TIDMDSCV
RNS Number : 2645H
discoverIE Group plc
23 November 2022
23 November 2022
discoverIE Group plc
discoverIE Commits to Net Zero Emissions
discoverIE Group plc (LSE: DSCV, "discoverIE" or the "Group"), a
leading international designer and manufacturer of customised
electronics for industrial applications, today announces its
commitment to achieving net zero Scope 1 & 2 carbon emissions
by 2030 and net zero Scope 3 emissions by 2040.
Since 2019 discoveriE has reduced carbon emission intensity by
around 40%, and following this the Group has now established a
science-based target commitment (SBTi aligned) to achieve net zero
emissions within its operations (Scope 1 & 2)(1) by 2030 and
within its value chain (Scope 3)(2) by 2040. Today, it has
published the "Road to Net Zero Emissions" report outlining its
plan. The report can be found on www.discoverIEplc.com.
The Group's total Scope 1 & 2 emissions in the calendar year
2021 was 7,745 tCO2e, of which 95% came from four emission sources:
purchased electricity, natural gas, company-owned vehicles and
refrigerants. The Group's net zero plan focuses on addressing these
four emission sources by reducing and replacing as much as
possible, and removing the residual emissions by investing in
carbon removal projects.
To track progress, the Group has also set out the following
milestones:
-- 80% renewable electricity by 2025 and 100% renewable electricity by 2030
-- Replace 90% gas heating with electric options by 2030
-- 100% fully electric vehicles for company cars by 2030
-- Remove 100% refrigerants by 2025
-- Reduce energy intensity(3) by 10% by 2030
The Group is currently undertaking a full screening of its Scope
3 emissions, which is expected to complete in early 2024. A
detailed reduction plan to achieve the SBTi-aligned target will be
announced and submitted to SBTi for approval thereafter.
discoverIE's purpose aligns with the UN Sustainable Development
Goals ("SDGs"). By creating innovative electronics and focusing on
four sustainable target markets of renewable energy, medical,
electrification of transportation, and industrial automation &
connectivity, from which 77% of the Group's revenue is generated,
the Group plays an essential role in the transition to a low carbon
economy.
Nick Jefferies, Group Chief Executive of discoverIE,
commented:
"Since 2019 we have made good progress in our carbon reduction,
reducing emission intensity by around 40% to date. This commitment
to achieving SBTi aligned net zero is an important next step that
will benefit our future business as well as the environment.
The discoverIE business model is contributing to the wider
transition to a low carbon economy. We are focused on growing
revenues in markets that are aligned with the UN SDGs, where
currently over three quarters of our revenue is derived and where
our products are helping customers to achieve their sustainability
goals."
For further information, please contact:
discoverIE Group plc
Nick Jefferies Group Chief Executive
Simon Gibbins Group Finance Director
Lili Huang Head of Investor Relations 01483 544 500
Buchanan
Chris Lane, Toto Berger, Jack Devoy
discoverIE@buchanan.uk.com 020 7466 5000
Notes:
1. Scope 1 emissions are direct GHG emissions from activities
controlled or owned by the company. Scope 2 emissions are indirect
emissions from the generation of purchased electricity consumed by
the company. Both emissions are considered emissions within
operations.
2. Scope 3 emissions are indirect emissions that occur in the
company's value chain, including both upstream and downstream
emissions.
3. Energy intensity is defined as total energy consumption kWh divided by GBPm revenue.
Notes to Editors:
About discoverIE Group plc
discoverIE Group plc is an international group of businesses
that designs and manufactures innovative electronic components for
industrial applications.
The Group provides application-specific components to original
equipment manufacturers ("OEMs") internationally. By designing
components that meet customers' unique requirements, which are then
manufactured and supplied throughout the life of their production,
a high level of repeating revenue is generated with long term
customer relationships.
With a focus on key markets driven by structural growth and
increasing electronic content, namely renewable energy, medical,
transportation and industrial & connectivity, the Group aims to
achieve organic growth that is well ahead of GDP and to supplement
that with targeted complementary acquisitions. The Group has an
ongoing commitment to reducing the impact of its operations on the
environment, while its key markets are aligned with a sustainable
future.
The Group's continuing operations employs c.5,000 people and its
principal operating units are located in Continental Europe, the
UK, China, Sri Lanka, India and North America.
The Group is listed on the Main Market of the London Stock
Exchange and is a member of the FTSE250, classified within the
Electrical Components and Equipment subsector.
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