TTI Commits to Setting Science-Based Targets

Rhea-AI Summary

Techtronic Industries Co. Ltd. (TTNDY) has committed to setting Science-Based targets by signing the Science Based Target initiative (SBTi) commitment letter, aligning with the Paris Agreement to reduce carbon emissions across its value chain. The company aims for a 60% absolute reduction in Scope 1 and 2 emissions by 2030, using 2021 as the baseline. In 2022, TTI reduced total CO2e emissions by 6,000 tonnes, improving emission intensity by 4%. The company plans to validate this reduction and submit Scope 3 mapping for SBTi validation by 2025. TTI emphasizes its dedication to sustainability and will release its 2022 Environmental, Social, and Governance report on April 17, 2023.

Positive

• Commitment to Science-Based targets aligns TTI with Paris Agreement.
• Achieved 4% improvement in emission intensity in 2022.
• Reduced total CO2e emissions by 6,000 tonnes.

Negative

• None.

HONG KONG--(BUSINESS WIRE)-- Global power equipment and floorcare & cleaning company Techtronic Industries Co. Ltd. (“TTI” or the “Company”) (stock code: HK:0669, ADR symbol: TTNDY) is proud to announce it has committed to setting Science-Based targets by signing the Science Based Target initiatives (SBTi) commitment letter. This action officially aligns the Company with the mission of the Paris Agreement and establishes our commitment to reducing carbon emissions throughout our value chain.

We are progressing towards our Scope 1 and Scope 2 reduction goal of a 60% absolute reduction by 2030, based on our 2021 baseline. In 2022, we improved our emission intensity by 4%, as compared to the prior year, resulting in an absolute total CO2e emissions reduction of 6,000 tonnes. To complete our commitment, we plan to validate our current 60% reduction and complete our Scope 3 mapping to submit our reduction targets to SBTi for validation by 2025.

Sustainability is an important part of TTI’s culture, and we are well positioned to accelerate our sustainability journey and achieve our goals and objectives. We look forward to sharing the full 2022 TTI Environmental, Social, and Governance report, prepared in accordance with Appendix 27 of The Stock Exchange of Hong Kong Listing Rules on April 17, 2023 with further details.

About TTI

TTI is a world leader in cordless technology spanning Power Tools, Outdoor Power Equipment, Floorcare and Cleaning Products for the DIY, consumer, professional, and industrial users in the home, construction, maintenance, industrial and infrastructure industries. The Company has a foundation built on four strategic drivers – Powerful Brands, Innovative Products, Exceptional People and Operational Excellence - reflecting an expansive long-term vision to advance cordless technology. The global growth strategy of the relentless pursuit of product innovation has brought TTI to the forefront of its industries while maintaining high environmental, social and corporate governance standards. TTI's powerful brand portfolio includes MILWAUKEE, AEG and RYOBI power tools, accessories and hand tools, RYOBI and HOMELITE outdoor products, EMPIRE layout and measuring products, and HOOVER, ORECK, VAX and DIRT DEVIL floorcare cleaning products and solutions.

Founded in 1985 and listed on the Stock Exchange of Hong Kong Limited in 1990, TTI is one of the constituent stocks of the Hang Seng Index, Hang Seng Corporate Sustainability Benchmark Index, FTSE RAFITM All-World 3000 Index, FTSE4Good Developed Index, and MSCI ACWI Index. For more information, please visit www.ttigroup.com.

All trademarks listed other than AEG and RYOBI are owned by the Group. AEG is a registered trademark of AB Electrolux (publ.), and is used under license. RYOBI is a registered trademark of Ryobi Limited, and is used under license.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230403005545/en/

For Investor Relations enquiries:

Main Contact

TTI Investor Relations

Tel: +1 (954) 541-9660

Email: ir@ttihq.com

Asia/Pacific

TTI Investor Relations

Tel: +(852) 2402 6888

Email: ir@tti.com.hk

Source: Techtronic Industries Co. Ltd.

FAQ

What is Techtronic Industries Co. Ltd.'s commitment to sustainability for TTNDY?

Techtronic Industries Co. Ltd. has committed to setting Science-Based targets by signing the SBTi commitment letter, aiming for a 60% reduction in Scope 1 and Scope 2 emissions by 2030.

What are the emissions reduction goals for TTNDY by 2030?

Techtronic Industries aims for a 60% absolute reduction in Scope 1 and Scope 2 emissions by 2030, based on its 2021 emissions data.

When will TTI release its 2022 Environmental, Social, and Governance report related to TTNDY?

Techtronic Industries plans to release its 2022 Environmental, Social, and Governance report on April 17, 2023.

How much did TTI reduce its total CO2e emissions in 2022 for TTNDY?

In 2022, Techtronic Industries reduced its total CO2e emissions by 6,000 tonnes.

What steps will TTNDY take to validate its emissions reduction commitment?

TTI plans to validate its 60% reduction target and complete Scope 3 emissions mapping for validation by the SBTi by 2025.