We are committed to fostering sustainable business practices across our businesses in order to reduce greenhouse gas emissions (GHG) and energy consumption. We believe that our focus on sustainability results in enhanced efficiency in our operations, which will reduce costs, improve margins, and help us achieve operational excellence. Further, given our role as a diversified global manufacturer and solutions provider, we are focused on innovating and developing products designed to help our customers improve the sustainability of their own products and services.

We recognize that climate change is a serious concern that warrants timely, meaningful action on a global basis. As part of our commitment to creating long-term economic value for shareholders through sustainable practices that protect the well-being of the environment and our company and developing products that help our customers meet their sustainability goals, we consider the potential risks and opportunities climate change presents for our businesses.

Identifying Potential Risks and Opportunities

We recognize the recommendations set forth by the Task Force on Climate-related Financial Disclosures (TCFD) are an important framework to consider climate risks and opportunities. During our recent sustainability materiality assessment, to refresh the climate change materiality analysis performed in 2010, we consulted with key members of management to identify potential climate-related risks and opportunities for our company. Our assessment identified several risks and opportunities, which are described below along with the mitigation and capitalization measures our businesses have in place and future analyses we plan on conducting.

Physical Risk Icon

As part of response planning for natural disasters and severe weather, we evaluate the physical risks posed by climate change for our facilities, operations, and, most importantly, the health and safety of our employees. In order to address these risks, our businesses have business continuity plans in place to protect people, property, and assets from disruptions that may be posed by the physical impacts of climate change such as flooding from sea-level rise and increased incidence and strength of storms. These plans help us prepare in the event of a catastrophic event and will help ensure timely recovery of business operations.

Transition Risk Icon

We recognize the business risks that may present themselves as society considers shifting to a lower-carbon economy, as proposed by the ambitious EU Green Deal. We believe we address these transition risks through our environmental initiatives, such as our energy and GHG reduction initiatives and use of renewable energy. In addition, operating companies in our Fueling Solutions segment have also started and plan to continue to explore opportunities to diversify the types of fuel their products support.

Opportunities Icon

Many of our operating companies are directly involved in industries that will likely be impacted by climate change policy and the associated potential for a transition to a low carbon economy, such as environmental and waste management, retail fueling, refrigeration and food equipment, packaging, and printing. A central part of our sustainability efforts is to enable our customers to reduce waste, energy, and to achieve their sustainability goals through our innovative and sustainable products. As demand is expected to grow for these products and services in the future, we anticipate significant opportunities to provide the solutions our customers depend on. For more information on how we enable sustainable solutions for our customers, please see our Innovation for sustainable products page.

Managing Risks and Opportunities Related to Climate Change

Our Board of Directors has established a comprehensive enterprise risk management process to identify and manage risks, including any risks related to environmental and social issues, and periodically reviews the processes established by management to identify and manage risks and communicates with management about these processes.

Our Board of Directors is also focused on our long-term business strategy and incorporates sustainability risks and opportunities into its overall strategic decision-making. Innovation is engrained in the Dover entrepreneurial spirit, and we believe that sustainability-driven innovation in response to customer demand will present a growth opportunity while contributing positively to enhanced resource efficiency and reduced waste. In that regard, our businesses have accelerated efforts and processes around innovation, including focusing on technologies that create tangible value for our customers and help them achieve their climate and sustainability objectives.

Dover’s senior management is fully involved and responsible for managing climate-related risks and opportunities. Our cross-functional Sustainability Steering Committee, comprised of senior Dover corporate and operating company leaders, oversees our ESG initiatives and sets our sustainability strategy and targets, including those related to energy and climate change.

On a day-to-day basis, our Director of Global Sourcing takes the lead on coordinating the performance of our businesses on climate-related issues. This includes managing energy consumption and GHG emissions reporting. For more information on our GHG emissions reporting, please visit our Energy and emissions page.

For more information on our overall approach to risk management and oversight for sustainability matters, please see our Governance and accountability page.