Trane Technologies Announces Net-Zero Ambition In Line With UNFCCC “Race to Zero”

The global climate innovator urges businesses and governments to take stronger action at COP26

Trane Technologies (NYSE: TT), a global climate innovator in heating, ventilation and air conditioning (HVAC) and transport refrigeration, has reaffirmed its commitment to net-zero emissions at the 2021 United Nations Climate Change Conference of Parties (COP26).

As part of both the United Nations Framework Convention on Climate Change (UNFCCC) Race to Zero campaign and the Science Based Targets initiatives (SBTi) Business Ambition for 1.5°C, Trane Technologies has committed to a 2050 net-zero target in line with global efforts to limit warming to 1.5°C. The company already has aggressive science-based targets in place to cut product emissions by nearly 50% by 2030, reducing customers’ carbon emissions by one gigaton by the year 2030 and achieving carbon neutral operations by the same year.

The UNFCCC Race to Zero campaign takes on high level of relevance during the COP26 conference, where Dave Regnery, CEO of Trane Technologies, will call on businesses and governments to accelerate progress towards decarbonizing buildings, homes and refrigerated transportation by adopting sustainable technology that exists today while innovating for the future. This is a critical aspect of reaching net-zero emissions, given that 15 percent of global GHG emissions are related to heating and cooling buildings and another nearly 10 percent comes from food loss.

“The technology exists right now to significantly increase energy efficiency and reduce carbon emissions from buildings and transportation,” said Dave Regnery. “In order to prevent global temperature rise we must continue to consider a systems-level approach, increase the adoption and scale of existing technologies and continue to innovate for a global net-zero future.

“Our commitment to reach net-zero emissions reinforces our belief that as we challenge what’s possible for our industry, we can change the world.”

Regnery will speak at two events at COP26 - the World Climate Summit and the Sustainable Innovation Forum - as part of ongoing climate discussions in Glasgow, Scotland.

Trane Technologies is calling for:

• The expansion and scaling up of energy efficient technology and innovation by upgrading existing buildings, accelerating uptake of heat pumps and integrating buildings with power grids.

• Policy and regulations that support system-level and building-level efficiency and performance, developed by key industry stakeholders and at all levels of government.

• Collaboration across industry and private sectors to build partnerships that accelerate innovation and solve key challenges to systems decarbonization.

Driving Change for a Healthy Planet

Trane Technologies was the first HVAC sector company to set science-based emissions reduction targets validated by the Science Based Targets Initiatives (SBTi). The company is one of less than 50 companies worldwide to have achieved one set of SBTi validated targets in 2018, and then set a second aggressive course of targets for 2030 in line with the latest science.

On October 28, Dave Regnery joined nearly 100 CEOs of large multinational companies, all members of the World Economic Forum’s Alliance of CEO Climate Leaders, in an open letter to world leaders demonstrating support for decisive climate steps at COP26. Members of the Alliance employ over 8 million people and represent some of the largest companies on the planet. All members have committed to set or have already set Paris-aligned targets across their value chains.

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.

With its 2030 Sustainability Commitments, Trane Technologies is helping solve for some of the world’s biggest sustainability challenges, inspiring industry and global change and creating a more equitable, inclusive world. These commitments include a pledge to reduce customer greenhouse gas emissions by one gigaton (2% of the world’s annual emissions) and achieve carbon-neutral operations. Its “Opportunity for All” pledge commits to achieving gender parity in leadership, workforce diversity reflective of its communities, and community initiatives that support equitable education and pathways to green and Science, Technology, Engineering and Math (STEM) careers.

Trane Technologies’ commitment to decarbonizing buildings and refrigerated transport has resulted in significant product and system-level innovation around energy efficiency, electrification, data/controls, and low GWP refrigerants. We are implementing these technologies around the world and are ready to see additional ambition by countries seeking to reduce emissions in buildings and transport.

Learn more at tranetechnologies.com.

About the Alliance of CEO Climate Leaders

The Alliance of CEO Climate Leaders is a global community of Chief Executive Officers who continue to set the bar higher and catalyze action across all sectors and engage policymakers to help deliver the transition to a net-zero economy. The Alliance was founded in 2014 to support an ambitious Paris Agreement and bold corporate climate action by setting ambitious targets, reducing our own emissions, and inspiring others to do the same.

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