Gates Unveils 2023 Sustainability Goals and Achievements

Gates Releases 2023 Corporate Sustainability Report

Gates (NYSE: GTES), a leader in innovative power transmission and fluid power solutions, has published its sixth annual Sustainability Report, showcasing substantial progress in its sustainability strategy encompassing Governance, Technology, Environment, and Stewardship.

Committed to Sustainability

According to Ivo Jurek, the CEO of Gates, the organization is dedicated to improving its impact on both people and the environment. This commitment involves a comprehensive approach to materials sourcing, manufacturing processes, and active community engagement. Gates has fortified its governance processes and enhanced its compliance reporting to align more closely with international sustainability standards.

Key Achievements in Sustainability

This year, Gates has accomplished notable milestones, including bringing 818,000 kWh of solar energy online and investing in infrastructure projects that have successfully reduced natural gas consumption by 18 million kWh and electricity by 7 million kWh. With 73 ongoing greenhouse gas reduction initiatives, Gates is firmly focused on decarbonization.

Health and Safety Initiatives

In the area of workforce health and safety, the company has made significant strides, achieving a 20% decrease in Total Case Incident Rates and a 15% reduction in severe injuries. Their comprehensive safety initiatives have proven effective in enhancing safety across global operations.

Community Engagement

Gates employees are actively participating in diverse community outreach efforts, from mentoring students in science, technology, engineering, and mathematics (STEM) programs to organizing local reforestation and supporting food banks. These activities exemplify the company’s commitment to fostering a positive legacy in the communities they serve.

Adhering to Global Standards

The company’s sustainability reporting adheres to various standards, including those from the International Financial Reporting Standards Foundation and the Sustainability Accounting Standards Board. Gates integrates guidelines from the Task Force on Climate-related Financial Disclosures and is informed by the Global Reporting Initiative and the United Nations Sustainable Development Goals.

About Gates

Gates is recognized for its innovative approach in engineering power transmission and fluid power solutions. With a diverse product range tailored for original equipment manufacturers and channel customers, Gates is marked by over a century of leadership in materials science. Products are sold across four commercial regions: the Americas, Europe, the Middle East & Africa, Greater China, and East Asia & India.

Frequently Asked Questions

What is the focus of the 2023 Sustainability Report?

The report emphasizes Gates' progress in Governance, Technology, Environment, and Stewardship as part of its sustainability strategy.

How has Gates reduced energy consumption?

Gates has brought solar energy online and invested in projects that cut natural gas and electricity consumption significantly.

What safety improvements were made in 2023?

Gates achieved a 20% decrease in Total Case Incident Rates and a 15% reduction in severe injuries, enhancing overall workplace safety.

How does Gates engage with communities?

The company is involved in various volunteer activities that support local outreach, education, and environmental sustainability.

What reporting standards does Gates follow?

Gates’ sustainability reporting adheres to global standards like the IFRS, SASB, and TCFD, ensuring transparency and accountability.

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