On July 12, 2024, Shanghai / PRNewswire/ -- Ingersoll Rand (NYSE: IR), a global supplier of key business process construction, life sciences and industrial solutions, recently released its 2023 sustainability report. The report detailed Ingersoll Rand's commitments, actions, and achievements in sustainable development under the guidance of Excellence in Execution (IRX) and a heroic spirit for the future.

"Making your life better" is the corporate goal of Ingersoll Rand, and sustainable development is an important part of it. Ingersoll Rand's "sustainable leadership" strategic measures mainly focus on two important areas: sustainable growth and sustainable operation.

Ingersoll Rand’s CEO and Chairman, Vicente Reynal commented, "We are committed to sustainable leadership by creating value for our customers through efficiency, circularity and safety in developing innovative and sustainable products and services. We are excited for what's ahead as we strive for even greater achievements in 2024 and beyond."

In 2023, Ingersoll Rand made significant progress in sustainable development goals, including the following two aspects.

Sustainable Growth

• Introduced 80 new innovative products in 2023, all of which were developed using a Design for Sustainability (DfS) process.
• Currently, 66% of the product portfolio has sustainable attributes.
• The revenue from products with sustainable attributes is expected to account for more than 25% of total revenue by 2030.
• Provide sustained support to high-growth, sustainable end markets such as clean energy, food, life sciences, and water.

Sustainable Operation

• With a world-class recordable safety incident rate, employee safety is a top priority, which exceeds industry averages by 73%.
• Empower employees to become owners by granting stock-based incentives to over 1,800 employees in 2023. The total number of employees who have received equity since May 12, 2017, is over 23,000.
• Provide renewable energy to 45 facilities worldwide through solar panels and green energy contracts.
• Achieve the 2030 water-saving target seven years ahead of schedule.
• Ingersoll Rand was included in the "A List" by CDP (formerly the Carbon Disclosure Project) and was selected for the Dow Jones Sustainability Index (DJSI)3 and won more awards for its leading sustainable practices and achievements.

Looking ahead, Ingersoll Rand has set two new sustainable development goals to further accelerate customer and self-operational development.

• By 2030, reduce absolute water consumption in water-scarce locations by 30%4.
• By 2040, help customers reduce 1 billion tons of carbon dioxide equivalent (CO2e) emissions through Ingersoll Rand's products and services.5

Vicente Reynal, Chairman and CEO of Ingersoll Rand, said, "Through Ingersoll Rand's innovative climate solutions, we believe we can better help customers achieve decarbonization goals."

Forward-looking statements

This press release contains "forward-looking statements" that are subject to risks and uncertainties. Forward-looking statements are based on Ingersoll Rand's current expectations and forecasts of future trends, events and uncertainties, and are generally identified by words such as "believe," "project," "expect," "estimate," "forecast," "anticipate," "plan," "may," "should," "will," and other similar terms. All statements other than historical facts are forward-looking statements.

These forward-looking statements are based on Ingersoll Rand's current expectations and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in such forward-looking statements. The important factors that may cause actual results to differ materially from those in these forward-looking statements include, among others: (1) adverse impacts to our business and financial performance resulting from natural disasters, catastrophes, pandemics, geopolitical tensions, cyber events or other events beyond our control; (2) unexpected costs, expenses or expenditures incurred as a result of completed and proposed business combinations; (3) the uncertainty of company financial performance expectations; (4) the failure to realize expected benefits from completed and proposed business combinations; (5) the ability to execute on our business strategy; (6) difficulties and delays in realizing revenue and cost synergies; (7) the inability to retain and hire key personnel; (8) ever evolving legal, regulatory, and tax regimes; (9) changes in general economic and/or industry-specific conditions; (10) actions by third-parties, including government agencies; and additional risk factors detailed in Ingersoll Rand's recently submitted 10-K Annual Report to the Securities and Exchange Commission, as these factors may be updated from time to time in reports filed with the Securities and Exchange Commission, which are available on its website. The foregoing list of important factors is not exclusive.

Any forward-looking statements are as of the date of this press release. Ingersoll Rand undertakes no obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers should not place undue reliance on any forward-looking statements.

About Ingersoll Rand

Driven by an entrepreneurial spirit and ownership mindset, committed to helping make life better. We provide innovative and mission-critical industrial, energy, medical and specialty vehicle products and services across 40+ respected brands designed to excel in even the most complex and harsh conditions where downtime is especially costly. Our employees connect to customers for life by delivering proven expertise, productivity and efficiency improvements.

1 According to data from the US Bureau of Labor Statistics in 2020, "world-class" is defined as the top quartile of manufacturing companies with over 1,000 employees.
2 According to data from the US Bureau of Labor Statistics, the average Total Recordable Incident Rate (TRIR) for all industrial machinery manufacturing companies in 2022 is 2.6. Ingersoll Rand's TRIR data at the end of 2023 is 0.69.
3 Receipt of an ESG score from S&P Global is not an endorsement, approval or recommendation by S&P Global to buy, sell or hold any security and should not be used as the basis for any investment decision regarding a particular company. S&P, S&P Global and the S&P Global logo are registered trademarks of S&P Global Inc. or its affiliates, which is registered in numerous jurisdictions.
4 According to high and extremely high risk data from the World Resources Institute (WRI) for this year.
5 Please see page 11 of Ingersoll Rand's 2023 Sustainability Report for details on how this target was calculated. Avoiding carbon dioxide equivalent emissions by implementing more efficient technology for greenfield growth compared to less efficient alternative scenarios using the baseline year is considered. While we have made every attempt to ensure accuracy, some data, assumptions, and inferences may not be precise. For example, there are limitations in the attribution and aggregation of product-level data, which may result in significant variation in reported values. We intend to adjust our scope 3 emissions data, procedures, assumptions, and models on a regular basis, working with external advisors, to improve our approach and transition from broad measurement methods (such as expenditure or averages) to more granular ones. These process improvements and external feedback may result in significant variation in scope 3 emissions data reported for prior reporting periods.