Parker’s Fiscal Year 2024 Sustainability Report Highlights Progress to a Better Tomorrow

Rhea-AI Summary

Parker Hannifin (NYSE: PH) has released its fiscal year 2024 Sustainability Report highlighting the company's progress toward a more sustainable future. The report showcases how Parker enables engineering breakthroughs in clean technologies, creates efficiencies to reduce emissions, and strengthens local communities.

Key achievements include:

• Development of clean technologies like H2 technology, Parker Ebrake® electric braking system, and mobile electrification
• 23% reduction in Scope 1 and 2 emissions from FY19 to FY23 through over 300 energy reduction projects
• Collaboration with suppliers to reduce Scope 3 emissions by 15% by 2030 and 25% by 2040
• 45% reduction in recordable incident rate over five years, with 73% of sites reporting zero recordable incidents in FY24
• Over $11 million in charitable contributions and approximately 15,000 hours of community service in FY24

Positive

• Parker achieved a significant 23% reduction in Scope 1 and 2 emissions from FY19 to FY23
• 45% reduction in recordable incident rate over five years shows strong commitment to workplace safety
• Development of clean technologies positions Parker well in the growing sustainable solutions market
• Strong community engagement with over $11 million in charitable contributions
• "Local for local" supply chain strategy reduces both costs and emissions

Negative

• The report doesn't specify progress on water conservation or waste reduction initiatives
• No mention of specific financial impacts of sustainability initiatives on the company's bottom line
• details on diversity and inclusion metrics or initiatives
• No information about potential challenges in meeting future emission reduction targets

CLEVELAND, Feb. 25, 2025 (GLOBE NEWSWIRE) -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, has released its fiscal year 2024 Sustainability Report. The latest edition highlights how Parker is leading the way to a better tomorrow as its team members enable engineering breakthroughs that advance clean technologies, create efficiencies that reduce emissions and other environmental impacts, take action to keep one another safe and help strengthen their local communities.

Additionally, the report showcases Parker’s portfolio of interconnected technologies, which align closely with its six key market verticals fueled by electrification and other emerging secular trends. As a strategic partner in the global shift to a more sustainable future, Parker helps customers worldwide achieve their carbon reduction targets and create additional value for end users. 

“We are driven by our purpose and believe operating responsibly is the path to a brighter future,” said Chairman and Chief Executive Officer, Jenny Parmentier. “In celebrating the continued improvement in safety and environmental performance achieved this year, we are grateful to our team members for once again demonstrating that their commitment to a better tomorrow extends well beyond Parker.”

Key achievements detailed in the FY24 Sustainability Report include:

• Developing Clean Technologies: Parker partners with its customers to help solve the world’s most complex engineering challenges such as cleaner technologies, advancements in automation and increasing regulatory standards. This year’s sustainability report spotlights recent examples of Parker clean technologies in action, including H₂ technology, the Parker Ebrake® electric braking system and mobile electrification. 
• Reducing Carbon Impacts: Since FY19, local and regional teams have initiated more than 300 projects designed to reduce Parker’s energy footprint. These include improvements to processes, compressed air usage and HVAC, as well as lighting upgrades. These projects contributed to a 23% reduction in Parker’s Scope 1 and Scope 2 emissions from the baseline year of FY19 to FY23.
• Engaging Supply Chain Partners: Parker collaborates with key suppliers to drive progress on the company’s goals to reduce its absolute indirect emissions related to materials sourcing, logistics and services (Scope 3) by 15% by 2030 and 25% by 2040. Parker’s “local for local” strategy of sourcing suppliers near its customers helps to lower the costs and emissions associated with transportation. The company is also implementing new technologies to drive efficiencies within its supply chain, including demand and capacity tools that provide greater transparency across its global operations.
• Prioritizing Safety and Professional Growth: Parker team members’ shared commitment to safety has resulted in a 45% reduction in the company’s recordable incident rate over the past five years, with 73% of all Parker sites reporting no recordable incidents in FY24. These results rank Parker’s safety performance in the top quartile in the company’s industrial sector and represent significant progress toward Parker’s goal of zero recordable incidents across all its facilities. Additionally, global High Performance Teams enrich the experiences of all Parker team members through shared learning while developing the next generation of leaders.
• Positively Impacting Communities: In FY24, Parker and the Parker Foundation together provided more than $11 million in charitable contributions, and Parker team members collectively performed approximately 15,000 hours of community service. Through these efforts, Parker has strengthened communities in ways aligned with the company’s social responsibility strategy.

Learn more about Parker’s approach to sustainability at parker.com/sustainability.

About Parker Hannifin
Parker Hannifin is a Fortune 250 global leader in motion and control technologies. For more than a century the company has been enabling engineering breakthroughs that lead to a better tomorrow. Learn more at www.parker.com or @parkerhannifin.

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Attachment

• FY24 Sustainability Report

FAQ

What are the key emission reduction targets achieved by Parker Hannifin (PH) in its 2024 Sustainability Report?

Parker achieved a 23% reduction in Scope 1 and 2 emissions from FY19 to FY23 through over 300 energy reduction projects. The company aims to reduce Scope 3 emissions by 15% by 2030 and 25% by 2040.

How has Parker Hannifin (PH) improved workplace safety according to its 2024 report?

Parker reduced its recordable incident rate by 45% over the past five years, with 73% of sites reporting zero recordable incidents in FY24. This places Parker's safety performance in the top quartile of its industrial sector.

What clean technologies is Parker Hannifin (PH) developing according to its FY24 Sustainability Report?

Parker is developing H2 technology, the Parker Ebrake® electric braking system, and mobile electrification solutions to help customers solve complex engineering challenges and meet carbon reduction targets.

How much did Parker Hannifin (PH) contribute to charitable causes in fiscal year 2024?

In FY24, Parker and the Parker Foundation together provided more than $11 million in charitable contributions, while Parker team members performed approximately 15,000 hours of community service.

What supply chain strategies is Parker Hannifin (PH) implementing to reduce emissions?

Parker uses a "local for local" strategy of sourcing suppliers near customers to reduce transportation costs and emissions, while implementing new technologies like demand and capacity tools for greater transparency across global operations.

What is Parker Hannifin's (PH) ultimate safety goal according to the 2024 Sustainability Report?

Parker's ultimate safety goal is to achieve zero recordable incidents across all its facilities worldwide.