Trane Technologies has reported in accordance with the Global Reporting Initiative (GRI) Standards for the period 1 January 2023 - 31 December 2023 using GRI 1: Foundation 2021.
GRI 2: General Disclosures 2023
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Disclosure #
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GRI Disclosure Title
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2023 Direct Response or Location
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1. The organization and its reporting practices
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2-1
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Organizational details
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Trane Technologies
170/175 Lakeview Drive
Airside Business Park
Swords, Co. Dublin, Ireland
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2-2
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Entities included in the organization’s sustainability reporting
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2-3
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Reporting period, frequency and contact point
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Reporting period: 1 January 2023 - 31 December 2023
Reporting frequency: Annual
Date of report publication: 10 May 2024
Point of contact: Carrie Ruddy
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2-4
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Restatements of information
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2-5
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External assurance
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Our Select environmental, health & safety and GHG data receive limited assurance annually.
The assurance process is led by the Vice President, Environmental, Health and Safety Operations who reports to Executive Vice President and Chief Integrated Supply Chain Officer
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2. Activities and workers
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2-6
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Activities, value chain and other business relationships
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During the reporting year, there were no major changes within our supply chain.
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2-7
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Employees
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Our workforce breakdown includes the total number of full-time and hourly employees by region and gender. We employ contractors but do not currently track the region and gender breakdown of the contractor workforce. We did not experience significant fluctuations in our workforce during the reporting period.
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2-8
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Workers who are not employees
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3. Governance
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2-9
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Governance structure and composition
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2-10
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Nomination and selection of the highest governance body
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2-11
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Chair of the highest governance body
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2-12
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Role of the highest governance body in overseeing the management of impacts
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2-13
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Delegation of responsibility for managing impacts
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2-14
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Role of the highest governance body in sustainability reporting
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2-15
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Conflicts of interest
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The company’s Conflicts of Interest Policy requires employees to disclose actual or potential conflicts of interest in a variety of categories, which generally capture the four categories of conflicts defined by GRI 2-16-b. Each disclosure is reviewed by the company’s Ethics and Compliance Group and disclosed to the employee’s manager. Conflict disclosures are escalated within the company, including the Board of Directors,as necessary to effectively eliminate or mitigate the conflict.
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2-16
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Communication of critical concerns
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The company’s Vice President and Deputy General Counsel, Compliance and M&A reports six times a year on critical concerns to the company’s Global Business Integrity Council (GBIC) and to the Audit Committee of the Board of Directors at each Board meeting. The GBIC brings executive focus and expertise to drive consistent implementation of risk based compliance solutions to prevent, detect and remediate misconduct and promote an ethical culture. The GBIC is chaired by the CEO and co-owned by the General Counsel and the Vice President and Deputy General Counsel, Compliance and M&A who acts as the company’s Chief Ethics and Compliance Officer. Other members of the Council include the President and Chief Executive Officer, Senior Vice President and Chief Financial Officer, Senior Vice President and Chief Human Resources Officer and the Vice President, Audit Services. As defined in its charter, the Council executes the company’s global ethics and compliance program and supervises subordinate regional compliance committees. If necessary, the Vice President and Deputy General Counsel, Compliance and M&A has access to the Chair of the Audit Committee to escalate any particular concern immediately. Several times during the year, the Vice President and Deputy General Counsel, Compliance and M&A has executive sessions with the Audit Committee, without management present, to review potential escalations.
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2-17
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Collective knowledge of the highest governance body
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2-18
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Evaluation of the performance of the highest governance body
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2-19
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Remuneration policies
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2-20
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Process to determine remuneration
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2-21
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Annual total compensation ratio
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4. Strategies, policies, and practices
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2-22
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Statement on sustainable development strategy
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2-23
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Policy commitments
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Our environmental, health and safety, and ethical operations policies are described throughout our ESG report. Links, applicable activities, and communication processes are described in the relevant section.
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2-24
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Embedding policy commitments
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2-25
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Processes to remediate negative impacts
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2-26
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Mechanisms for seeking advice and raising concerns
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2-27
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Compliance with laws and regulations
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Trane Technologies operates with integrity and expects all employees and business partners to uphold the same ethical standards. The number of Instances of non-compliance and the monetary value of fines for instances of non-compliance are considered confidential.
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2-28
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Membership associations
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5. Stakeholder Engagement
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2-29
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Approach to stakeholder engagement
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2-30
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Collective bargaining agreements
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16.3% of global workforce covered by collective bargaining agreements.
Trane Technologies determines working conditions and terms of employment on a regional, country and industry specific basis.
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GRI 3: Material Topics 2023
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Disclosure #
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GRI Disclosure Title
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2023 Direct Response or Location
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3-1
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Process to determine material topics
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3-2
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List of material topics
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Business Integrity | GRI 205: Anti-Corruption 2016
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3-3
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Management of material topics
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205-2
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Communication and training about anti-corruption policies and procedures
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Our anti-corruption policy is communicated to 100% of employees, including our Board of Directors, through our Code of Conduct and to 100% our business partners through the Business Partner Code of Conduct. All salaried employees, including the Board of Directors, must complete anti-corruption training upon hire and every two or three years based on a risk analysis of their function at the company.
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Climate Risk | GRI 201: Economic Performance 2016
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3-3
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Management of material topics
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201-2
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Financial implications and other risks and opportunities due to climate change
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Company Culture | GRI 401: Employment 2016
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3-3
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Evaluation of management approach
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401-1
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New employee hires and employee turnover
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401-2
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Benefits provided to full-time employees that are not provided to temporary or part-time employees
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401-3
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Parental Leave
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Diversity & Inclusion | GRI 405: Diversity & Equal Opportunity 2016
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3-3
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Explanation of the material topic and its boundaries
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405-1
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Diversity of governance body and employees
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GHG Emissions | GRI 305: Emissions 2016
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3-3
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Management of material topics
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305-1
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Energy direct (Scope 1) GHG emissions
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Gases included in the calculation: CO2, CH4, N2O, HFCs
Base year for the calculation: 2019
Source of emissions factors and the GWP rates used: IPCC AR5 – Climate Change 2013; EPA Climate Leaders, Emission Factors for Greenhouse Gas Inventories, April 2023; 2017 Climate Registry Default Emissions Factors Report, Table B.2, March 15, 2017. Consolidated approach for emissions: Financial controlStandards, methodologies, assumptions and/or calculation tools used: World Resources Institute, The Greenhouse Gas Protocol (Data & Report)
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305-2
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Energy indirect (Scope 2) GHG emissions
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Gases included in the calculation: CO2, CH4, N2O, HFCs and small quantities of HCFCs (e.g., R22)
Base year for the calculation: 2019
Source of emissions factors and the GWP rates used: USA location factors: 2020 eGRID, eGRID2020-data.xlsx , January 27, 2022
Other locations: International Energy Agency, IEA (2021) Emission Factors
Consolidated approach for emissions: Financial control
Standards, methodologies, assumptions a
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305-3
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Other indirect (Scope 3) GHG emissions
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Gases included in Scope 3 calculations: AllData sources and calculation methodologies vary based on the most relevant Scope 3 category calculated.Base year: 2019
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305-4
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GHG emissions intensity
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Organization-specific metric (the denominator): Million USD
Types of GHG emissions included in the intensity ratio: Scope 1 and market-based Scope 2
Gases included in the calculation: CO2, CH4, N2O
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305-5
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Reduction of GHG Emissions
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Gases included in the calculation: CO2, CH4, N2O
Base year or baseline: 2019
Scopes in which reductions took place: Scope 1 and Scope 2
Standards, methodologies, assumptions and/or calculation tools used: GRI 305: Emissions 2015, Disclosure 305-5
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305-6
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Emissions of Ozone-Depleting Substances (ODS)
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Trane Technologies is not a manufacturer of ODSs based on its interpretation of GRI 305-6.
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305-7
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Nitrogen Oxides (NOx), Sulfur Oxides (SOx), and other significant air emissions
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Persistent organic pollutants, volatile organic compounds, hazardous air pollutants, particulate matter and other standard categories of air emissions identified in relevant regulations are not significant air emissions for Trane Technologies.
Source of emission factors: U.S. EPA, Compilation of Air Pollution Emission Factors (AP-42), U.S. EPA Updated Emission Factors of Air Pollutants from Vehicle Operations in GREET Using MOVES; and vendor technical data sheets
Standards, methodologies, assumptions and/or calculation tools used: General calculation method is material usage multiplied by emissions factor
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Energy | GRI 302: Energy 2016
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3-3
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Management of material topics
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Energy
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302-1
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Energy consumption within the organization
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Standards, methodologies, assumptions and/or calculation tools used: GRI 302: Energy 2016, Disclosure 302-2
IPCC AR5 – Climate Change 2013; EPA Climate Leaders, Emission Factors for Greenhouse Gas Inventories, April 2023; 2017 Climate Registry Default Emissions Factors Report, Table B.2, April, 2020.
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302-2
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Energy consumption outside the organization
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All energy was consumed within the organization.
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302-3
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Energy intensity
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Organization-specific metric (the denominator): revenue
Types of energy included in the intensity ratio: Fuel, heating and electricity
All energy used was consumed inside the organization. Calculated using Trane Technologies’ energy usage and multiplying against relevant DEFRA and IEAemission factors
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302-4
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Reduction of energy consumption
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Energy
Types of energy included in the reductions: fuel, heating, and electricity
Base year for targets: Calendar year 2019
Methodology: GRI 302: Energy 2016: 302-4
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Energy Efficient and Low Emission Products | GRI: Custom Disclosure
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3-3
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Management of material topics
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Custom
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Clean revenue
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Sustainable Product Design & Life Cycle | GRI 301: Materials 2016
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3-3
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Management of material topics
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301-2
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Recycled input materials used
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Technology & Innovation | GRI: Custom Disclosure
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3-3
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Management of material topics
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Custom
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Average revenue from innovation
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English