First in AEC industry, firm among just 11 companies whose net-zero, GHG emissions targets have earned approval from global Science-Based Targets initiative coalition.

Trane Technologies Validated for Net-Zero Goals

News | May 5, 2022
Trane Technologies Becomes One Of The World's First Net-Zero Approved Companies With Latest Validation By The Science Based Targets Initiative
SWORDS, IRELAND--(BUSINESS WIRE)--
Trane Technologies (NYSE:TT), a global climate innovator, today announced it is the first in its industry, and one of just 11 companies worldwide to date, to have its net-zero carbon emissions targets approved by the Science Based Targets initiative (SBTi), a coalition of the Carbon Disclosure Project, the United Nations Global Compact, World Resources Institute and the World Wide Fund for Nature. As a Net-Zero Approved company, Trane Technologies commits to reaching net-zero GHG emissions across its value chain by 2050 from a 2019 baseline. This includes a 90% reduction in GHG emissions across its global operations (scope 1 and 2), and a 97% reduction in emissions per cooling ton from use of the company’s products (scope 3), as well as neutralizing emissions that are not eliminated. “We’re extremely proud to be one of the world’s first companies to have our net-zero commitment aligned with science and validated by the SBTi’s rigorous process,” said Trane Technologies chair and CEO, Dave Regnery. “We started our sustainability journey long before green was a trend; we set 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. We invite more companies to join us as we act now to preserve our planet and pursue our purpose to boldly challenge what’s possible for a sustainable world.”
Trane Technologies’ 2030 Sustainability Commitments include the Gigaton Challenge, a pledge to reduce customer carbon emissions by one billion metric tons, as well as goals to lead by example with carbon neutral operations, zero waste to landfill, and net-positive water use in water-stressed locations across its global footprint. These goals follow achievement of the company’s 2020 Climate Commitments, which reduced product emissions by more than 50%, and operational emissions by more than 35% – resulting in a more ambitious baseline for its 2030 Commitments than many other companies. Trane Technologies recently released its latest ESG report, Transform Tomorrow, Today , which includes detailed data on the company’s environmental and social sustainability performance. The report highlights that in 2021 the company exceeded annual targets on the glidepath to achieving its Gigaton Challenge, and its annual targets toward carbon neutral operations. Trane Technologies has a long history as a pacesetter for efficient and sustainable solutions to heat and cool buildings, homes, and transport. In 2021, the company was listed on the Dow Jones Sustainability Indices for the 11th consecutive year, ranked as a JUST 100 Company, a Gold medal winner for EcoVadis, and was ranked on Fortune’s World’s Most Admired Companies for the 10th consecutive year, among other accolades. 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 tranetechnologies.com . This news release includes “forward-looking statements” which are statements that are not historical facts, including statements that relate to our net-zero carbon emissions targets and our other 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, 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, 2021, as well as our subsequent reports on Form 10-Q and other SEC filings. We assume no obligation to update these forward-looking statements. View source version on businesswire.com: https://www.businesswire.com/news/home/20220505005349/en/
Copyright Business Wire 2022

Trane Technologies Becomes One Of The World’s First Net-Zero Approved Companies With Latest Validation By The Science Based Targ...

May 9, 2022
A select number of Fortune 500 enterprises have established corporate-level panels of external advisors to provide specific advice on sustainability issues. Image via Shutterstock/MicroStockFactory
During the past several decades — and often with great fanfare — a select number of Fortune 500 enterprises have established corporate-level panels of external advisers to provide specific advice on a growing number of sustainability issues. The exact number of such bodies is not known, but it is not likely to be large. In a 2021 Conference Board evaluation of how companies manage their sustainability activities, only 17 percent of 104 surveyed companies had established such panels. This evaluation of corporate advisory panels focuses on three principal questions: What major roles have they performed? What impacts have they achieved? And how are they likely to evolve in the future? 1. What key functions do sustainability advisory panels perform? While the exact purpose can sometimes vary by business sector, corporate sustainability panels have generally undertaken several important roles. They include:
Fostering sustainability learning and engagement among C-suite executives. As the professional development of most current senior executives did not emphasize sustainability, they are learning while leading their companies. Knowing they will interact on high-profile issues with sustainability experts with external stature stimulates their knowledge acquisition through internal staff briefings, reading selected publications and exchanging sustainability information with peers from other companies. Identifying the nature and magnitude of sustainability-related risks to the business. This function attracts the engagement of a variety of C-suite executives, including the CEO, chief financial officer, chief innovation officer and business unit leaders. In their formative years, many corporate sustainability panels provided input on company materiality assessments and sustainability reports. As these processes have matured, companies are requesting their panels to evaluate risks associated with global megatrends (particularly climate change and water scarcity), supply chain management and social risks. Broadening the scope of sustainability to increasingly address economic and social issues. While environmental, health and safety issues will always be foundational to any credible sustainability program, the opportunities to integrate economic development, innovation, competitiveness and brand differentiation issues create new ways of strategic thinking. Similarly, the growing momentum that surrounds diversity, equity and inclusion lead directly to new thinking for talent recruitment and retention to strengthen core competitiveness. To an increasing degree, human resources executives are presenting their objectives and initiatives to corporate sustainability panels. Stimulating cross-business-unit integration. In many companies, sustainability initiatives were originally embedded within corporate staff or in individual businesses. The emergence of larger-scale challenges (climate change, meeting expectations from customers) has elevated sustainability to a more strategic conversation that transcends individual business unit boundaries. Advisory panels have served as an external voice encouraging a corporate-wide lens leading to the adoption of goals, metrics and processes that apply consistently across the various brands and functions. Adaptability in business planning and greater diversity in panel composition and expertise are key factors to success for maintaining vitality and value for their ongoing relationship. 2. What impacts have corporate sustainability panels achieved? The answer to this question is invariably company-specific. In reviewing corporate sustainability panels to-date, several kinds of impacts have emerged. They include:
Communicating sustainability’s value proposition across the enterprise. In contrast to decades-long conversations about the value of environmental, health and safety programs focused on compliance and risk avoidance, the universe of sustainability topics has expanded to include a broader number of direct business topics, including the measurement and monetization of climate risks to business assets, collaboration opportunities with customers to co-design product solutions, leveraging a company’s commercial products to help solve societal problems, and using sustainability to attract and retain talent. Using sustainability panels as a sounding board for company-wide strategies and initiatives, many of which will ultimately be decided by the board of directors. This pre-governance function can provide senior corporate executives with valuable external perspectives on the technical design of new initiatives, their effectiveness in solving a problem or anticipating public reactions among various stakeholders. Selectively, companies have engaged their panels on such topics as climate goals and timelines (net-zero commitments, for example), water efficiency goals, and the design and implementation of plastic waste reduction commitments. Such discussions often include recommendations on potential collaboration partners in academia, governments, non-governmental organizations and other enterprises. Defining opportunities for corporate leadership. Rich dialogues occur about the opportunities for such leadership. Several years ago, when Trane Technologies was developing its corporate climate strategy, the idea of developing a 1 gigaton carbon reduction plan by 2030 for Trane and its supply chain and business partners was evaluated and discussed by its external Sustainability Advisory Council. In 2020, IBM (which has no corporate sustainability panel) convened about 25 external stakeholders to examine how rapidly evolving large databases and digital technologies (a core IBM business and marketing asset) could be applied for environmental decision-making. Providing useful ballast and continuity to corporate sustainability programs during periods of significant challenge. These include the recent pandemic, changes derived from mergers, acquisitions and spin-offs, and transitions in corporate leadership. An established, continuous relationship with the external panel can support and supplement the internal "voice" of sustainability leaders within the company during turbulent times. The rapid pace of change across civil society and marketplaces has major implications for how companies organize their relationships with stakeholders, including external advisory panels. 3. How do corporate sustainability panels need to evolve in the future? The rapid pace of change across civil society and marketplaces has major implications for how companies organize their relationships with stakeholders, including external advisory panels. Many sustainability issues have risen to a place of great prominence in less than a decade, and both C-suite leaders and stakeholders are refocusing on how best to address them. As a result, corporate advisory panels will be called upon to offer responses to several major issues in the future. They include:
Recruiting panel members with greater expertise to advise on company strategy, data and engagement on environment, social and governance (ESG) issues. Most advisory panel members lack meaningful ESG expertise and experience and are not as well-equipped to advise companies on such issues as financial performance metrics and reporting, or investor education and expectations. As the pace of investor queries of top management about ESG performance has accelerated — and given the tendency of many financial firms to devise their own sustainability data requests and scorecards — sage, strategic advice from advisory panels is urgently needed. Integrating internal efforts to improve diversity, equity and inclusion (DEI) with external challenges on environmental and social justice. While a number of Fortune 500 companies have broadened the composition of their boards and C-suites, they have not consistently applied DEI commitments throughout their organizations. At the same time, corporations have been noticeably and consistently reticent about engaging with local, regional and national stakeholders on specific environmental and social justice issues such as human rights and labor practices. Such reticence stems from concerns over legal risks, cultural lag or, in specific instances, racial insensitivity in acknowledging the disparity in pollution risks and other forms of injustice. The lack of environmental justice plans and strategies exposes companies to greater challenges to their operating permits, future site expansion and lawsuits from communities. External advisory panels can assist companies to incorporate DEI-environmental justice in their business strategies but they, too, need to embody greater diversity, knowledge and relationships within their own ranks. Reconciling sustainability commitments with company advocacy. This is a great fault line within all corporations. External advisory panels, as a whole, have been notably unsuccessful in robustly challenging C-suites to end the double talk between their public pledges and their less-than-transparent efforts to lobby governments through their own staffs and campaign contributions and the efforts of their trade associations. Compounding this challenge has been an absence of direct knowledge among advisory panel members of how public relations and lobbying actually gets conducted. Navigating disruption. The slate of issues challenging business plans and their execution — domestic political insurrection, a global pandemic, a major war on the European continent, the need to engage corporate values with changing societal expectations — will require wise counsel and judgment on many levels. As the sphere of issues contained within the sustainability agenda continue to expand, major companies’ reliance upon corporate advisory panels will likely grow in importance and consequence. What began several decades ago as an effort to seek external advice for improving corporate environmental performance has evolved into a pre-governance role for external advisory panels to counsel corporations on some of their most impactful business challenges. Adaptability in business planning and greater diversity in panel composition and expertise are key factors to success for maintaining vitality and value for their ongoing relationship. Note: The author is a member of corporate sustainability panels for The Dow Chemical Company and Trane Technologies. He writes in a personal capacity, and his views do not represent those of either company. Show comments for this story. More on this topic

Have corporate sustainability advisory panels had consequential impacts?

Trane Technologies Validated for Ambitious Net-Zero Goals

| Driven by Rapid Rising Commercial & Residential Construction Globally | Technavio
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NEW YORK, May 6, 2022 /PRNewswire/ -- The ductless HVAC system market size is set to grow by USD 15.36 billion from 2021 to 2026, progressing at a CAGR of 7.58% according to Technavio. 55% of the market's growth will originate from APAC during the forecast period. China, Japan, and South Korea are the key markets for ductless HVAC systems in APAC. Market growth in this region will be faster than the growth of the market in other regions. The rapid growth in construction activities and rise in population in countries such as China, Japan, and India will facilitate the ductless HVAC system market growth in APAC over the forecast period. Technavio has announced its latest market research report titled Ductless HVAC System Market by Type and Geography - Forecast and Analysis 2022-2026
For more insights on the market share of various regions -   Request a sample report
Ductless HVAC System Market 2022-2026: Vendor Analysis
 The ductless HVAC system market is fragmented and the vendors are deploying growth strategies such as technological innovation, packaging, and promotional activities to compete in the market. AB Electrolux, Carrier Global Corp., Daikin Industries Ltd., Fujitsu General Ltd., Haier Smart Home Co. Ltd., Hanon Systems, Hitachi Ltd., Lennox International Inc., LG Electronics Inc., MAHLE GmbH, MIDEA GROUP, Mitsubishi Electric Corp., Panasonic Corp., Rheem Manufacturing Co., Samsung Electronics Co. Ltd., Sanden Holdings Corp., Sharp Corp., Subros Ltd., Trane Technologies plc, and Valeo SA are some of the major market participants. Ductless HVAC System Market 2022-2026 : Scope
 Our ductless HVAC system market report covers the following areas:
Ductless HVAC System Market 2022-2026: Drivers & Challenges
The key factor driving the global ductless HVAC system market growth is the rapidly rising commercial and residential construction globally. The global construction market is expected to grow by USD 4.5 trillion between 2020 and 2030 and reach USD 15.2 trillion, with emerging markets accounting for USD 8.9 trillion in 2030. However, region-wise, the construction market in Sub-Saharan Africa is expected to have the highest growth, followed by emerging economies in APAC. Further, in 2020, China, India, the US, and Indonesia accounted for 58.3% of growth in the global construction sector. Furthermore, the residential construction sector accounted for 44% of the total global construction industry in 2020, making it the largest sub-sector and a key driver of the global construction market's growth. This growth will be fueled by emerging economies that are looking to develop energy, transport networks, sewage and waste systems, and other large-scale projects, in the forecast period. However, the key challenge to the global ductless HVAC system market growth is the stringent government regulations. For instance, the New Efficiency Standard for Residential Heating and the Cooling United States of America and the National Appliance Energy Conservation Act (NAECA) went into effect in 2006 and 2015, respectively. The new standards that come into effect in 2023 require a seasonal energy efficiency ratio (SEER), a measure of a systems cooling performance, of no less than 14 for residential systems in the northern parts of the US and a SEER of 15 in the southern parts (states) of the US. In addition, the new standards require an increase in the heating efficiency of air-source heat pumps, which is measured by the equipment heating seasonal performance factor (HSPF). The minimum HSPF will be 8.8 when compared with the HSPF of 8.2 required by the current standard, which went into effect in 2015. Such factors would hamper the market growth in the forecast period. Ductless HVAC System Market 2022-2026 : Segmentation Analysis
Type
Ductless HVAC System Market 2022-2026 : Revenue Generating Segment
The ductless HVAC system market share growth by the single-zoned segment will be significant for revenue generation. The significant increase in the demand for HVAC systems applications, owing to growth in household incomes and changing expenditure patterns of consumers in emerging economies, will drive the growth of the segment in focus in the coming years. To gain further insights on the market contribution of various segments - Download a sample report now! Ductless HVAC System Market 2022-2026 : Key Highlights
CAGR of the market during the forecast period 2022-2026
Detailed information on factors that will assist ductless HVAC system market growth during the next five years
Estimation of the ductless HVAC system market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the ductless HVAC system market
Analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of ductless HVAC system market vendors
Related Reports:
The HVAC terminal units market size is expected to be valued at USD 1.41 billion by 2026 with a progressing CAGR of 5.05%. Download a sample report now! The energy-efficient HVAC systems market share is expected to increase by USD 24.37 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 11.02%. Download a sample report now! Ductless HVAC System Market Scope
Report Coverage
Companies profiled
AB Electrolux, Carrier Global Corp., Daikin Industries Ltd., Fujitsu General Ltd., Haier Smart Home Co. Ltd., Hanon Systems, Hitachi Ltd., Lennox International Inc., LG Electronics Inc., MAHLE GmbH, MIDEA GROUP, Mitsubishi Electric Corp., Panasonic Corp., Rheem Manufacturing Co., Samsung Electronics Co. Ltd., Sanden Holdings Corp., Sharp Corp., Subros Ltd., Trane Technologies plc, and Valeo SA
Market Dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for the forecast period,
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. Table Of Contents :
Exhibit 27: Data Table on Comparison by Type
5.3 Single-zoned - Market size and forecast 2021-2026
Exhibit 28: Chart on Single-zoned - Market size and forecast 2021-2026 ($ billion)
Exhibit 29: Data Table on Single-zoned - Market size and forecast 2021-2026 ($ billion)
Exhibit 30: Chart on Single-zoned - Year-over-year growth 2021-2026 (%)
Exhibit 31: Data Table on Single-zoned - Year-over-year growth 2021-2026 (%)
5.4 Multi-zoned - Market size and forecast 2021-2026
Exhibit 32: Chart on Multi-zoned - Market size and forecast 2021-2026 ($ billion)
Exhibit 33: Data Table on Multi-zoned - Market size and forecast 2021-2026 ($ billion)
Exhibit 34: Chart on Multi-zoned - Year-over-year growth 2021-2026 (%)
Exhibit 35: Data Table on Multi-zoned - Year-over-year growth 2021-2026 (%)
5.5 Market opportunity by Type
Exhibit 36: Market opportunity by Type ($ billion)
6 Customer Landscape
Exhibit 41: Data Table on Geographic comparison
7.3 APAC - Market size and forecast 2021-2026
Exhibit 42: Chart on APAC - Market size and forecast 2021-2026 ($ billion)
Exhibit 43: Data Table on APAC - Market size and forecast 2021-2026 ($ billion)
Exhibit 44: Chart on APAC - Year-over-year growth 2021-2026 (%)
Exhibit 45: Data Table on APAC - Year-over-year growth 2021-2026 (%)
7.4 Europe - Market size and forecast 2021-2026
Exhibit 46: Chart on Europe - Market size and forecast 2021-2026 ($ billion)
Exhibit 47: Data Table on Europe - Market size and forecast 2021-2026 ($ billion)
Exhibit 48: Chart on Europe - Year-over-year growth 2021-2026 (%)
Exhibit 49: Data Table on Europe - Year-over-year growth 2021-2026 (%)
7.5 North America - Market size and forecast 2021-2026
Exhibit 50: Chart on North America - Market size and forecast 2021-2026 ($ billion)
Exhibit 51: Data Table on North America - Market size and forecast 2021-2026 ($ billion)
Exhibit 52: Chart on North America - Year-over-year growth 2021-2026 (%)
Exhibit 53: Data Table on North America - Year-over-year growth 2021-2026 (%)
7.6 Middle East and Africa - Market size and forecast 2021-2026
Exhibit 54: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
Exhibit 55: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
Exhibit 56: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
Exhibit 57: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
7.7 South America - Market size and forecast 2021-2026
Exhibit 58: Chart on South America - Market size and forecast 2021-2026 ($ billion)
Exhibit 59: Data Table on South America - Market size and forecast 2021-2026 ($ billion)
Exhibit 60: Chart on South America - Year-over-year growth 2021-2026 (%)
Exhibit 61: Data Table on South America - Year-over-year growth 2021-2026 (%)
7.8 China - Market size and forecast 2021-2026
Exhibit 62: Chart on China - Market size and forecast 2021-2026 ($ billion)
Exhibit 63: Data Table on China - Market size and forecast 2021-2026 ($ billion)
Exhibit 64: Chart on China - Year-over-year growth 2021-2026 (%)
Exhibit 65: Data Table on China - Year-over-year growth 2021-2026 (%)
7.9 US - Market size and forecast 2021-2026
Exhibit 66: Chart on US - Market size and forecast 2021-2026 ($ billion)
Exhibit 67: Data Table on US - Market size and forecast 2021-2026 ($ billion)
Exhibit 68: Chart on US - Year-over-year growth 2021-2026 (%)
Exhibit 69: Data Table on US - Year-over-year growth 2021-2026 (%)
7.10 Germany - Market size and forecast 2021-2026
Exhibit 70: Chart on Germany - Market size and forecast 2021-2026 ($ billion)
Exhibit 71: Data Table on Germany - Market size and forecast 2021-2026 ($ billion)
Exhibit 72: Chart on Germany - Year-over-year growth 2021-2026 (%)
Exhibit 73: Data Table on Germany - Year-over-year growth 2021-2026 (%)
7.11 Japan - Market size and forecast 2021-2026
Exhibit 74: Chart on Japan - Market size and forecast 2021-2026 ($ billion)
Exhibit 75: Data Table on Japan - Market size and forecast 2021-2026 ($ billion)
Exhibit 76: Chart on Japan - Year-over-year growth 2021-2026 (%)
Exhibit 77: Data Table on Japan - Year-over-year growth 2021-2026 (%)
7.12 South Korea - Market size and forecast 2021-2026
Exhibit 78: Chart on South Korea - Market size and forecast 2021-2026 ($ billion)
Exhibit 79: Data Table on South Korea - Market size and forecast 2021-2026 ($ billion)
Exhibit 80: Chart on South Korea - Year-over-year growth 2021-2026 (%)
Exhibit 81: Data Table on South Korea - Year-over-year growth 2021-2026 (%)
7.13 Market opportunity by geography
Exhibit 82: Market opportunity by geography ($ billion)
8 Drivers, Challenges, and Trends
8.1 Market drivers
Exhibit 83: Impact of drivers and challenges in 2021 and 2026
8.4 Market trends
9.3 Landscape disruption
9.4 Industry risks
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contact

Ductless HVAC System Market - 55% of Growth to Originate from APAC | Driven by Rapid Rising Commercial &amp; Residential Construction Globally | Technavio

Reuters Group is a news, media, and financial information provider based in the U.K.

Reuters Group

Reuters selected Trane Technologies plc because they were impressed with how the company 's innovative mindset impacts our whole value chain .

Trane Technologies - Trane Technologies Wins Reuters 2021 Responsible Business Award for Business Transformation

Nexii offers building solutions for industrial, commercial, institutional, high-rise cladding, mixed-use, multi-family, single-family & retrofit projects. The Nexii System facilitates a total building process. Every Nexii project uses an integrated systems approach supported by quality assurance and experienced builders and technicians who guide the project from conception to completion and help clients achieve their original project vision.

Nexii

Honeywell (NYSE: HON) is a conglomerate company that produces a variety of consumer products, engineering services, and aerospace systems for a wide variety of customers, from private consumers to corporations and governments.

Honeywell

Aircuity is the smart airside efficiency company providing building owners with sustained energy savings through its intelligent measurement solutions. By combining real-time sensing and continuous analysis of indoor environments, the company has helped commercial, institutional and lab building owners lower operating costs, improve safety and become more energy efficient.

Aircuity

TouchPoint Medical

Southco

Danaher

Undisclosed Investors

Trane Technologies creates comfortable, energy efficient indoor environments for commercial and residential applications.

Name	Work History	Title	Status
Stephen Hagood		Chief Information Officer, Senior Vice President	Current
Brian McNeill	TouchPoint Medical, Southco, and Danaher	President	Former

Name	Stephen Hagood	Brian McNeill
Work History		TouchPoint Medical, Southco, and Danaher
Title	Chief Information Officer, Senior Vice President	President
Status	Current	Former

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