ITT Releases 2024 Sustainability Report; Demonstrates Continued Progress Towards Environmental and Social Targets While Continuing Best-in-Class Governance Practices
November 12, 2024-- ITT Inc. (NYSE: ITT) today released its 2024 Sustainability Report, which details the company's progress towards the sustainability targets it established in November 2022. The report also details the company's leading position as a provider of critical green solutions in the transportation, energy and process flow markets, as well as the increased investments in clean energy across its operations globally.
"We firmly believe that a strong sustainability program entrenched in the company's strategy enhances ITT's resilience. We believed in the benefits of creating a more sustainable company for all our stakeholders when we set our long-term targets in 2022. And more than ever, we believe in it now. It makes strong business sense, and it is also simply the right thing to do," 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 social goals that foster a more inclusive workplace to drive diversity of thought and experiences across our organization. Compared to the 2021 baseline, emissions decreased by 5%, or 20% on a revenue-weighted intensity basis, demonstrating the impact of the company's investments for more sustainable operations, including the use of renewable energy sources.
ITT's revenue from electric and emissions-reducing products rose to approximately 15% of total revenue on a pro forma basis including for the 2024 acquisition of cryogenic marine pump manufacturer Svanehøj. This represents an increase of 300 basis points compared to 2022. In addition, ITT continues to develop innovative, environmentally friendly technologies that reduce waste, limit downtime and remove harmful emissions, among other benefits.
Other highlights from ITT's 2024 Sustainability Report include:
- 63% of all sites globally had zero recordable safety incidents
- Recycled material as a percentage of all material disposed increased 3% vs. 2021
- Spend towards philanthropic activities increased 58% vs. 2021
- Continued Board of Directors refreshment to ensure alignment of core director skills and expertise to ITT's long-term strategy with election of three new independent directors, all of which are sitting executives in public companies
"Whilst we are proud of our progress in 2023, we know we are just at the beginning of our sustainability journey. We are excited about the opportunities that lie ahead for ITT, including: the sustainable products we are delivering to support our customers now and in the future; the new green investments to reduce the energy intensity of our operations and eliminate waste; and, the inclusive workforce we are building through our early-career development programs to ensure we continue to attract top talent. We look forward to sharing more with you in the years to come," concluded Savi.
About the 2024 ITT Sustainability Report
The report incorporates 2023 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.
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