Gates Reports on 2024 Sustainability Efforts, Achieving Key Milestones in Waste Diversion, Patents, and Employee Development.

Gates Corporation has released its 2024 Corporate Sustainability Report, highlighting significant progress in governance, technology, environment, and stewardship. Key achievements include diverting 100% of rubber waste from landfills at 21 facilities, securing 132 new patents, and increasing renewable energy usage by 6%. Employee development initiatives also saw a 160% increase in participation. The report underscores the company's commitment to sustainable innovation and value creation.

Gates Corporation (NYSE: GTES) has published its 2024 Corporate Sustainability Report, showcasing significant strides in governance, technology, environment, and stewardship. The report underscores the company's commitment to sustainable innovation and long-term value creation.

Key Achievements

Governance: Gates has strengthened its data, governance, and cybersecurity protocols, enhancing stakeholder trust and supporting enterprise-wide initiatives. The company has improved its supplier onboarding process and communicated expectations around consistent, responsible practices throughout the supply chain [1].

Technology: Gates has made notable advancements in product circularity. In 2024, the company diverted 100% of rubber waste from landfills at 21 facilities and remanufactured 32% of rubber scrap. This was achieved through a deep commitment to innovation, resulting in 132 patents awarded in 2024 [1].

Environment: Gates actively participates in the global renewable energy transition. The company grew its renewable energy use by 6% in 2024 through strategic investments in onsite solar and purchasing renewable energy credits (RECs) [1].

Stewardship: Employee development initiatives saw a 160% increase in participation. Gates invested in formal training and mentorship programs, an on-demand learning library, and on-the-job opportunities to further develop employees' skillsets and build strong careers while giving back to communities [1].

Reporting Standards and Goals

Gates' sustainability reporting process adheres to standards and guidelines from the International Financial Reporting Standards (IFRS) Foundation, Sustainability Accounting Standards Board (SASB), Task Force on Climate-related Financial Disclosures (TCFD), Global Reporting Initiative (GRI), and United Nations Sustainable Development Goals (SDGs) [1].

Forward-Looking Statements

The report includes forward-looking statements, subject to various risks and uncertainties. These include economic, political, and other risks associated with international operations, manufacturing industry risks, macroeconomic factors, and the company's ability to forecast and meet demand [1].

Conclusion

Gates Corporation's 2024 Sustainability Report demonstrates a robust commitment to sustainable practices and innovation. By integrating environmental and social initiatives into its operations, Gates is positioning itself for long-term success and value creation.

References

[1] https://www.prnewswire.com/news-releases/gates-releases-2024-corporate-sustainability-report-302523443.html