Gates Unveils 2023 Corporate Sustainability Report
Gates (NYSE: GTES), a frontrunner in innovative power transmission and fluid power solutions, has released its sixth annual Sustainability Report. This report highlights significant advancements in its sustainability strategy, which encompasses Governance, Technology, Environment, and Stewardship.
Dedication to Sustainability
Ivo Jurek, the CEO of Gates, emphasizes the company's commitment to enhancing its impact on both people and the environment. This dedication includes a thorough approach to sourcing materials, refining manufacturing processes, and engaging actively with the community. Gates has strengthened its governance practices and improved compliance reporting to better align with international sustainability standards.
Noteworthy Sustainability Achievements
This year, Gates has reached impressive milestones, such as bringing 818,000 kWh of solar energy into operation and investing in infrastructure projects that have successfully lowered natural gas consumption by 18 million kWh and electricity usage by 7 million kWh. With 73 ongoing initiatives aimed at reducing greenhouse gas emissions, Gates remains steadfast in its focus on decarbonization.
Advancements in Health and Safety
In terms of workforce health and safety, the company has made remarkable progress, achieving a 20% reduction in Total Case Incident Rates and a 15% decrease in severe injuries. Their comprehensive safety initiatives have effectively improved safety across their global operations.
Engaging with the Community
Gates employees are actively involved in a variety of community outreach initiatives, including mentoring students in science, technology, engineering, and mathematics (STEM) programs, organizing local reforestation efforts, and supporting food banks. These activities reflect the company’s commitment to creating a positive impact in the communities they serve.
Compliance with Global Standards
The company’s sustainability reporting meets several standards, including those from the International Financial Reporting Standards Foundation and the Sustainability Accounting Standards Board. Gates also incorporates guidelines from the Task Force on Climate-related Financial Disclosures and is guided by the Global Reporting Initiative and the United Nations Sustainable Development Goals.
About Gates
Gates is well-known for its innovative engineering in power transmission and fluid power solutions. With a wide range of products designed for original equipment manufacturers and channel customers, Gates boasts over a century of leadership in materials science. Its products are distributed 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 highlights Gates' advancements in Governance, Technology, Environment, and Stewardship as part of its sustainability strategy.
How has Gates reduced energy consumption?
Gates has implemented solar energy solutions and invested in projects that significantly reduce natural gas and electricity usage.
What safety improvements were made in 2023?
Gates reported a 20% reduction in Total Case Incident Rates and a 15% decrease in severe injuries, improving overall workplace safety.
How does Gates engage with communities?
The company participates in various volunteer efforts that support local outreach, education, and environmental initiatives.
What reporting standards does Gates follow?
Gates’ sustainability reporting complies with global standards such as IFRS, SASB, and TCFD, ensuring transparency and accountability.
