Climate Action: Committing to the Science Based Targets initiative

Climate is a strategically important area for the Hultafors Group. Our commitment is to substantially reduce our negative environmental impact, aligning with the latest urgent climate science from the UN climate body IPCC. As part of this effort, we have initiated the process of setting science-based targets.

While our individual business units continue to lead their sustainability initiatives, we have now established a comprehensive group-wide baseline. This framework empowers us to set ambitious goals, while promoting collaboration and efficiently using economies of scale. A shared foundation not only futureproofs the business; it also allows us to reduce emissions throughout the entire value chain, with a specific focus on the supply chain—the area with the most significant impact.

Hultafors Group has been actively measuring scope 1 and 2 emissions for several years, while also implementing systematic improvements. In 2023, we introduced standardized climate calculations across the entire value chain. These calculations follow the principles outlined by the GHG Protocol, an initiative that assists organizations in tracking their emissions and making informed actions toward achieving sustainability goals.

“The business units have done an excellent job in helping us achieve this. While we’re still working on improving data quality, especially for scope 3 emissions, this is a crucial starting point. Now, we have a much better grasp of our overall emissions and their impact on each product,” said Kristina Altner, Group Sustainability Manager.

The focus for data validation was on the 2022 emissions, as this year will serve as the base year for setting future emission targets. Therefore, the Group continues to publicly report scope 1 and 2 emissions also in 2023 and will include the scope 3 emissions in the 2024 report. However, Fristads and Snickers Workwear report all three scopes for 2023. The total sustainability impact of the group is largely connected to these two brands, which are the largest within the Group.

The Group’s Sustainability Core Team, comprised of dedicated experts across the organization, played an instrumental role and will continue to drive our sustainability agenda going forward. Additionally, our owner, Investment AB Latour, steadfastly supports our sustainability initiatives.

• Committed to set targets for company-wide emission reductions in line with the Science Based Target initiative.
• Improved our scope 1 & 2 calculations and introduced the mapping of scope 3 emissions in line with the Greenhouse Gas Protocol (GHG Protocol). The screening focused on the 2022 emissions since they will serve as the base-year for future targets.

• Develop and submit targets to the Science Based Targets initiative
• Establish key decarbonization plans for our business units
• Ensure effective GHG data management and reporting
• Integrate governance of targets and reporting of progress in Group operating model
• Further develop circular business models

Read the full Hultafors Group sustainability report for 2023 here.