Wabtec’s 2023 Sustainability Report Highlights Progress on Key Initiatives

Rhea-AI Summary

Wabtec Corporation released its 2023 Sustainability Report, highlighting its vision and progress on environmental, social, and governance commitments. The report includes the company's complete Scope 3 emissions for the first time and details efforts to advance its ESG strategy and goals.

Positive

• Wabtec's global in-service fleet of locomotives helped eliminate over 138 million metric tons of emissions by choosing rail over road transportation.
• The company established collaborative research and development agreements with premier centers of excellence to lower emissions in the rail industry using hydrogen.
• Wabtec reduced its operational greenhouse gas footprint by 35% from 2019 through 2022.
• The Grove City plant implemented a solution to redirect energy from engine testing, addressing 40% of the site's electrical usage.
• The remanufacturing program resulted in 336 million pounds of end-of-life material being returned, with 82% made fit for reuse.
• Wabtec made significant progress on diversity, equity, and inclusion targets with an 11% increase in female representation globally.

Negative

• None.

PITTSBURGH--(BUSINESS WIRE)-- Wabtec Corporation (NYSE: WAB) released today its 2023 Sustainability Report highlighting the company’s vision and progress on key environmental, social, and governance (ESG) commitments. The company’s strategy is to contribute to a better, more sustainable world through its unique business offerings, leading technologies, and sustainable business practices, while creating value for customers, employees, and other stakeholders.

“Sustainability is a collective journey,” said Lilian Leroux, Wabtec’s Chief Strategy and Sustainability Officer. “We believe that collaborating with the entire ecosystem, including internal teams, customers, end-users, suppliers, industry associations, communities, governments, and investors will empower us to succeed.”

In this year’s report, Wabtec disclosed for the first time its complete Scope 3 emissions, defined as indirect greenhouse gas emissions from sources not owned or controlled by the company but related to its activities. To gain clearer insight into the impacts of its Scope 3 emissions, the company evaluated all fifteen categories that could apply, using guidance developed by the World Resources Institute (WRI) and the World Business Council for Sustainable Development (WBCSD) to calculate Scope 3 emissions.

Wabtec also detailed several efforts and accomplishments to advance its ESG strategy and goals, including:

• Its global in-service fleet of more than 23,000 locomotives collectively rode over 1.8 billion miles, and helped end-customers eliminate over 138 million metric tons of emissions by choosing rail over road transportation
• Wabtec cemented collaborative research and development agreements (CRADAs) with Oak Ridge, Argonne, and Sandia National Labs, three of the United States’ premier centers of excellence to lower emissions across the rail industry using hydrogen
• Wabtec reduced its operational greenhouse gas footprint by 35% from 2019 through 2022
• The Grove City plant implemented a solution to redirect energy from engine testing to address more than 40% of the site’s electrical usage, enough energy to power 1,000 average households in the U.S.
• The remanufacturing program accounted for approximately 336 million pounds of end-of-life material being returned to our global remanufacturing facilities; 82% of these materials were made fit for reuse, and the remaining materials were recycled
• Significant year-over-year progress on all diversity, equity, and inclusion targets, such as an 11% increase in female representation globally

“Wabtec’s recently established vision, ‘Revolutionize the way the world moves for future generations’ is deeply intertwined with our sustainability principles,” said Leroux. “This report demonstrates our dedication to expanding the possible and contributing to a better, more sustainable world through our unique business offerings, leading technologies and innovations, and our extraordinary global teams.”

To download and read the full report, visit www.wabteccorp.com/sustainability.

About Wabtec Corporation

Wabtec Corporation is focused on creating transportation solutions that move and improve the world. The company is a leading global provider of equipment, systems, digital solutions and value-added services for the freight and transit rail industries, as well as the mining, marine and industrial markets. Wabtec has been a leader in the rail industry for over 150 years and has a vision to achieve a zero-emission rail system in the U.S. and worldwide.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231106379623/en/

Wabtec Media Contact

Tim Bader / tim.bader@wabtec.com / 682-319-7925

Wabtec Investor Contact

Kristine Kubacki, CFA / kristine.kubacki@wabtec.com / 412-450-2033

Source: Wabtec Corporation

FAQ

What is the purpose of Wabtec's 2023 Sustainability Report?

The purpose of the report is to highlight Wabtec's vision and progress on environmental, social, and governance commitments.

What are Scope 3 emissions?

Scope 3 emissions are indirect greenhouse gas emissions from sources not owned or controlled by the company but related to its activities.

What efforts has Wabtec made to lower emissions in the rail industry?

Wabtec has established collaborative research and development agreements with premier centers of excellence to lower emissions using hydrogen.

How much has Wabtec reduced its operational greenhouse gas footprint?

Wabtec reduced its operational greenhouse gas footprint by 35% from 2019 through 2022.

What solution did the Grove City plant implement to address its electrical usage?

The Grove City plant implemented a solution to redirect energy from engine testing, addressing 40% of the site's electrical usage.

What is the outcome of Wabtec's remanufacturing program?

The remanufacturing program resulted in 336 million pounds of end-of-life material being returned, with 82% made fit for reuse.

What progress has Wabtec made on diversity, equity, and inclusion targets?

Wabtec made significant progress with an 11% increase in female representation globally.