments. These forward-looking statements are based on our current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from our current expectations. Factors that could cause such differences can be found in our Form 10-K for the year ended December 31, 2023, as well as our subsequent reports on Form 10-Q and other SEC filings. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect the Company. We assume no obligation to update these forward-looking statements.

¹ Calendar year 2023 metric

² Calendar year 2023 metric

View source version on businesswire.com: https://www.businesswire.com/news/home/20240514945202/en/

Media Contact:

Travis Bullard

+1-919-802-2593

Media@tranetechnologies.com

Investors Contact:

Zachary Nagle

+1-704-990-3913

InvestorRelations@tranetechnologies.com

Source: Trane Technologies

FAQ

What sustainability achievements did Trane Technologies report in 2023?

Trane Technologies' 2023 ESG report highlights a reduction of 157 million metric tons of customer carbon emissions, a 44% reduction in operational emissions, and over 20% adjusted EPS growth for the third consecutive year.

How much did Trane Technologies reduce its operational emissions since 2019?

Trane Technologies reduced its operational emissions by 44% since 2019.

What percentage of Trane Technologies' global electricity demand was met through renewable energy sources in 2023?

In 2023, 68% of Trane Technologies' global electricity demand was met through renewable energy sources.

What is Trane Technologies' gender parity status on its Board of Directors?

Trane Technologies has achieved gender parity on its Board of Directors, with women occupying six out of 12 seats.

What notable rankings or awards did Trane Technologies receive for its sustainability efforts?

Trane Technologies was recognized in the Dow Jones Sustainability Index for the 13th consecutive year, ranked 1st in Buildings Materials & Construction industry by Just Capital’s JUST 100 List, listed on the CDP Climate Change ‘A’ List, and named in Fortune’s World’s Most Admired Companies.