REG - DFS Furniture PLC - Validation of SBTi Targets

DFS FurnitureAnnouncement

27/11/2024 07:00

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RNS Number : 7667N  DFS Furniture PLC  27 November 2024

27 November 2024

 

For immediate release

 

 

DFS Furniture plc

 

Validation of SBTi targets

Underpinning our commitment to reach Net Zero emissions by 2050

 

DFS Furniture plc ("DFS", the "Group"), the market leading retailer of living
room and upholstered furniture in the United Kingdom, is pleased to announce
The Science Based Targets initiative ("SBTi") has approved DFS Group's
near-term science-based emissions reduction target. DFS has also committed to
set long-term emissions reduction targets with the SBTi in line with climate
science, to reach net-zero by 2050.

 

The submission sets out the Group's strategy and targets to reduce greenhouse
gas ("GHG") emissions across the organisation and value chain and underpins
the Group's commitment to minimising its environmental impact.

 

The Group's aim is to reduce absolute scope 1 and 2 GHG emissions by 90% by FY
2050(1). DFS has also committed to reducing absolute scope 3 GHG emissions(2)
by 90% within the same timeframe.

 

In the near term, DFS has committed to reducing absolute scope 1 and 2 GHG
emissions by 55% by FY 2033(1) and, additionally, that 73% of Scope 3 GHG
emissions(2) will have science-based targets by FY 2028.

 

The Group's Sofa Cycle framework, launched in 2020, ensures DFS takes a
holistic view of its business's environmental impact and establishes an
ambition to become a circular business. The framework considers operational,
value chain, and end-of-life product impacts. This was the Group's first step
towards developing a net-zero strategy, and working to establish long-term
targets aligned with SBTi's net-zero criteria.

 

Tim Stacey, Group CEO: "We are delighted to announce that our ambitious
near-term plans to reduce the Group's greenhouse gas emissions and our
net-zero commitment have met the approval of SBTi's criteria.

 

"Our submission has been two years in the making and we recognise that this
will be a long, and sometimes challenging journey.  However, as market
leaders, we have an obligation to lead from the front and we are committed to
our role in helping transform the furniture industry's approach to net-zero.

 

"We feel even more confident in our plan due to the shared ambition and strong
support we've received from our most trusted suppliers, the majority of whom
have committed to come on the journey with us. Today's announcement validates
that through the sheer determination of the DFS team, together with the
openness and collaboration from our partners, we're a step closer to
minimising our environmental impact and reaching net-zero by 2050."

 

(1) Calculated from a FY 2023 base

(2 ) Calculated as a percentage of suppliers by emissions, covering purchased
goods and services and upstream transportation and distribution

 

Enquiries:

 

DFS (enquiries via Tulchan)

Liz McDonald (Group Company Secretary)

Phil Hutchinson (Investor Relations)

investor.relations@dfs.co.uk

 

Teneo

James Macey-White

Ayo Sangobowale

Victoria Boxall

+44 (0)20 7353 4200

85fs.dfs@teneo.com

 

About DFS Furniture plc

The Group is the clear market-leading retailer of living room furniture in the
United Kingdom. Our Group purpose is to bring great design and comfort into
every living room, in an affordable, responsible, and sustainable manner. We
operate an integrated physical and digital retail network of living room
furniture showrooms and web sites in the United Kingdom and Republic of
Ireland, trading through our leading brands, DFS and Sofology. We attract
customers through our targeted and national marketing activities and our
reputation for high quality products and service, breadth of product offer and
favourable consumer financing options. We fulfil orders for our exclusive
product ranges through our own UK finished goods factories, and through
manufacturing partners located in the UK, Europe, and Far East, and delivered
with care through our expert final-mile delivery service "The Sofa Delivery
Company Limited".

 

About STBi

The Science Based Targets initiative (SBTi) is a collaboration between CDP,
the United Nations Global Compact, World Resources Institute (WRI) and the
World Wide Fund for Nature (WWF).

The SBTi defines and promotes best practice in science-based target setting
and independently assesses companies' targets.

On the 28th of October 2021, the SBTi launched the first ever science-based
Net-Zero Standard. This will combat the current inconsistencies that surround
net-zero targets, and allow companies to decarbonize at the pace and scale
required to align with the goals of the Paris Agreement and keep 1.5C in
reach.

 

 

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