YIT’s emission reduction targets validated by the Science Based Targets initiative as the first Finnish construction company
YIT Corporation Investor News 19 June 2023 at 9:00 a.m.
In November 2021, YIT became the first Finnish construction company to commit to set emissions reduction targets through the Science Based Targets initiative (SBTi). The SBTi has now validated the targets set by YIT, confirming that the the targets are in line with the Paris Agreement and contribute to limiting global warming to 1.5 degrees.
“Construction and the use of built environments have a major impact on the climate. Companies and other operators in the construction industry have the opportunity as well as the responsibility to make an impact on society and promote the sustainability of construction. YIT is a leading urban developer and construction company. With the science based targets we want to show direction and encourage also our partners to strive for a better future,” said Heikki Vuorenmaa, President and CEO, YIT Corporation.
YIT’s emission reduction targets are:
- YIT commits to reduce absolute scope 1 and 2 GHG emissions 90% by 2030 from a 2019 base year*.
- YIT also commits to reduce absolute scope 3 GHG emissions 30% by 2030 from a 2019 base year.
*The target boundary includes land-related emissions and removals from bioenergy feedstocks.
YIT will reduce its emissions with the support of a carbon roadmap prepared by the company. The roadmap includes more detailed measures and covers the entire life cycle of construction. Key measures for reducing emissions include, for example, adopting emission-free sources of energy with regard to equipment and the heating and cooling of the company’s properties, using low-carbon building materials such as concrete and steel and reducing the emissions generated in the use of completed apartments and business premises. YIT reports on the progress of its climate efforts in the corporation’s Annual Review.
“Today, we welcome YIT Corporation’s science-based targets consistent with limiting warming to 1.5°C,” said Luiz Amaral, Chief Executive Officer of the Science Based Targets initiative. “The ambition of YIT’s targets is aligned with the need for the global economy to rapidly cut emissions. This company is setting an example for the rest of its industry, and I urge others in its sector to set their own targets too.”
The Science Based Targets initiative (SBTi) is a global body enabling businesses to set ambitious emissions reductions targets in line with the latest climate science. It is focused on accelerating companies across the world to halve emissions before 2030 and achieve net-zero emissions before 2050. The initiative is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF) and one of the We Mean Business Coalition commitments.
Further information:
Maija Taimi, Senior Vice President, Communications, YIT, tel. +358 50 487 1561, maija.taimi@yit.fi
YIT Corporation
Tuomas Mäkipeska
CFO
Distribution: Nasdaq Helsinki, major media, www.yitgroup.com
YIT is the largest Finnish and a significant North European development and construction company. We develop and build sustainable living environments: functional homes, future-proof public and commercial buildings, infrastructure for smooth mobility, and renewable energy solutions to benefit the climate. We employ around 5,000 professionals in nine countries: Finland, Sweden, Norway, Estonia, Latvia, Lithuania, the Czech Republic, Slovakia and Poland. Our revenue in 2022 was EUR 2.4 billion. YIT Corporation’s share is listed on Nasdaq Helsinki. Read more: www.yitgroup.com
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