Parker Hannifin Corporation is a leading diversified industrial company based in the United States of America. The company operates in various sectors, including aerospace, filtration, hydraulics, pneumatics, and electromechanical. Parker Hannifin Corporation is committed to sustainability and decarbonisation, and it has set ambitious targets to reduce its carbon footprint and promote renewable energy.

Corporate Energy and Decarbonisation

Parker Hannifin Corporation has recognised the importance of decarbonisation and has set a goal to reduce its greenhouse gas emissions by 30% by 2025. The company has also established a long-term target to achieve net-zero carbon emissions by 2040. To achieve these targets, Parker Hannifin Corporation has implemented various initiatives to improve energy efficiency, reduce waste, and promote renewable energy.

One of the key initiatives undertaken by Parker Hannifin Corporation is the implementation of a corporate energy management program. The program is designed to identify and implement energy-saving opportunities across the company's operations. The program includes the use of energy-efficient equipment, the implementation of energy-saving practices, and the adoption of renewable energy sources.

Corporate Power Purchase Agreements

Parker Hannifin Corporation has also entered into corporate power purchase agreements (PPAs) to promote the use of renewable energy. A PPA is a contract between a company and a renewable energy provider to purchase a specified amount of renewable energy at a fixed price over a defined period. PPAs provide a stable and predictable source of renewable energy, which can help companies achieve their sustainability goals.

In 2019, Parker Hannifin Corporation signed a 20-year PPA with a wind farm in Texas. The wind farm will provide the company with 160,000 megawatt-hours of renewable energy annually, which is equivalent to the energy consumption of 15,000 homes. The PPA will help Parker Hannifin Corporation reduce its greenhouse gas emissions by 16,000 metric tons per year.

Renewable Energy

Parker Hannifin Corporation is also involved in the development and production of renewable energy technologies. The company's products and solutions are used in various renewable energy applications, including wind turbines, solar panels, and hydroelectric power plants.

One of the key products developed by Parker Hannifin Corporation is the Parker Solar Inverter (PSI). The PSI is a highly efficient inverter designed for use in solar power systems. The inverter converts the DC power generated by solar panels into AC power that can be used by homes and businesses. The PSI has a high conversion efficiency of up to 98%, which helps to maximise the energy output of solar power systems.

Parker Hannifin Corporation is also involved in the development of energy storage solutions. The company's energy storage systems are designed to store excess energy generated by renewable energy sources, such as wind and solar, for use during periods of high demand. Energy storage systems can help to improve the reliability and stability of the electricity grid, while also reducing the need for fossil fuel-based power generation.

Conclusion

Parker Hannifin Corporation is a leading diversified industrial company that is committed to sustainability and decarbonisation. The company has set ambitious targets to reduce its carbon footprint and promote renewable energy. Parker Hannifin Corporation has implemented various initiatives to improve energy efficiency, reduce waste, and promote renewable energy, including the use of corporate PPAs and the development of renewable energy technologies. The company's commitment to sustainability and decarbonisation is not only good for the environment but also helps to improve the bottom line by reducing energy costs and enhancing the company's reputation.