Parker Commits to Achieving Carbon Neutral Operations by 2040, Advances Technologies that Enable a Sustainable Future
CLEVELAND, July 27, 2021 (GLOBE NEWSWIRE) -- Parker Hannifin Corporation (NYSE:PH), the global leader in motion and control technologies, today released its 2020 Sustainability Report and announced a new commitment to achieve carbon neutral operations by 2040. Parker has also established a series of emissions targets to ensure continued progress.
Scope I, II and III Emissions Targets
“Parker has made great progress on our sustainability journey and we recognize the need to do even more,” said Tom Williams, Chairman and Chief Executive Officer of Parker. “Our technologies enable customers around the world to be cleaner and more efficient, and this commitment to reducing our own carbon emissions is another important step we are taking to create a more sustainable future for generations to come.”
The targets, featured in this year’s report, will be submitted for approval by the Science Based Targets initiative, which defines and promotes best practices in emissions reductions and carbon neutral targets in line with climate science?. Parker’s long-term strategy includes actions to reduce its energy consumption, investments in renewable energy and working closely with suppliers to further reduce energy use and emissions.
Technologies Enabling a Sustainable Future
The 2020 Sustainability Report also highlights Parker’s interconnected portfolio of motion and control technologies, which features a broad range of highly efficient products and systems engineered to help customers reduce resource consumption and greenhouse gas emissions.
Parker delivers technology solutions that enable the adoption of cleaner and more efficient energy, electrification, light-weighting and other innovations with a positive, global environmental impact to hundreds of thousands of companies across the industrial, mobile and aerospace markets, including:
Sustainability Report Key Achievements
Other key achievements related to Parker’s sustainability initiatives detailed in the report include:
About Parker Hannifin
Among other factors which may affect future performance are: the impact of the global outbreak of COVID-19 and governmental and other actions taken in response; changes in business relationships with and purchases by or from major customers, suppliers or distributors, including delays or cancellations in shipments; disputes regarding contract terms or significant changes in financial condition, changes in contract cost and revenue estimates for new development programs and changes in product mix; ability to identify acceptable strategic acquisition targets; uncertainties surrounding timing, successful completion or integration of acquisitions and similar transactions, including the integration of LORD Corporation or Exotic Metals; the ability to successfully divest businesses planned for divestiture and realize the anticipated benefits of such divestitures; the determination to undertake business realignment activities and the expected costs thereof and, if undertaken, the ability to complete such activities and realize the anticipated cost savings from such activities; ability to implement successfully capital allocation initiatives, including timing, price and execution of share repurchases; availability, limitations or cost increases of raw materials, component products and/or commodities that cannot be recovered in product pricing; ability to manage costs related to insurance and employee retirement and health care benefits; compliance costs associated with environmental laws and regulations; potential labor disruptions; threats associated with and efforts to combat terrorism and cyber-security risks; uncertainties surrounding the ultimate resolution of outstanding legal proceedings, including the outcome of any appeals; global competitive market conditions, including global reactions to U.S. trade policies, and resulting effects on sales and pricing; and global economic factors, including manufacturing activity, air travel trends, currency exchange rates, difficulties entering new markets and general economic conditions such as inflation, deflation, interest rates and credit availability. The company makes these statements as of the date of this disclosure and undertakes no obligation to update them unless otherwise required by law.
Media – Aidan Gormley, Director, Global Communications and Branding 216/896-3258 email@example.com
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