YIT commits to Science Based Targets initiative as the first Finnish construction company
YIT Corporation Investor news 19 November 2021 at 10:00 a.m.
YIT commits to the Science Based Targets initiative (SBTi) to limit global warming to 1.5 degrees in line with the Paris Climate Agreement.
YIT is the first Finnish construction company to formally commit and seek validation for its targets by the SBTi. SBTi requires companies to reduce emissions both in its own operations and value chain. By committing to the SBTi, YIT strengthens its climate work and updates its current climate targets to be more comprehensive, also contributing to YIT's customers' emission reductions.
Commitment to the SBTi initiative is a strong indication of the importance of sustainability in YIT's strategy.
“Commitment to an international, leading, and comparable emission reduction target strengthens YIT's efforts to reduce greenhouse gases in its own operations and value chain. Target set according to the SBTi raises the level of ambition of our climate action and requires even closer cooperation with our partners.”, says Markku Moilanen, President and CEO.
Construction and the use of the built environment account for about half of the world's natural resource use and about 40 percent of energy consumption. The climate impact of the construction sector is high, with up to 38% of energy-related greenhouse gas emissions coming from the use and construction of buildings (source: UNEP). Indeed, construction sector’s actions have a significant role to play in limiting global warming to 1.5 degrees.
Before committing to the SBTi, YIT has resolutely taken forward its work to reduce emissions in its own operations and value chain. For several years, YIT has calculated the carbon footprint of its own projects and developed lower-carbon material solutions together with partners. For example, the green hollow core slab developed with Parma has more than a 40% smaller carbon footprint compared to a regular hollow core slab. In addition, YIT has set up renewable energy sources in its projects, such as geothermal heat in residential buildings.
In 2020, YIT reduced emissions from its own operations by approximately 30% by increasing the use of renewable energy in its offices and on construction sites. These and many other measures will play an important role in achieving YIT's emission reduction target. The final target formulation is subject to SBTi validation, after which the targets will be published.
YIT is currently working on refining and concretising the range of decarbonization options in its business segments and updating its roadmap.
“Our customers expect sustainable products, and we want to be in the front line to provide these solutions in every customer segment”, Moilanen emphasizes.
For further information:
Tommi Järvenpää, Vice President, Investor Relations, YIT Corporation, tel. +358 40 576 0288, tommi.jarvenpaa@yit.fi
Juha Kostiainen, EVP, Urban Development, YIT Corporation, tel. +358 40 072 1475, juha.kostiainen@yit.fi
YIT Corporation
Tommi Järvenpää
Vice President, Investor Relations
Distribution: Nasdaq Helsinki, major media, www.yitgroup.com
YIT is the largest Finnish and a significant North European urban developer and construction company. Our goal is to create more sustainable, functional and attractive cities and living environments. We develop and build apartments, business premises and entire areas. We also specialise in demanding infrastructure construction. We own properties together with our partners, which supports the implementation of our significant development projects. We also provide our customers with services that increase the value of properties. We employ approximately 7,400 professionals in ten countries: Finland, Russia, Sweden, Norway, Estonia, Latvia, Lithuania, the Czech Republic, Slovakia and Poland. Our revenue in 2020 was approximately EUR 3.1 billion. YIT Corporation's share is listed on Nasdaq Helsinki Oy. www.yitgroup.com
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