11 June 2024

Purmo Group is proud to announce that its targets for reducing greenhouse-gas (GHG) emissions have been approved by the Science Based Targets initiative. The targets cover scope 1, 2 and 3 emissions in both the near term (2033) and long term (2050). Purmo Group has also committed to reaching net zero GHG emissions by 2050. The Group believes that the approval of the targets by the SBTi is a major step in its dedication to making  its sustainability journey transparent, tangible and measurable.

The announcement follows over a year of intensive preparation, study and reporting. Science-based targets define how much and how quickly a business must reduce its emissions to be in line with the Paris Agreement goals. They give companies a clearly defined path to reducing greenhouse gas emissions in line with limiting global warming to 1.5°C. Targets must cover emissions from Scopes 1 and 2 (see below). For companies whose scope 3 emissions cover more than 40% of their combined emissions from scopes 1, 2 and 3, targets must cover scope 3.

The approved targets are:

Near-Term Targets:
Purmo Group commits to reduce absolute scope 1 and 2 GHG emissions by 54.6% by 2033 from a 2022 base year*. The Group also commits to reduce absolute scope 3 GHG emissions by 32.5% within the same timeframe.

Long-Term Targets:
Purmo Group commits to reduce absolute scope 1 and 2 GHG emissions by 90% by 2050 from a 2022 base year*. The Group also commits to reduce absolute scope 3 GHG emissions by 90% within the same timeframe.

Sam Hodlin, Head of Sustainability, Safety and Wellbeing commented: “This is great news for us and the planet. It gives a clear and transparent pathway to a lower carbon future for us and for our customers. I’m really proud that the targets have been approved by the SBTi.  They demonstrate our commitment to aligning with a net-zero future,  limiting the harmful effects of global warming, and building a more sustainable world.“

John Peter Leesi, CEO added: “"We cannot stop at just making solutions that perform better for the planet. We must also be sure that the ways they’re made are better for the planet. We now have science-based targets with which we can lead our value chains, and for which we can stand up and be counted."

* The target boundary include biogenic, land-related emissions and removals from bioenergy feedstocks.

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About Purmo Group

Purmo Group is at the centre of the global sustainability journey by offering full solutions and sustainable ways of heating and cooling homes to mitigate global warming. We provide complete heating and cooling solutions to residential and non-residential buildings, including underfloor heating and cooling systems, a broad range of radiators, heat pumps, flow control and hydronic distribution systems, as well as smart products. Our mission is to be the global leader in sustainable indoor climate comfort solutions. Our approximately 3,190 employees operate in 23 countries, manufacturing and distributing top-quality products and solutions to our over 100,000 customers in more than 100 countries. Purmo Group’s shares are listed on Nasdaq Helsinki with the ticker symbol PURMO.

About the Science Based Targets initiative

The Science Based Targets initiative (SBTi) is a corporate climate action organization that enables companies and financial institutions worldwide to play their part in combating the climate crisis. We develop standards, tools and guidance which allow companies to set greenhouse gas (GHG) emissions reductions targets in line with what is needed to keep global heating below catastrophic levels and reach net-zero by 2050 at the latest. The SBTi is incorporated as a charity, with a subsidiary which will host our target validation services. Our partners are CDP, the United Nations Global Compact, the We Mean Business Coalition, the World Resources Institute (WRI), and the World Wide Fund for Nature (WWF).

About Scope 1, 2 and 3 emissions

Scope 1 covers direct GHG emissions from sources that are owned or controlled by the company, for example: combustion in owned or controlled boilers, furnaces, vehicles, etc., or emissions from chemical production in owned or controlled process equipment.
Scope 2 covers indirect greenhouse gas emissions from consumption of purchased electricity, heat or steam.
Scope 3 emissions are all indirect emissions not included in scope 2 that occur in the value chain of the reporting company, including both upstream and downstream emissions. They also include product lifecycle emissions associated with the use of a specific product, from cradle to grave, including emissions from transport, storage, sale, use and disposal.