At Trane Technologies, we recognize that climate change is real, exacerbated by human activity, and requires urgent action to limit global temperature rise to 1.5°C, or less, above pre-industrial norms to avoid the most catastrophic impacts predicted by the Intergovernmental Panel on Climate Change (IPCC). To secure a sustainable future, we think bigger, act bolder, and challenge what is possible for a better world using the latest climate science as our guide. From our position at the forefront of innovation, the future is filled with possibility.
We achieved our first set of science-based targets in 2018, two years early, and set bold new commitments for 2030. Our emissions reduction commitments align with the Paris Climate Accord net-zero targets consistent with limiting global temperature rise to no more than 1.5°C. Our near-term science-based targets for Scopes 1, 2, and 3, which have been verified by the Science Based Target Initiative (SBTi) will guide our emissions reduction efforts through 2030, with emphasis on reducing our largest source — the emissions generated from customer use of our products. We set three science-based targets: one long-term 2050 target and two near-term 2030 targets. Once we achieve near-term targets, we will continue reduction efforts and invest in carbon sequestration technologies to achieve our long-term goal of net-zero emissions by 2050.
Trane Technologies is committed to a 2050 net-zero target in alignment with the latest from the United Nations Framework Convention on Climate Change (UNFCCC) Race to Zero campaign. We submitted our net-zero target to the SBTi for official validation against the world-first Net-Zero Corporate Standard published in October 2021. This will be our third approval by SBTi.
Within our own operations, we commit to reduce absolute Scope 1 and 2 GHG emissions by 50% below 2019 levels by 2030.
To tackle our largest area of impact, customer use of our products, we commit to reduce Scope 3 GHG emissions by 55% per cooling ton below 2019 levels by 2030.
Product emission reductions also contribute to our Gigaton Challenge. Our Gigaton Challenge is the largest climate commitment related to product emission reductions within a single decade of any company globally. Furthermore, the company has received validation from the SBTi for our climate commitments that cover all scopes. Through the Gigaton Challenge, we commit to eliminating one billion metric tons of CO2e from our customers’ footprint by 2030.
We also commit to achieving carbon neutral operations in 2030. Until then, we are focused on minimizing our Scope 1 and 2 emissions so that in 2029 we will need to purchase as few verified carbon offsets as possible to achieve neutrality.
“We're trying to act as we think everybody should act.”
Carbon offsets are a popular tool in the business community to achieve carbon neutrality while still emitting GHGs into our atmosphere. Projects funded through offset purchases are helpful in fighting climate change, but will not sequester carbon at a rate fast enough to avoid catastrophic planetary changes. Instead of relying on offsets alone, or as a majority to achieve our goal, we will invest the funds we would otherwise have used to purchase offsets every year into projects that actually reduce our absolute Scope 1 and 2 emissions.
As we work toward a more sustainable future, we have set additional goals for 2030 that are aligned with multiple UN SDGs. Our 2030 commitments cover our entire value chain and use our technology and innovation expertise to address global megatrends affecting the communities where we work and live. We categorize these goals and our science-based targets into three focus areas. Download one-pagers on the Sustainability Commitments and the Gigaton Challenge.
Gigaton Challenge: Our Gigaton Challenge rallies our employees to innovate to reduce our Scope 3 emissions and address global challenges related to climate change. Read more about the Gigaton Challenge.
We also participate in multiple coalitions, working together with like-minded companies in the pursuit of a better planet. These coalitions help keep us accountable as we strive to accomplish our goals.
Trane Technologies is a member of RE100, with a goal to source 100% renewable electricity by 2040, and a member of EP100, with a goal to double our energy productivity by 2035 from a 2013 baseline.
Trane Technologies is an inaugural member of the First Movers Coalition launched in 2021 at the Conference of the Parties (COP26) in Glasgow, Scotland. FMC members agree to set an ambitious purchasing target for a hard-to-abate material. We have committed to purchasing at least 10% near-zero carbon steel by 2030 and to encourage others to follow our lead.
In 2021, Trane Technologies joined this global campaign from the UNFCC to rally leadership and support from businesses, cities, regions, and investors for a healthy, resilient, zero-carbon recovery that prevents future threats, creates decent jobs, and unlocks inclusive, sustainable growth.
Trane Technologies is a founding member of the OneTen Coalition, a coalition of more than 30 business leaders committed to training, hiring, and advancing one million Black Americans over the next 10 years.
Trane Technologies is a member of the Paradigm for Parity, a coalition of business leaders, board members, and academics who are committed to addressing the gender gap in corporate leadership.
Dave Regnery, our Chair and CEO, signed the Disability:IN CEO Letter in 2021, extending Trane Technologies’ commitment to advance equality and inclusion for all. Disability:IN envisions a global economy in which people with disabilities participate meaningfully and fully.