Press Release - 28.01.2025 - 07:00
The Science Based Targets initiative approves Lars Larsen Group’s climate targets
Lars Larsen Group A/S, with the subsidiaries JYSK, Actona Group, BOLIA, ILVA, SOFACOMPANY and ScanCom International, has achieved validation and approval of its CO2e reduction targets by the internationally acclaimed Science Based Targets initiative (SBTi).
When Lars Larsen Group A/S committed to the SBTi in November 2023, the goal was to have validated reduction targets for scopes 1, 2, and 3 in connection with the annual reporting of the financial year 2023/24. This goal was achieved by the end of 2024.
The commitment to reduce greenhouse gas emission is part of a collective effort in Lars Larsen Group. The companies have signed up to the SBTi individually and established individual reduction targets based on their different starting points and areas, where they expect to see the biggest impact and reduction.
”It is very satisfactory, that we have managed to get our targets approved all the way round within the expected time frame,” says President and CEO of Lars Larsen Group, Jesper Lund, and continues:
”In Lars Larsen Group, we want to be part of the solution and contribute to limiting global warming in line with the Paris Agreement. This aligns perfectly with our fundamental values of acting responsibly in the world we live in. That is why Lars Larsen Group A/S and our six major subsidiaries have been working determinedly this last year, to gather the data necessary to calculate our CO2e-baseline and determine, where we can make the biggest reductions to reach our targets.”
Specific reduction targets
More specifically, the parent company of the Group, Lars Larsen Group A/S, is committed to reduce scopes 1 and 2 CO2e emissions by 50.4% by the end of the financial year FY32. This covers emissions from such areas as electricity and heat consumption as well as company cars. Moreover, Lars Larsen Group A/S commits to get 73.2% of the Group’s suppliers, measured by emissions, to establish their own reduction targets by FY29.
As an example, the largest company in the Group, JYSK, has set a target of achieving the largest reductions through supplier engagement and requires that the company’s suppliers will set their own reduction targets.
For Lars Larsen Group as a whole, scope 3 constitutes slightly above 98% of the total emissions.
“Overall, the majority part of our total emissions is related to purchased goods and products from suppliers. Therefore, it makes sense to focus our efforts here where we will be able to generate the largest reductions. Simultaneously, we are doing what can to reduce the emissions that we are able to control ourselves,” says Jesper Lund.
Lars Larsen Group A/S plays a pivotal role in the pursuit of both overall and individual targets in terms of supporting cross-company efforts, creating opportunities for knowledge sharing, and establishing synergies among the companies.
”As an active and responsible owner, we remain focused on working with sustainability throughout the Group and making it a priority for each company to reduce their individual emissions. We believe this will have a positive impact on our ability to address climate challenges now and in the future, as well as strengthen our group in a long term perspective,” says Jesper Lund.
About the reduction targets in Lars Larsen Group:
The SBTi-validated reduction target statement for Lars Larsen Group A/S is as follows:
Lars Larsen Group A/S commits to reduce absolute scope 1 and 2 GHG emissions 50.4% by FY2032 from a FY2022 base year*.
Lars Larsen Group A/S also commits that 73.2% of its suppliers by emissions covering purchased goods and services and upstream transportation and distribution, will have science-based targets by FY2029.
*The target boundary includes land-related emissions and removals from bioenergy feedstocks.
For an overview of the individual reduction targets for the companies in Lars Larsen Group, who have committed to the SBTi, we refer to Lars Larsen Group’s annual report for the financial year 2023/24.
