Establishing our commitments as an inherently sustainable company
Our 2021 completion of the spin-off of our Process & Motion Control business and name change from Rexnord Corporation to Zurn Water Solutions Corporation (Zurn Water Solutions), making us a standalone, pure-play water management company strengthened our position as an inherently sustainable company. To achieve our sustainably inspired vision, we needed new goals and an updated process to pursue them.
We established a new set of key performance indicators (KPIs) based on metrics from leading ESG frameworks such as the Global Reporting Initiative (GRI) and the Sustainable Accounting Standards Board’s (SASB’s) industry-specific metrics. Then we created new targets within each of our five sustainability pillars, using 2021 figures as the baseline for continual improvement. Some of these targets include:
- A 50% reduction in our Scope 1 and Scope 2 greenhouse gas intensity by 2030
- A 15% reduction in energy consumed per U.S. dollar of operating revenue by 2024
- Increasing the revenue we derive from products with sustainable attributes from 70% to 75% by 2024.
- Achieve 40 billion gallons of water saved annually through the use of our products by 2024
- Report on Scope 3 Emissions and establish and announce science-based target for GHG reduction for Scope 1,2 and 3 emissions (2023)
- Calculate and report GHG emissions avoided due to the sale of certain Zurn Water Solutions products (2024 & annually)
- Contribute $5 million to philanthropic initiatives by 2024
- 100% of associates train on our Code of Business Conduct and Ethics (2022 and annually)
- Increasing the number of our associate engagement survey responses from 73% in 2021 to 80% by 2023.
- Achieving 30% female representation on board of directors by 2024.
- Achieve above industry average Associate Inclusion Index results (2022 & annually)
- Disclose associate diversity metrics (2022 & annually)
- Give every associate 1% of company time to volunteer (2022 & annually)
- Achieve 0 total recordable injury rate (TRIR) across all facilities (2022 & annually)
- 8% of spending in North America with diverse businesses and sourcing including those owned by women, minorities, veterans, LGBTQ+ and HUBZone.
Along with these KPIs, we have aligned our vision and strategy with other global sustainability initiatives. In 2021, we joined the United Nations (UN) Global Compact to reaffirm our commitment to universal principles on human rights, labor, anti-corruption and the environment. Our mission at Zurn Water Solutions aligns directly with UN Sustainable Development Goal (SDG) 6: to ensure availability and sustainable management of water and sanitation for all. We also began a Task Force on Climate-Related Financial Disclosure (TCFD) scenario analysis to determine our exposure to climate-related transition and physical risks, and we will report those results in our 2022 CDP Climate Change response.
Putting this vision into action requires accountability, so we’ve also established several key policies and practices to guide our efforts. Our Environmental, Health & Safety (EHS) Vision and Playbook spells out standard environmental and safety procedures for our facilities and for the associates and contractors who work at Zurn Water Solutions. It also includes a full compliance calendar to ensure we’re meeting all regulatory requirements, as well as regular reviews to ensure a closed-loop process. With this intentional approach, we will embed sustainability into every aspect of our business, aiming to deliver on our promise as a Sustainably Inspired company.