Fagerhult Group Commits to Science Based Targets initiative

Published on: 06 September 2022
by KnowESG
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Fagerhult Group has committed to the Science Based Targets initiative, SBTi, announced at Capital Markets Day in Stockholm.

During Capital Markets Day, Fagerhult Group provided a business update, focusing on the group's strategic initiatives and four business areas. Fagerhult Group believes that megatrends are beneficial to the business and provide growth opportunities. 

The need for energy-efficient lighting solutions grows as a result of climate change and the energy crisis. Energy consumption can be decreased by up to 90% when using the newest LED technology and connectivity solutions compared to conventional lighting solutions.

The Group also outlined high-level business aspirations, with further updates on connectivity and sustainability coming later. The ambitions are consistent with the group's strong historical development. The business's growth agenda was backed by particular growth prospects in each business area, and the strategic initiatives: Innovation, Sustainability, and People & Culture are progressing well.

In the future, the importance of sustainability will only expand. The Fagerhult Group's sustainability agenda, titled 'Positive Change for Better Living,' announced earlier this year, covers a wide range of ESG issues (Environment, Social, Governance). 

By offering energy-efficient lighting solutions, the group is already helping to make society more sustainable. Fagerhult Group is now taking the next step and committing to the SBT-initiative. The group will identify goals that are consistent with the Paris Agreement, such as limiting global warming to 1.5°C and becoming net-zero. 

Bodil Sonesson, president and CEO of Fagerhult Group, said: 

"Committing to the Science Based Targets initiative is a natural next step on our sustainability journey. Climate change demands action, and through our long-term commitment, we want to lead our industry towards a more sustainable future. By committing to the Science-Based Targets initiative, we want to make sure we as a group are transparent in our efforts and make a difference. We have committed both to near-term and net-zero targets and will now continue the process to further map and validate our targets."

Source: PRNewswire

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