07/01/2024
Ingersoll Rand, a global provider of mission-critical flow creation and life science and industrial solutions, has unveiled its 2023 sustainability report. “Leading Sustainably through execution” details the company’s commitment, action and accomplishments related to a more sustainable future, guided by Ingersoll Rand Execution Excellence (IRX) and an ownership mindset.
Sustainability is a key component of Ingersoll Rand’s purpose of Making Life Better. The company’s Lead Sustainably strategic imperative focuses on two main areas: grow sustainably and operate sustainably.
“We continue to grow and operate sustainably by developing innovative and sustainable products and services that deliver immediate value to our customers through efficiency, circularity and safety while improving our own operations,” said Vicente Reynal, Chairman and Chief Executive Officer of Ingersoll Rand. “Our dedication to leading sustainably demonstrates our commitment to Making Life Better and I am excited about what we can achieve together in 2024 and beyond.”
In 2023, Ingersoll Rand achieved measurable progress against its sustainability goals, including:
Grow sustainably
- Employing a Design for Sustainability process for all new product development, with 80 new innovative products launched in 2023.
- Offering a portfolio of products in which 66% feature sustainable attributes.
- Anticipating products with sustainable attributes will account for more than 25% of the company’s total revenue by 2030.
- Continuing to support customers in high-growth, sustainable end markets such as clean energy, food, life sciences and water.
Operate sustainably
- Prioritizing employee safety and surpassing the industry average by 73%1, with a safety total recordable incident rate approaching world-class.2
- Upholding its commitment to employee ownership by granting equity to more than 1,800 employees through its Ownership Works program, growing the total number of employees who received grants to more than 23,000 since May 12, 2017.
- Powering 45 sites worldwide with renewable energy through the use of solar panels and green energy contracts.
- Achieving its water reduction goal seven years ahead of its 2030 target.
- Being named to the “A List” by CDP (formerly the Carbon Disclosure Project) and included on the Dow Jones Sustainability Indices3, among other awards for leadership in sustainability practices and results.
Looking ahead, the company has set two ambitious new goals to accelerate even further progress for customers and within its own operations:
- New operational goal to reduce absolute water usage by 30% in water-stressed sites by 2030.4
- By 2040, helping Ingersoll Rand's customers reduce or avoid 1 billion metric tons carbon dioxide equivalent (CO2e) in their Scope 2 emissions through the use of our products and services.5
“As we continue to innovate climate solutions through our products and services, we believe that we are able to better provide the answers our customers need to reach their decarbonization goals,” said Reynal.
1 Average Total Recordable Incident Rate (TRIR) for all Industrial Machinery Manufacturing companies in 2022 (most recent data available) was 2.6 according to the U.S. Bureau of Labor Statistics. At the end of 2023, Ingersoll Rand’s TRIR was 0.69.
2 World Class defined as top quartile of manufacturing companies with >1,000 employees per U.S. Bureau of Labor Statistics (2020).
3 Receipt of an S&P Global ESG Score does not represent a sponsorship, endorsement or recommendation on the part of S&P Global to buy, sell or hold any security and a decision to invest in any subject company should not be made based on the receipt of any such note. S&P, S&P Global, and the S&P Global logo are trademarks of S&P Global Inc. or its subsidiaries, registered in many jurisdictions worldwide.
4 Based on current year World Resources Institute (WRI) high and extremely high-risk data.
5 Details regarding the methodology used to calculate this goal can be found on page 11 in the company’s 2023 sustainability report. Greenfield growth using more efficient technology is treated as avoidance of CO2e compared to a less efficient alternative utilized in the base year. Although efforts have been made to ensure accuracy, it is possible that some of these data, assumptions, and extrapolations are inaccurate. For example, there are known deficiencies related to product unit level attribution and aggregation that could account for noteworthy fluctuations in reported values. The company expects to make regular adjustments to its Scope 3 emissions data, procedures, assumptions and models as it collaborates with external advisors to enhance its methodology and transition from broad measurement approaches (such as spend or average) to more detailed methods. These procedural enhancements and external feedback have the potential to lead to noteworthy fluctuations in the Scope 3 emissions data reported for previously reported periods.
About Ingersoll Rand
Ingersoll Rand, driven by an entrepreneurial spirit and ownership mindset, is dedicated to Making Life Better for its employees, customers, shareholders and planet. Customers lean on the company for exceptional performance and durability in mission-critical flow creation and life science and industrial solutions. Supported by over 80+ respected brands, its products and services excel in the most complex and harsh conditions. For more information, visit https://www.irco.com.
