As Trane Technologies leads by example, we publish an annual Environmental, Social and Governance (ESG) Report covering our progress towards addressing ESG topics material to our company and our stakeholders. View our 2023 ESG Report and ESG Data Center to learn more about our progress.
Our annual ESG Report aligns with leading ESG and sustainability reporting frameworks.
Global Reporting Initiative (GRI): The GRI Standards are fundamental to our reporting process. This report has been prepared in accordance with the GRI Standards. See our GRI Content Index for an overview of disclosures on our material ESG topics.
Sustainability Accounting Standards Board (SASB): As a diversified manufacturer, we report to both the Electric & Electronic Equipment and the Industrial Machinery & Goods industries. See our SASB Disclosure.
Task Force on Climate-related Financial Disclosures (TCFD): We strongly support TCFD through supporter sign-on and align with the Task Force’s voluntary disclosures. See our TCFD Disclosure.
World Economic Forum (WEF) Stakeholder Capitalism Metrics: We disclose our performance against the WEF’s Stakeholder Capitalism Metrics to demonstrate our performance on sustainability topics and contributions to the United Nations Sustainable Development Goals. See our WEF Stakeholder Capitalism Metrics Disclosure for details and read more about our alignment with the United Nations Sustainable Development Goals.
CDP (formerly known as the Carbon Disclosure Project): We voluntarily respond to CDP’s Climate Change and Water questionnaires. Our CDP Climate Change and Water questionnaires are publicly available on our website.
United Nations Global Compact (UNGC): We align our operations and strategy with the universally accepted Ten Principles outlined by UNGC in the areas of human rights; Environment, Health and Safety; and anti-corruption. See our Global Compact status here.
GRI 2-4, 2-5
Throughout this report, we define our organizational boundary using the financial control approach and report on Scope 1 and 2 GHG emissions using the GHG Protocol. We believe this most accurately reflects the direct impact of our operational footprint. Our company’s Scope 3 product-related emissions are those emissions associated with the product-use phase and cover the majority of revenue associated with our diverse product portfolio. For data associated with our company’s 2030 Gigaton Challenge commitment, heating and cooling output is normalized for growth to capture product performance improvements.
We report data from newly opened and acquired facilities as soon as valid data is available. For recently closed or sold facilities, the data is included for the time period a site was part of our company to ensure year-over-year comparisons remain consistent. As such events occur, baselines are adjusted to account for these operating footprint changes. As our data collection system continues to mature and improve, the environmental data we report improves in accuracy and expands in breadth.
We present data in absolute terms and normalize it by our revenue (intensity). Our safety data is normalized by the number of hours worked. Data presented represents the reporting period from January 1, 2023 to December 31, 2023 unless otherwise noted.
Our select environmental, health and safety (EHS) data and GHG emissions data receive limited assurance annually, including the product-use emissions contributing to the Gigaton Challenge. View the results in our 2023 Limited Assurance Report.
This report contains certain forward-looking statements, which are statements that are not historical facts, including statements regarding our 2030 Sustainability Commitments; our pathway to net-zero by 2050; our ESG targets, goals, commitments and programs; and other business plans, initiatives and objectives. 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. These forward-looking statements generally are identified by the words “aim,” “believe,” “project,” “dedicate,” “expect,” “commit,” “estimate,” “propose,” “forecast,” “intend,” “strategy,” “invest,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” or the negative thereof or variations thereon, or similar terminology generally intended to identify forward-looking statements.
All such statements are intended to enjoy the protection of the safe harbor for forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Our actual future results, including the achievement of our targets, goals or commitments, could differ materially from our projected results as a result of changes in circumstances, assumptions not being realized or other risks, uncertainties and factors. Such risks, uncertainties and factors include the risk factors discussed in Item 1A of our most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the SEC. We urge you to consider all the risks, uncertainties and factors identified above or discussed in such reports carefully in evaluating the forward-looking statements in this report. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events and how they may affect our company. We assume no obligation to update these forward-looking statements.
English
