Reducing P & M’s carbon footprint is a key component of our sustainability strategy Project Acorn. We are proud to share the progress we have made in our Emissions Update 2024. The document sets out our commitment to decarbonisation and the measures we are putting in place to measure and track the greenhouse gases generated throughout our value chain. By continuing to invest in measuring and tracking data we have the insight we need to implement an ambitious reduction strategy.
It has been a busy 12 months for P & M’s sustainability team. The appointment of Harry Grogan as Sustainability Analyst has boosted our capabilities and helped accelerate our progress. That extra resource is helping improve data accuracy and collections methods. For the first time, we have calculated greenhouse gas (GHG) emissions across all three scopes for each of our four business entities: ISD UK, ISD Australia, S Tysoe, and PLG.
People right across the Group are embracing P & M’s sustainability agenda. Our Emissions Update highlights how key interventions are driving reductions, including transition to renewable energy, building upgrades and investments in energy efficiency. As a result, the intensity metric for our UK operations – tonnes of emissions measured in carbon dioxide equivalent per £1 million turnover – has fallen for the third consecutive year. Please read the update to dig into the data.
These results demonstrate how targeted interventions, combined with robust data analysis, can drive meaningful progress. Our update document not only reflects our achievements but also sets a clear roadmap for the future as we strive to align our business with the principles of Environmental, Social, and Governance (ESG) and move decisively towards Net Zero.
2024 will be our Net Zero baseline year. We have not yet found a reduction pathway that would allow us to align with the Science Based Targets Initiative (SBTi) – the international body that allows businesses to set reductions targets informed by the latest climate science. Doing so will be very challenging given that around 98% of P & M’s carbon footprint is in Scope 3 and therefore outside our direct control. However, we are determined to be ambitious in our goals and will produce a Climate Transition Plan to help manage fluctuations and drive a consistent downward trajectory in our emissions.
We are excited about delivering further initiatives in the coming year that help drive efficiencies and reduce our environmental impact. The upcoming launch of P & M’s new manufacturing division Quaytherm will also feed into our efforts. Although we will see some shift from scope 3 to scope 1 emissions by bringing production in-house, having more control will help us streamline process and support decarbonisation.
From delivering waste reduction initiatives to improving our procurement processes, the Group is making significant progress in embedding best practice across our operations. In addition, our product offer is also helping P & M customers make more sustainable choices. Talk to our team today about how we can achieve more together and click here to read our Emissions Update 2024.