As part of its ongoing focus on transparency, power management company Eaton (NYSE:ETN) today released its 2020 Sustainability Report and its first standalone Task Force on Climate-related Financial Disclosures (TCFD) Report. Eaton is one of only a few of its peers to release a standalone TCFD Report.
“We’re pleased to publish our 2020 Sustainability Report, which includes an update on our efforts to meet our ambitious 2030 targets and highlights the progress we’re making on our mission to improve the quality of life and the environment,” said Craig Arnold, chairman and chief executive officer, Eaton. “We’ve also released our first TCFD Report, which demonstrates our focus on potential climate-related risks and opportunities.”
TCFD, established by the Financial Standards Board in 2017, was created to improve reporting of climate-related financial risks and information. In Eaton’s TCFD report, the company details its:
- Governance strategy;
- Risk management strategy;
- Formal climate scenario analysis, climate risks and risk management, as well as opportunities to capitalize on significant growth trends such as the energy transition, the increase of electrification and growth in digital connectivity.
“While committing to science-based and other significant targets to improve the environment and society is critical for corporations today, preparing for transitional and physical risks related to the climate crisis is also a crucial step for the business community,” said Harold Jones, executive vice president, Eaton Business System and Sustainability, Eaton. “And while we’ve always been future focused when it comes to our approach to climate action, using the TCFD framework ensures we’re ready for what lies ahead.”
Eaton’s mission is to improve the quality of life and the environment through the use of power management technologies and services. We provide sustainable solutions that help our customers effectively manage electrical, hydraulic, and mechanical power – more safely, more efficiently, and more reliably. Eaton’s 2020 revenues were $17.9 billion, and we sell products to customers in more than 175 countries. We have approximately 94,000 employees. For more information, visit Eaton.com.