Trane Technologies Champions Decarbonization, Sustainable Cooling and Climate Policies at COP29

Rhea-AI Summary

Trane Technologies (NYSE:TT) will participate in COP29 in Baku, Azerbaijan, focusing on decarbonization initiatives and climate policies. The company, as part of the World Economic Forum's Alliance of CEO Climate Leaders, signed an open letter urging enhanced collaboration for net-zero emissions by 2050. Trane Technologies will join discussions on building decarbonization, clean energy, and sustainable food supply chains. The company recently committed to reducing embodied carbon by 40% by 2030 and was recognized as a 2024 Corporate Climate Policy Engagement Leader in North America. Through its Gigaton Challenge, the company aims to reduce customer greenhouse gas emissions by 1 billion metric tons.

Positive

• Recognized as 2024 Corporate Climate Policy Engagement Leader in North America
• Industry-first commitment to reduce embodied carbon by 40% by 2030
• Strong advocacy position in building electrification and efficiency
• Validated emissions reduction targets by Science Based Targets Initiative (SBTi)

Negative

• None.

Insights

Environmental Policy Expert

This COP29 participation, while aligned with Trane Technologies' sustainability goals, represents routine corporate engagement in climate discussions rather than material business developments. The company's reiteration of existing commitments - including the 40% embodied carbon reduction by 2030 and the Gigaton Challenge - doesn't introduce new financial implications or immediate market impact.

The InfluenceMap recognition and WEF CEO Climate Leaders participation enhance TT's ESG profile but don't constitute market-moving developments. While these initiatives support long-term strategic positioning in the climate solutions market, they lack immediate financial materiality that would influence investor decision-making.

SWORDS, Ireland--(BUSINESS WIRE)-- Trane Technologies (NYSE:TT), a global climate innovator, will underscore the critical need for decarbonizing the built environment and transport sectors, advocating and advancing climate policies, and increasing the adoption of electrified heating and cooling and other low-carbon, energy-efficient solutions during COP29 in Baku, Azerbaijan, November 11 – 22.

As a member of the World Economic Forum’s Alliance of CEO Climate Leaders, Trane Technologies joined more than 100 CEOs and Senior Executives in signing an open letter to world leaders ahead of the UN Climate Change Conference 2024 (COP29). The letter emphasizes the need for governments and business to double down on transformative policies and collaboration for the transition to net-zero emissions by 2050.

“Accelerating decarbonization is an environmental imperative that we must continue driving with innovative solutions to reduce carbon emissions and enhance energy efficiency,” said Scott Tew, VP of Sustainability, Trane Technologies. “The faster we transition to a low-carbon economy, the more we safeguard our planet to ensure a sustainable future for all.”

Trane Technologies leaders will join several critical climate discussions throughout COP29, including (*note: all times local):

• Net-Zero – Turning Commitments into Reality: Nov. 15, 1:00pm AZT
• Revolutionizing Heating and Cooling for Building Decarbonization: Nov. 16, 3:00pm AZT, livestream available
• Broadening the Benefits of Clean Energy – Community Engagement and Next Generation Workforce Development: Nov. 18, 10:00am AZT
• Catalysts for Change – Transforming Food Supply Chains for Reduced Waste and Sustainable Production: Nov. 17, 11:15am AZT, livestream available upon registering
• Circularity and Decarbonization of the Built Environment – Pathways to Net-Zero: Nov. 19, 2:00pm AZT, livestream available

With cities around the world warming at twice the global average, collective action on sustainable cooling can reduce nearly 80 billion tons of carbon by 2050 – improving the lives of hundreds of millions and enabling significant financial savings. In alignment with United Nations Sustainable Development Goals Affordable Clean Energy (SDG7) and Climate Action (SDG13), Trane Technologies continues to demonstrate its industry-leading impact, calling for increased renewable energy supplies, standardized and transparent emissions reporting, an expedited transition to low global warming potential refrigerants and continued advocacy for policies that support the adoption of new and existing solutions at scale.

Trane Technologies recently announced its industry-first commitment to reduce embodied carbon by 40% by 2030, furthering its leadership in sourcing more sustainable solutions. The company was also recently recognized by InfluenceMap as a 2024 Corporate Climate Policy Engagement Leader in the North America region for its exceptional performance in building electrification and efficiency as well as its advocacy for the Inflation Reduction Act (IRA) – earning one of the highest Engagement Intensity scores of all US-based entities.

Through bold, industry-leading action, Trane Technologies is advancing its 2030 Sustainability Commitments, including the Gigaton Challenge – a pledge to reduce customer greenhouse gas emissions by 1 billion metric tons (or, one gigaton) – and its pledge to be net-zero by 2050. The company is first in its industry with near and long-term emissions reduction targets externally validated by the Science Based Targets Initiative (SBTi).

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 www.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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241111217520/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 is Trane Technologies' (TT) carbon reduction commitment for 2030?

Trane Technologies (TT) has committed to reduce embodied carbon by 40% by 2030, and aims to reduce customer greenhouse gas emissions by 1 billion metric tons through its Gigaton Challenge.

What recognition did Trane Technologies (TT) receive from InfluenceMap in 2024?

Trane Technologies (TT) was recognized as a 2024 Corporate Climate Policy Engagement Leader in North America for its performance in building electrification and efficiency, and advocacy for the Inflation Reduction Act.

What events will Trane Technologies (TT) participate in at COP29?

Trane Technologies (TT) will participate in discussions about net-zero commitments, heating and cooling for building decarbonization, clean energy community engagement, food supply chains, and circularity in the built environment.