nVent’s New ESG Report Highlights 2021 Progress and New Goals
Jul 27th, 2022 12:00 EST
LONDON--(BUSINESS WIRE)--nVent Electric plc (NYSE:NVT) (“nVent”), a global leader in electrical connection and protection solutions, today announced the release of its 2021 Environmental, Social and Governance (ESG) Report. The report shares nVent's progress in each of its three ESG focus areas of People, Products and Planet and provides updates on progress towards its long-term goals. The report also introduces new long-term Products goals and shares increased greenhouse gas emissions reduction and renewable energy use targets.
“At nVent, we are building a more electrified and sustainable world, driven by our commitment to ESG and continuous improvement,” said nVent CEO Beth Wozniak. “ESG is integrated into our strategy and is having a positive impact as we demonstrate the power of our mission to connect and protect. I am proud of our team and our accomplishments in 2021 and even more excited about what is to come.”
2021 ESG Report Highlights
nVent made significant progress in several key areas of its ESG strategy. These accomplishments include:
- Further increasing Board diversity—70% of its Board members are diverse**
- Increasing representation of women in management globally and the racial diversity of its U.S. population by one percentage point each
- Reaching 75% of its active New Product Introduction funnel with a positive ESG impact
- Reducing Scope 1 and Scope 2 CO2 emissions by 15%*
- Increasing renewable energy use to 12%, up from 2%*
New long-term goals
In this report, nVent is introducing new long-term Products goals that will help it continue to deliver solutions that make a positive impact in its Products pillar ESG categories: Eco-Friendly Designs, Eco-Friendly Materials and End-User Safety. These goals are:
- Reach >90% of products in its active New Product Introduction funnel with a positive impact in at least one of its three Products ESG categories by 2025
- Make product environmental data 100% digitally accessible to customers by 2025
In its Planet pillar, nVent is setting more ambitious goals to reflect the significant progress its teams have made in driving sustainability across the company since setting its goals last year. The new goals are:
- Achieve a 50% reduction in Scope 1 and Scope 2 greenhouse gas emissions by 2030
- Reach >25% renewable energy consumption by 2030
A full copy of the 2021 ESG Report can be downloaded at nVent.com/about-nVent/ESG.
*Improvement relative to 2020 **Gender and racial/ethnic diversity as of May 13, 2022
nVent is a leading global provider of electrical connection and protection solutions. We believe our inventive electrical solutions enable safer systems and ensure a more secure world. We design, manufacture, market, install and service high performance products and solutions that connect and protect some of the world's most sensitive equipment, buildings and critical processes. We offer a comprehensive range of enclosures, electrical connections and fastening and thermal management solutions across industry-leading brands that are recognized globally for quality, reliability and innovation. Our principal office is in London and our management office in the United States is in Minneapolis. Our robust portfolio of leading electrical product brands dates back more than 100 years and includes nVent CADDY, ERICO, HOFFMAN, RAYCHEM, SCHROFF and TRACER. Learn more at www.nvent.com.
nVent, CADDY, ERICO, HOFFMAN, RAYCHEM, SCHROFF and TRACER are trademarks owned or licensed by nVent Services GmbH or its affiliates.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains statements that we believe to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact are forward looking statements. Without limitation, any statements preceded or followed by or that include the words “targets,” “plans,” “believes,” “expects,” “intends,” “will,” “likely,” “may,” “anticipates,” “estimates,” “projects,” “forecasts,” “should,” “would,” “positioned,” “strategy,” “future,” “are confident,” or words, phrases or terms of similar substance or the negative thereof, are forward-looking statements. All projections in this press release are also forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond our control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include adverse effects on our business operations or financial results, including due to the impact of the COVID-19 pandemic and potential impairment of goodwill and trade names; overall global economic and business conditions impacting our business; the ability to achieve the benefits of our restructuring plans; the ability to successfully identify, finance, complete and integrate acquisitions; competition and pricing pressures in the markets we serve, including the impacts of tariffs; the strength of housing and related markets; volatility in currency exchange rates and commodity prices; inability to generate savings from excellence in operations initiatives consisting of lean enterprise, supply management and cash flow practices; inability to mitigate material and other cost inflation; risks related to the availability of, and cost inflation in, supply chain inputs, including labor, raw materials, commodities, packaging and transportation; increased risks associated with operating foreign businesses, including risks associated with the conflict between Russia and Ukraine and related sanctions; the ability to deliver backlog and win future project work; failure of markets to accept new product introductions and enhancements; the impact of changes in laws and regulations, including those that limit U.S. tax benefits; the outcome of litigation and governmental proceedings; and the ability to achieve our long-term strategic operating goals. Additional information concerning these and other factors is contained in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. All forward-looking statements speak only as of the date of this press release. nVent assumes no obligation, and disclaims any obligation, to update the information contained in this press release.