“In 2022, we continued to demonstrate that our commitment to sustainability extends into every aspect of our business through our ESG strategy, which guides our work to reduce our environmental footprint, expand upon the positive environmental attributes of our products, enrich and engage our communities and people, and adhere to the highest ethical business practices,” said Robert J. Pagano, Jr., CEO, President, and Chairperson of the Board. “We know that the complex set of global water challenges such as access, scarcity, pollution, and safety require the most capable, committed, and diverse workforce, and I am extremely proud of our teams’ commitment. Together with our employees, customers, shareholders, and partners around the globe, we can drive the change needed for a safer and more sustainable world.”
Key Watts accomplishments highlighted in the report include:
Reached a significant milestone as the first company to achieve verification by The Water Council’s WAVE Water Stewardship program. WAVE exclusively grants this verification to companies that both meet its rigorous standards of assessing enterprise-wide water-related risk and take action to mitigate their water-related impact on the environment.
Implemented a formal Human Rights Policy outlining our commitment to promoting human rights within our labor force, including through support of and adherence to the United Nations Global Compact and the Universal Declaration of Human Rights.
Revised our strategic pillars to include an emphasis on DEI, incorporated inclusion as a cultural behavior, and launched global, multi-year leadership and inclusivity training for all employees.
Reduced global water use intensity by 11% and purchased 100% certified renewable energy credits to offset annual electric consumption at seven U.S. sites, reducing greenhouse gas emissions intensity by 31% (market based).
Grew the total number of suppliers participating in sustainability audits by 14% over 2021, and suppliers representing more than 94% of our 2022 global annual spend certified their conformance to our Supplier ESG Standards.
Continued to design products and solutions to benefit users and help their sustainability efforts based on the Company’s “triple play” of Safety and Regulation, Water Conservation, and Energy Efficiency, which make up 74%, 37%, and 24% of Watts revenue stream respectively, with some products fitting into multiple categories.
Provided clean water access to disadvantaged communities through the Company’s ongoing partnership with Planet Water Foundation, which to date has benefited more than 55,000 people in nine different countries. Last year, Watts funded and installed six water purification and hand washing systems in Cambodia, India, Mexico, the Philippines, and Indonesia, providing 10,800 people with clean and safe drinking water daily.
ESG research and data company Sustainalytics reported a 24% improvement in our ESG score in 2022, promoting Watts to the low-risk category. The Watts MSCI score was maintained at “AA,” and for the fourth consecutive year, Watts was named one of America’s Most Responsible Companies by Newsweek.
Source: Watts Water Technologies, Inc.
