Trane Technologies Delivers on Low-Carbon Steel Commitment with 1M+ Sustainable HVAC Systems

Rhea-AI Summary

Trane Technologies (NYSE: TT) achieves milestone in reducing customers' emissions and embodied carbon of products by shipping over one million HVAC units with low-carbon steel, reducing approximately 16,000 metric tons of carbon annually. The company aims to procure 50% net-zero steel by 2030 and 100% net-zero by 2050, aligning with its 2030 Sustainability Commitments and Science Based Targets Initiative (SBTi) validated emissions reduction targets.

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• Trane Technologies is taking bold, innovative action to decarbonize its entire value chain, leading the industry in reducing the embodied carbon of its products, and enabling further emissions reductions for its customers. The company's low-carbon steel, manufactured in an electric arc furnace, is nearly 80% less carbon intensive than traditional blast furnace steel, showcasing a commitment to sustainable climate solutions.

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One year after industry-first announcement, company is further reducing customers’ emissions and embodied carbon of products for homes, schools and data centers

SWORDS, Ireland--(BUSINESS WIRE)-- Trane Technologies (NYSE: TT), a global climate innovator, today announced a significant milestone for its industry-leading, sustainable climate solutions – with more than one million HVAC units with low-carbon steel shipped to homeowners and commercial customers across the U.S. Less than one year after Trane Technologies established groundbreaking purchase agreements with two major U.S. steel manufacturers, the company’s low-carbon steel products – which include high-efficiency heat pumps and air conditioners – are enabling emission reductions in homes, schools, data centers and hospitals.

“As we continue taking bold, innovative action to decarbonize our entire value chain, this milestone highlights another remarkable step on our journey toward a net-zero future,” said Keith Sultana, senior vice president, global integrated supply chain, Trane Technologies. “Propelled by our purpose to challenge what’s possible for a more sustainable world, we are proud to lead our industry in reducing the embodied carbon of our products – enabling further emissions reductions for our customers and helping to lower their environmental footprints.”

Currently representing 20 percent of Trane Technologies’ annual steel purchase, the low-carbon steel, manufactured in an electric arc furnace and nearly 80 percent less carbon intensive than traditional blast furnace steel, is expected to reduce approximately 16,000 metric tons of carbon annually – the equivalent of emissions generated from powering more than 2,000 homes for one year. As a member of SteelZero, Trane Technologies pledges to procure, specify or stock 50 percent net-zero steel by 2030 and 100 percent net-zero by 2050. The company is also a founding member of the First Movers Coalition.

“Decarbonizing the steel industry is crucial to speeding up climate action,” said Mike Peirce, Executive Director of System Change for Climate Group. “Our SteelZero campaign is dedicated to working with forward-looking companies like Trane Technologies who are turning their commitments into action, harnessing collective purchasing power and influence to accelerate the transition to a responsible, net zero future.”

Through bold, industry-leading action and partnerships, 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. In 2014, the company set its first science-based 2020 Climate Commitments – accelerating innovation to achieve them two years ahead of schedule. The company’s near and long-term emissions reduction targets have been 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 innovation to develop decarbonization solutions for homeowners and commercial customers, and our other 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, 2022, 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/20231120189301/en/

Media Contact:

Shelby Hansen

+1-925-336-0496

Shelby.Hansen@tranetechnologies.com

Investors Contact:

Zachary Nagle

+1-704-990-3913

InvestorRelations@tranetechnologies.com

Source: Trane Technologies

FAQ

What is Trane Technologies' plan for net-zero steel procurement?

Trane Technologies pledges to procure 50% net-zero steel by 2030 and 100% net-zero by 2050, aligning with its long-term sustainability commitments.

How is Trane Technologies reducing emissions through low-carbon steel products?

The company's low-carbon steel products, including high-efficiency heat pumps and air conditioners, are enabling emission reductions in homes, schools, data centers, and hospitals, reducing approximately 16,000 metric tons of carbon annually.

What are Trane Technologies' sustainability goals?

Trane Technologies is advancing its 2030 Sustainability Commitments, including the Gigaton Challenge to reduce customer greenhouse gas emissions by 1 billion metric tons and its pledge to be net-zero by 2050. The company's near and long-term emissions reduction targets have been externally validated by the Science Based Targets Initiative (SBTi).