REG - discoverIE Group plc - discoverIE Commits to Net Zero Emissions

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23/11/2022 07:00

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RNS Number : 2645H  discoverIE Group plc  23 November 2022

 

23 November 2022

 

discoverIE Group plc

 

discoverIE Commits to Net Zero Emissions

 

 

discoverIE Group plc (LSE: DSCV, "discoverIE" or the "Group"), a leading
international designer and manufacturer of customised electronics for
industrial applications, today announces its commitment to achieving net zero
Scope 1 & 2 carbon emissions by 2030 and net zero Scope 3 emissions by
2040.

 

Since 2019 discoveriE has reduced carbon emission intensity by around 40%, and
following this the Group has now established a science-based target commitment
(SBTi aligned) to achieve net zero emissions within its operations (Scope 1
& 2)(1) by 2030 and within its value chain (Scope 3)(2) by 2040. Today, it
has published the "Road to Net Zero Emissions" report outlining its plan. The
report can be found on www.discoverIEplc.com.

 

The Group's total Scope 1 & 2 emissions in the calendar year 2021 was
7,745 tCO2e, of which 95% came from four emission sources: purchased
electricity, natural gas, company-owned vehicles and refrigerants. The Group's
net zero plan focuses on addressing these four emission sources by reducing
and replacing as much as possible, and removing the residual emissions by
investing in carbon removal projects.

 

 To track progress, the Group has also set out the following milestones:

 

·      80% renewable electricity by 2025 and 100% renewable electricity
by 2030

·      Replace 90% gas heating with electric options by 2030

·      100% fully electric vehicles for company cars by 2030

·      Remove 100% refrigerants by 2025

·      Reduce energy intensity(3) by 10% by 2030

 

The Group is currently undertaking a full screening of its Scope 3 emissions,
which is expected to complete in early 2024. A detailed reduction plan to
achieve the SBTi-aligned target will be announced and submitted to SBTi for
approval thereafter.

 

discoverIE's purpose aligns with the UN Sustainable Development Goals
("SDGs"). By creating innovative electronics and focusing on four sustainable
target markets of renewable energy, medical, electrification of
transportation, and industrial automation & connectivity, from which 77%
of the Group's revenue is generated, the Group plays an essential role in the
transition to a low carbon economy.

 

Nick Jefferies, Group Chief Executive of discoverIE, commented:

 

"Since 2019 we have made good progress in our carbon reduction, reducing
emission intensity by around 40%  to date. This commitment to achieving SBTi
aligned net zero is an important next step that will benefit our future
business as well as the environment.

 

The discoverIE business model is contributing to the wider transition to a low
carbon economy. We are focused on growing revenues in markets that are aligned
with the UN SDGs, where currently over three quarters of our revenue is
derived and where our products are helping customers to achieve their
sustainability goals."

 

 

 

For further information, please contact:

 

 discoverIE Group                                                                                                          01483 544 500
 plc

 Nick Jefferies                Group Chief Executive

 Simon Gibbins              Group Finance Director

 Lili Huang                      Head of Investor Relations

 Buchanan                                                                                                                  020 7466 5000

 Chris Lane, Toto Berger, Jack Devoy

 discoverIE@buchanan.uk.com

 

 

Notes:

1.     Scope 1 emissions are direct GHG emissions from activities
controlled or owned by the company. Scope 2 emissions are indirect emissions
from the generation of purchased electricity consumed by the company. Both
emissions are considered emissions within operations.

2.     Scope 3 emissions are indirect emissions that occur in the
company's value chain, including both upstream and downstream emissions.

3.     Energy intensity is defined as total energy consumption kWh divided
by £m revenue.

 

 

Notes to Editors:

 

About discoverIE Group plc

discoverIE Group plc is an international group of businesses that designs and
manufactures innovative electronic components for industrial applications.

 

The Group provides application-specific components to original equipment
manufacturers ("OEMs") internationally. By designing components that meet
customers' unique requirements, which are then manufactured and supplied
throughout the life of their production, a high level of repeating revenue is
generated with long term customer relationships.

 

With a focus on key markets driven by structural growth and increasing
electronic content, namely renewable energy, medical, transportation and
industrial & connectivity, the Group aims to achieve organic growth that
is well ahead of GDP and to supplement that with targeted complementary
acquisitions. The Group has an ongoing commitment to reducing the impact of
its operations on the environment, while its key markets are aligned with a
sustainable future.

 

The Group's continuing operations employs c.5,000 people and its principal
operating units are located in Continental Europe, the UK, China, Sri Lanka,
India and North America.

 

The Group is listed on the Main Market of the London Stock Exchange and is a
member of the FTSE250, classified within the Electrical Components and
Equipment subsector.

 

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