Trane Technologies Among First Companies in Ireland To Join United Nations’ Forward Faster Initiative

Rhea-AI Summary

Trane Technologies (TT) has become one of the first companies in Ireland to join the UN Global Compact's Forward Faster initiative, which launched its Country Network for Ireland on November 28. The initiative aims to accelerate progress toward the UN's 2030 Sustainable Development Goals (SDGs), with only 17% currently on track.

TT's commitment aligns with its May 2022 milestone of being among the first 11 companies globally to receive external validation of its emissions reduction targets by the Science Based Targets initiative (SBTi). The company aims to achieve net-zero greenhouse gas emissions across its value chain by 2050 and has already set its 2030 Sustainability Commitments, including the Gigaton Challenge.

Positive

• First in its industry to receive SBTi validation for emissions reduction targets
• Early achievement of 2020 Climate Commitments
• Clear roadmap towards net-zero emissions by 2050

Negative

• None.

News Market Reaction

+0.68%

1 alert

+0.68% News Effect

On the day this news was published, TT gained 0.68%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Senior representatives from business, government, academia, and civil society gather to celebrate the launch of the UN Global Compact Network Ireland and local launch of the Forward Faster Initiative

SWORDS, IRELAND / ACCESSWIRE / December 11, 2024 / Trane Technologies, a global climate innovator providing energy-efficient solutions and services for heating and cooling across the built environment and transport sectors, proudly announces its one of the first companies in Ireland to commit to the UN Global Compact's Forward Faster initiative.

The UN Global Compact, the world's largest voluntary, corporate sustainability initiative officially launched its Country Network for Ireland on November 28. The event, which gathered some 150 senior leaders from Ireland's business community, also served as the local launch of the Forward Faster initiative. The initiative provides businesses with guidance to make a significant impact towards the UN's 2030 Sustainable Development Goals (SDGs). With only 17% of SDGs on track, the initiative calls for urgent action from both public and private sectors.

A signatory of the UN Global Compact since December 2023, Trane Technologies has made a Forward Faster-aligned commitment with the company's May 2022 milestone of being among the first 11 companies globally, and first in its industry, to receive external validation of its near and long-term emissions reduction targets by the Science Based Targets initiative (SBTi). Trane Technologies aims to achieve net-zero greenhouse gas emissions across its value chain by 2050. As an early participant in the Forward Faster initiative in Ireland, Trane Technologies is poised to play a pivotal role in driving significant change and setting new standards for corporate sustainability.

Jose La Loggia, Group President EMEA at Trane Technologies, emphasized the importance of the Forward Faster initiative during the launch event in a distinguished panel entitled: "Unlocking the Value of Sustainability: Business Leadership Across Sectors." Discussions brought together spokespeople from Irish enterprises to explore how companies are embedding sustainability into their operations, addressing challenges, and maximizing the benefits of sustainable practices aligned with the SDGs.

Jose La Loggia shared: "We are proud to join the Forward Faster initiative, which aligns perfectly with our mission to decarbonize our cities through sustainable heating and cooling solutions for buildings.

We started our sustainability journey long before green was a trend, setting our 2020 Climate Commitments with our first science-based targets back in 2014, and met them early by accelerating innovation. Recognizing there was no time to waste for climate action, we put a stake in the ground and set even bolder goals in 2019 - our 2030 Sustainability Commitments - including our Gigaton Challenge. Our progress on our near-term 2030 goals puts us on a glidepath toward net-zero by 2050.

The Forward Faster Initiative brings long-term value to our business and the communities we serve. We invite more companies to join us in collaborating and innovating to drive meaningful progress and to continue boldly challenging what's possible for a sustainable world.

Nessa Whelan, Executive Director of the UN Global Compact Network Ireland , emphasized the importance of the launch and Trane Technologies' participation: "We are delighted to have Trane Technologies join us as a speaker at the launch of the UN Global Compact Network Ireland to share insights on the business case for sustainability. Their commitment to ambitious targets aligned with the Forward Faster initiative serves as a strong example of the kind of action we hope to see more companies take, driving meaningful progress and inspiring lasting impact."

###

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. For more on Trane Technologies, visit www.tranetechnologies.com.

About the UN Global Compact Network Ireland: The UN Global Compact Network Ireland is a local network of the United Nations Global Compact, the world's largest corporate sustainability initiative. It aims to mobilize a global movement of sustainable companies and stakeholders to create the world we want. For more information, visit UN Global Compact Network IrelandSee also: Forward Faster initiative

Trane Technologies Among First Companies in Ireland to Join United Nations' Forward Faster Initiative

View additional multimedia and more ESG storytelling from Trane Technologies on 3blmedia.com.

Contact Info:
Spokesperson: Trane Technologies
Website: https://www.3blmedia.com/profiles/trane-technologies
Email: info@3blmedia.com

SOURCE: Trane Technologies

View the original press release on accesswire.com

FAQ

What are Trane Technologies' (TT) emission reduction targets for 2050?

Trane Technologies aims to achieve net-zero greenhouse gas emissions across its entire value chain by 2050.

When did Trane Technologies join the UN Global Compact?

Trane Technologies became a signatory of the UN Global Compact in December 2023.

What milestone did Trane Technologies achieve in May 2022?

In May 2022, Trane Technologies became one of the first 11 companies globally to receive external validation of its emissions reduction targets from the Science Based Targets initiative (SBTi).

What is Trane Technologies' role in the Forward Faster initiative in Ireland?

Trane Technologies is one of the first companies in Ireland to join the Forward Faster initiative, positioning itself as a leader in driving corporate sustainability standards and climate action.