Parker Hannifin, a pioneer in motion and control technology, recently released its 2023 Sustainability Report, which focuses on the company's achievements in protecting the environment, advancing clean technology, creating safe industrial workplaces, and strengthening communities around the theme of "Purpose-led".
The report also showcases Parker's wide range of products and systems designed to help customers in the industrial, mobile and aerospace markets reduce their reliance on natural resources, increase efficiency and reduce carbon emissions. Nearly two-thirds of Parker's global technology portfolio supports electrification and lightweighting, cleaner and more efficient energy sources such as batteries, fuel cells and hydrogen, as well as other innovations that have a positive impact on the environment.
Jenny Parmentier, CEO of Parker Hannifin, said, "Our actions exemplify Parker Hannifin's legacy of corporate responsibility and sustainability-focused operations. We will continue to help our customers innovate and make progress in meeting their environmental commitments. All of us around the world work every day to make our world cleaner, smarter, and safer, and I'm proud to share the progress we've made on their behalf in our Sustainability Report. ”
Key achievements outlined in the FY2023 Sustainability Report include:
Keeping Team Members Safe: A shared commitment to putting safety first is a top priority at all of Parker's workplaces, resulting in a 45% reduction in recordable safety incidents and a 33% reduction in lost-time incidents over the past five years. Overall, Parker's safety performance ranks in the top 25% of diversified industrial manufacturers.
Carbon Impact Reduction: To reduce its environmental impact, Parker completed a number of on-site carbon reduction projects during the fiscal year, including solar panel installations, lighting retrofits, HVAC system upgrades, and more. These initiatives will help Parker achieve its goal of reducing its operational carbon footprint by 50% by 2030 and achieving carbon neutrality by 2040.
R&D Cleantech: In fiscal 2023, more than 40% of Parker's R&D efforts were related to expanding the interconnected cleantech portfolio, with a focus on electrification and emerging alternative fuels such as hydrogen and sustainable aviation fuel.
Making a positive impact on the community: Parker and Parker** donate more than $9 million to charities that help strengthen communities around the world, most of which align with the Society's three focus areas of STEM education, community needs and sustainability.
For more information, please refer to Parker Hannifin's 2023 Sustainability Report.
About Parker Hannifin
Parker Hannifin is a Fortune 250 company in the United States and a pioneer in motion and control technology. Over the past 100 years, the company has been committed to achieving engineering breakthroughs for a better tomorrow.