Bonava becomes first residential developer to receive approval from Science Based Targets initiative
Bonava has become the first residential developer in Europe to receive formal approval from Science Based Targets initiative for the company’s climate targets. Until 2030, Bonava will reduce the company’s negative impact on the climate by 50 per cent by adopting climate targets that conform to the IPCC’s recommendation to limit global warming to 1.5 °C.
Bonava is committed to reducing the company’s direct carbon emissions with an absolute target of 50 per cent, and reducing carbon emissions throughout the value chain with an intensity target of 50 per cent per housing start by 2030 compared with the base year of 2018.
– To contribute towards limiting global warming, we now have science-based targets and are aiming for a drastic reduction in greenhouse gas emissions over the next decade. Sustainable and profitable residential production places high demands on change, and Bonava is set to challenge the industry by imposing rigorous requirements, says Joachim Hallengren, President and CEO of Bonava.
Over the past two years, Bonava has studied the company’s direct and indirect climate impact. As a means of achieving the objectives, the company will maximize resource efficiency and move towards a circular production model. This will include developing new, innovative working practices and material choices. Other necessary steps are the sustainable use of land and a transition to renewable energy and renewable fuel across the value chain.
The Science Based Targets initiative is a joint venture between the Carbon Disclosure Project (CDP), the UN Global Compact (UNGC), the World Resources Institute (WRI) and the World Wide Fund For Nature (WWF). Science Based Targets is a scientific methodology that ensures a company’s targets are in line with what science tells us is required to achieve the targets in the global climate agreement signed in Paris. Read more about Bonava’s sustainability agenda here.
For more information, please contact:
Louise Tjeder, Head of Investor Relations
louise.tjeder@bonava.com
Tel: +46 707 826 374
Fredrik Hammarbäck, Group Head of Press and Public Affairs
fredrik.hammarback@bonava.com
Tel: +46 739 056 063
Bonava is a leading residential development company in Northern Europe. Bonava has been creating homes and neighbourhoods since the 1930s. Bonava has 2,300 employees and operates in Germany, Sweden, Finland, Denmark, Norway, St. Petersburg, Estonia and Latvia, with sales of SEK 15.5 billion in 2019. Bonava’s shares are listed on Nasdaq Stockholm.
For more information about us, visit: www.bonava.com
