Sanoma Sets Ambitious Climate Goals
The Science Based Targets initiative (SBTi) has given its approval to Sanoma's near-term science-based emission reduction goals for their own operations (Scope 1 and 2) as well as their value chain (Scope 3).
This validation affirms that Sanoma's climate strategy and business model align with the transition to a sustainable economy, in accordance with the Paris Agreement's objective of limiting global warming to 1.5°C.
Alex Green, the Chief Financial Officer of Sanoma, expressed their satisfaction with the validation of their climate targets by SBTi, emphasising that Sanoma's K12 learning services and independent media play a highly positive role in society. Given that creating reliable fact-based content is central to their business, ensuring the scientific rigour and ambition of their climate action and transition plans is of paramount importance to them.
In 2022, Sanoma's carbon footprint amounted to approximately 1,57,000 tonnes of CO2 equivalents, equivalent to roughly 0.3% of Finland's annual carbon footprint.
Sanoma's validated SBTi objective for their own operations is to achieve a 42% reduction in absolute Scope 1 and 2 greenhouse gas emissions by 2030, based on a 2021 baseline.
This reduction primarily targets emissions stemming from district heating, cooling of their facilities, and company vehicles, which currently constitute about 5% of Sanoma's total annual carbon footprint.
Sanoma has already made significant strides in reducing these emissions, with a 50% reduction during 2020-2021 and an additional 7% reduction in 2022, thanks to investments in energy efficiency, the use of renewable electricity, and the transition to renewable heating. The company anticipates further substantial reductions in the years ahead through continued investments in renewable energy.
Sanoma's most significant climate impacts arise from indirect supply chain emissions. The validated SBTi target is to achieve a 38% reduction in absolute Scope 3 GHG emissions, which encompass emissions from purchased goods and services, fuel and energy-related activities, and upstream transportation and distribution by 2030, using the 2021 baseline.
Sanoma's climate transition plan for value chain emissions already aligns with this target, as evidenced by an 8.2% reduction in relevant Scope 3 value chain emissions during 2022, driven by various initiatives related to materials, logistics, and services.
These climate targets are seamlessly integrated into Sanoma's overarching strategy and operations. Together with their commitment to developing inclusive learning solutions, Sanoma's science-based targets are woven into their sustainability Key Performance Indicators (KPIs) for their EUR 300 million Syndicated Revolving Credit Facility, signed in November 2022 and maturing in November 2026.
In 2022, Sanoma achieved a leadership-level score of A- in the global CDP Climate Change rating, a recognised standard for corporate environmental transparency. Annually, Sanoma provides updates on the progress of their climate strategy, following the GHG protocol and Task Force on Climate-Related Disclosures in their Annual Report. Furthermore, an independent third party provides limited assurance for the reported environmental, social, and economic sustainability indicators.
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