ITT Releases 2023 Sustainability Update; Announces Progress Towards Emissions Reduction and Diversity, Equity and Inclusion Targets
October 27 2023 - 8:00AM
Business Wire
October 27, 2023-- ITT Inc. (NYSE: ITT) today released its 2023
Sustainability Update, which details the company’s progress towards
the emissions reduction and diversity, equity and inclusion targets
it established in November 2022.
“Since publishing our last report, we’ve continued to build a
safer, more inclusive and more energy-efficient workplace for all
employees. Our safety metrics show that we keep on learning and
being proactive in preventing incidents. We’ve also continued to
innovate and develop green solutions to help solve our customers’
biggest sustainability challenges, including the deployment of our
Bornemann twin-screw pumps on anti-flaring and carbon capture
projects and the creation of Euro-7-compliant braking technology,”
said Luca Savi, Chief Executive Officer and President of ITT.
ITT’s sustainability targets include reducing Scope 1 and Scope
2 greenhouse gas (GHG) emissions by 10% by the end of 2026 (against
a 2021 baseline) and diversity, equity and inclusion goals that
foster a more diverse and inclusive workplace. The company’s
progress towards those targets in 2022 is highlighted by a 7%
reduction in GHG emissions and a 10% increase in spending with
diverse U.S. suppliers for the year.
Other highlights from the company’s 2022 sustainability progress
include:
- 32% reduction in recordable safety incidents, leading to an
improved Injury Frequency Rate (IFR)1 of 0.55
- Nearly 60% of sites globally had zero recordable safety
incidents
- 7% reduction in water consumption and more than 17% increase in
recycled materials
The company also previously announced a $25 million, multi-year
investment for green energy projects, including the installation of
approximately 20,000 solar panels across eight manufacturing sites
globally, which is expected to reduce ITT’s emissions by more than
six thousand tons of Co2 per year once completed.
“At ITT, sustainability is a way to improve our business
practices and accelerate our growth while doing what’s best for our
employees, customers and the communities we serve. We strive to
develop environmentally friendly and sustainable technologies that
reduce waste and improve energy efficiency, while enhancing our own
operations. Whilst we are already starting to see the benefits of
these investments, we know that we’re at the beginning of our
sustainability journey and we are excited about what lies ahead,”
Savi concluded.
About the 2023 ITT Sustainability Update
The update incorporates 2022 metrics for all global ITT
locations. Several guidelines and measurement frameworks, including
those provided by the Sustainability Accounting Standards Board
(SASB) and the Task Force on Climate-related Financial Disclosure
(TCFD) informed the scope of this report. For more information on
ITT’s Sustainability progress, or to access reports from previous
years, visit www.itt.com/sustainability.
About ITT
ITT is a diversified leading manufacturer of highly engineered
critical components and customized technology solutions for the
transportation, industrial, and energy markets. Building on its
heritage of innovation, ITT partners with its customers to deliver
enduring solutions to the key industries that underpin our modern
way of life. ITT is headquartered in Stamford, Connecticut, with
employees in more than 35 countries and sales in approximately 125
countries. For more information, visit www.itt.com.
ITT-S
1Based on OSHA calculation of number of recordable incidents per
1 million employee hours worked.
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version on businesswire.com: https://www.businesswire.com/news/home/20231027179005/en/
Media: Phil Terrigno +1
914-641-2143 phil.terrigno@itt.com Investors: Mark Macaluso +1 914-641-2064
mark.macaluso@itt.com
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