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Targeting 2050, Trane Technologies Releases Net-Zero Transition Plan

May 24, 2023
Firm’s latest ESG report unveils longer term roadmap and notes progress already made on its 2030 Sustainability Commitments, approved last year by the Science-Based Targets Initiative.

PRESS RELEASE

SWORDS, Ireland, May 11, 2023 -- (BUSINESS WIRE)-- Trane Technologies (NYSE: TT), a global climate innovator, has released a first look at its Net-Zero Roadmap to decarbonize across its entire value chain by 2050.

In 2022, Trane Technologies became the first in its industry – and one of the first companies in the world – to have its net-zero carbon emissions targets approved by the Science-Based Targets Initiative (SBTi).

Trane Technologies’ Net-Zero Roadmap and the company’s advancements toward its 2030 Sustainability Commitments are included in its 2022 Environmental, Social and Governance (ESG) Report: Ambition. Action. Impact.

“Sustainability is core to our strategy, and its success shows in our superior financial performance,” said Dave Regnery, chair and CEO of Trane Technologies. “Our relentless focus on innovation accelerates the decarbonization of buildings, industry, and the cold chain. The result is superior value creation for our team, customers, shareholders, and the planet.”

Trane Technologies continues to set the precedent for industry-leading sustainability and transparency with its Net-Zero Roadmap. The transition plan outlines the steps the company is taking to achieve its SBTi-validated net-zero carbon target. Actions include expanding the use of renewable energy at its facilities, increasing efficiency across its operations, transitioning to low-global warming potential refrigerants, electrifying its fleet of vehicles, accelerating the electrification of heating and cooling through innovative technologies and solutions, and more.

“Trane Technologies was an early leader in decarbonizing its business,” said Glenn Prickett, President & CEO of the World Environment Center. “We are thrilled to see the company take the lead again in laying out a concrete roadmap to achieve their net-zero ambition. Other global companies would do well to follow Trane Technologies’ lead.”

Notable advancements made in 2022 toward Trane Technologies’ 2030 Sustainability Commitments (all as compared to 2019 baseline):

  • Gigaton Challenge: Reduced 93 million metric tons of carbon – equivalent to the emissions generated from 10.3 billion gallons of gasoline – from customers’ emissions, toward the Gigaton Challenge – a pledge to reduce one billion metric tons of carbon from emissions by 2030;
  • Carbon Neutrality Progress: Reduced operational (Scope 1 and 2) emissions by 31%, on track toward reaching science-based target of 50% reduction by 2030 and goal of achieving carbon neutral operations across the company’s footprint;
  • Water and Waste Reductions: Reduced water usage by 22% at facilities in water-stressed regions and achieved zero waste to landfill at 82% of global manufacturing sites;
  • Gender Parity Advancements: Increased women in leadership positions by 3.1 percentage points.

In 2022, a series of prominent awards, ratings and listings recognized Trane Technologies for its industry-leading sustainability performance and company culture:

  • Dow Jones Sustainability Index (listed for 12 consecutive years)
  • Just Capital’s JUST 100 List (ranked 1st in Buildings Materials & Construction industry)
  • CDP ‘A’ List (named among top 2% of companies)
  • Forbes’ World’s Best Employers
  • Fortune’s World’s Most Admired Companies
  • Fortune’s Best Workplaces in Manufacturing & Production
  • Reuters 2022 Responsible Business Awards Finalist – Sustainability Trailblazer Award
  • Financial Times “European Climate Leaders 2022”
  • Military Times Best Employers for Veterans
  • Human Rights Campaign – Corporate Equality Index
  • The Irish Times Top 1,000 Companies

To read the full report, visit tranetechnologies.com/esg.

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. Visit tranetechnologies.com.