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Trane Technologies Becomes One of the World’s First Net-Zero Approved Companies with Latest Validation by the Science Based Targets Initiative
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Global climate innovator is first in its industry, and among an elite group of 11 companies across all sectors, whose net-zero greenhouse gas emissions targets have been approved by SBTi
SWORDS, Ireland--(BUSINESS WIRE)--
Trane Technologies (NYSE:TT), a global climate innovator, today announced it is the first in its industry, and one of just 11 companies worldwide to date, to have its net-zero carbon emissions targets approved by the Science Based Targets initiative (SBTi), a coalition of the Carbon Disclosure Project, the United Nations Global Compact, World Resources Institute and the World Wide Fund for Nature.
As a Net-Zero Approved company, Trane Technologies commits to reaching net-zero GHG emissions across its value chain by 2050 from a 2019 baseline. This includes a 90% reduction in GHG emissions across its global operations (scope 1 and 2), and a 97% reduction in emissions per cooling ton from use of the company’s products (scope 3), as well as neutralizing emissions that are not eliminated.
“We’re extremely proud to be one of the world’s first companies to have our net-zero commitment aligned with science and validated by the SBTi’s rigorous process,” said Trane Technologies chair and CEO, Dave Regnery. “We started our sustainability journey long before green was a trend; we set our 2020 Climate Commitments, with our first science-based targets back in 2014 and met them early by accelerating innovation. Recognizing there was no time to waste for climate action, we put a stake in the ground and set even bolder goals in 2019 – our 2030 Sustainability Commitments – including our Gigaton Challenge. Our progress on our near-term 2030 goals puts us on a glidepath toward net-zero by 2050. We invite more companies to join us as we act now to preserve our planet and pursue our purpose to boldly challenge what’s possible for a sustainable world.”
Trane Technologies’ 2030 Sustainability Commitments include the Gigaton Challenge, a pledge to reduce customer carbon emissions by one billion metric tons, as well as goals to lead by example with carbon neutral operations, zero waste to landfill, and net-positive water use in water-stressed locations across its global footprint. These goals follow achievement of the company’s 2020 Climate Commitments, which reduced product emissions by more than 50%, and operational emissions by more than 35% – resulting in a more ambitious baseline for its 2030 Commitments than many other companies.
Trane Technologies recently released its latest ESG report, Transform Tomorrow, Today, which includes detailed data on the company’s environmental and social sustainability performance. The report highlights that in 2021 the company exceeded annual targets on the glidepath to achieving its Gigaton Challenge, and its annual targets toward carbon neutral operations.
Trane Technologies has a long history as a pacesetter for efficient and sustainable solutions to heat and cool buildings, homes, and transport. In 2021, the company was listed on the Dow Jones Sustainability Indices for the 11th consecutive year, ranked as a JUST 100 Company, a Gold medal winner for EcoVadis, and was ranked on Fortune’s World’s Most Admired Companies for the 10th consecutive year, among other accolades.
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. For more on Trane Technologies, visit tranetechnologies.com.
This news release includes “forward-looking statements” which are statements that are not historical facts, including statements that relate to our net-zero carbon emissions targets and our other sustainability 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. Such factors include, but are not limited to, changes in laws and regulation, global economic conditions, the outcome of any litigation, our ability to develop new products and services and the acceptance of these products in the markets that we serve. Additional factors that could cause such differences can be found in our Form 10-K for the year ended December 31, 2021, as well as our subsequent reports on Form 10-Q and other SEC filings. We assume no obligation to update these forward-looking statements.
