SWORDS, Ireland, March 17, 2021 /PRNewswire/ -- Trane Technologies (NYSE: TT), a global climate innovator, announced on 15 March that it plans to cut its product carbon emissions by nearly 50% by 2030, and that its ambitious emissions reduction targets have been validated by the Science Based Targets Initiative (SBTi).
Cutting product emissions in half over the next decade supports Trane Technologies' 2030 Sustainability Commitments, including its Gigaton Challenge to reduce customer emissions by one billion metric tons. It also supports the Paris Agreement goal to limit global warming to 1.5 degrees Celsius, which will require net-zero global carbon emissions by 2050.
"As a climate innovator, we can make a significant contribution to solving climate change," said Mike Lamach, chairman and chief executive officer for Trane Technologies. "Fifteen percent of the world's carbon emissions come from heating and cooling buildings, and another 10% from global food loss. We are transforming our operations and revolutionizing the way the world heats and cools buildings and moves refrigerated goods. "
"The SBTi-validation adds third-party credibility to our actions - we have real commitments, based on facts and data, that are externally validated and aligned with climate science. It will take a global response to address the growing climate emergency. We urge other companies to join us in taking bold actions to reduce greenhouse gas emissions and backing them up with science-based targets. Our team around the world is working hard every day to fulfill our purpose and pioneer a more sustainable and equitable future."
Trane Technologies takes a collaborative approach to sustainability through its Center for Energy Efficiency and Sustainability (CEES) and partnerships with governments, environmental leaders, NGOs, and its Advisory Council on Sustainability. Andrew Winston, environmental consultant, author of Green to Gold, and member of the advisory council added, "Trane Technologies' science-based targets are an important step in the right direction. Companies can play an active role in the fight against climate change if they set goals ─ and live by them ─ to cut emissions at the rapid pace that science demands."
Trane Technologies continues to make progress against its 2030 Sustainability Commitments through action including:
The company is especially proud to be one of 615 companies worldwide with science-based targets and one of only 47 companies to have its targets verified by SBTi twice. Even fewer companies have had their targets verified twice at the highest ambition level, which is those commitments that support limiting global warming to 1.5 degrees.
In 2014, the company set ambitious greenhouse gas (GHG) reduction targets, which were also verified by SBTi. It met all its 2020 sustainability commitments two years early, including reducing the refrigerant-related GHG footprint of its products by 53%, reducing the GHG footprint of its operations by 45% and investing more than $500 million in product-related research and development to fund long-term GHG reductions. The company's 2030 commitments reflect even higher goals for environmental and social sustainability.
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. Learn more at TraneTechnologies.com
Forward-Looking Statements
This news release includes "forward-looking statements" which are statements that are not historical facts, including statements that relate to our future performance and our sustainability 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. Such factors include, but are not limited to, changes in laws and regulation, global economic conditions, the outcome of any litigation, and our ability to develop new products and services and the acceptance of these products in the markets that we serve. Additional factors that could cause such differences can be found in our Form 10-K for the year ended December 31, 2020, as well as our subsequent reports on Form 10-Q and other SEC filings. We assume no obligation to update these forward-looking statements.
