Valtech Ltd.
Climate Impact & Sustainability Data (2019-2023, 2024)
Reporting Period: 2019-2023
Environmental Metrics
Total Carbon Emissions:18512 tCO2e/year (2023)
Scope 1 Emissions:115 tCO2e/year (2023)
Scope 2 Emissions:843 tCO2e/year (2023)
Scope 3 Emissions:17554 tCO2e/year (2023)
ESG Focus Areas
- Climate Change
Environmental Achievements
- Reduced Scope 1 and 2 emissions from 1510 tCO2e in 2019 to 958 tCO2e in 2023
- Reduced Scope 3 emissions intensity per employee from 5.17 tCO2e in 2019 to 2.52 tCO2e in 2023
- Installed solar panels on Bengaluru office, covering 30% of its electricity consumption (completed 2024)
- Moved to biogas for remaining UK office using gas (UK)
- Reduced or consolidated office space in multiple locations
- Reduced generator usage thanks to more stable electricity supplies (India, Ukraine)
- Reduced gas consumption in multiple locations by better understanding office usage patterns and adjusting heating (Canada, USA)
- Moved into new consolidated office in Utrecht, Netherlands, with solar panels (completed 2024)
- Switched to renewable electricity contracts (Denmark)
Social Achievements
- Incentivized greener commuting through (e)bicycle and electric vehicle schemes (Germany, France, UK)
- Invested in internal community building and digital tools to enable better virtual communication and cultural connection, reducing need for business travel
- Educated Valtechies locally on how they can reduce home emissions
- Introduced local policies providing clear direction on business travel decisions and etiquette (Netherlands)
- Established global group Valtechies can share tips and ask questions on making their homes greener
- Encouraged flexible working practices to reduce non-essential commuting
- Subsidized public transport season pass for some employee groups (Germany)
- Encouraged carpooling where public transport can be challenging (North Macedonia)
Governance Achievements
- Submitted our global Near-term and Net-zero targets to SBTi and had these validated in Q4 2023
Climate Goals & Targets
Long-term Goals:
- Net-zero emissions globally by 2040
Short-term Goals:
- 50% reduction in Scope 1 and 2 emissions by 2030
- 55% reduction per employee in Scope 3 emissions by 2030
Environmental Challenges
- Reducing Scope 3 emissions, particularly from business travel and working from home
Mitigation Strategies
- Incentivizing greener commuting, investing in digital tools to reduce business travel, educating employees on reducing home emissions, encouraging flexible working, subsidizing public transport, and encouraging carpooling.
Supply Chain Management
Climate-Related Risks & Opportunities
Reporting Standards
Frameworks Used: GHG Protocol Corporate Accounting and Reporting Standard, GHG Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standard, Science Based Targets initiative (SBTi)
Third-party Assurance: Third-party emissions consultancy
Reporting Period: 2024
Environmental Metrics
Total Carbon Emissions:501.51 tCO2e/year (2023)
Scope 1 Emissions:1.86 tCO2e/year (2023)
Scope 2 Emissions:0 tCO2e/year (2023)
Scope 3 Emissions:499.65 tCO2e/year (2023)
Renewable Energy Share:100% for electricity in UK offices
ESG Focus Areas
- Climate Change
Environmental Achievements
- Reduced total emissions from 707.87 tCO2e in 2019 to 501.51 tCO2e in 2023. Achieved a 29% reduction against the 2019 baseline (206 tCO2e reduction) through various initiatives.
- Fully converted all UK office electricity supplies to renewable energy.
- Moved to biogas for remaining UK office using gas (Bristol).
Social Achievements
- Implemented salary sacrifice schemes for cycling and electric vehicle leasing.
- Reduced office space across all locations to reflect usage levels.
- Flexible working practices to encourage only necessary travel.
Governance Achievements
- Science Based Targets initiative (SBTi) validated our global Near-term and Net-zero targets in Q4 2023.
Climate Goals & Targets
Long-term Goals:
- Net-zero emissions globally by 2040 (global target), 90% absolute reduction in Scope 1&2 emissions, 97% per employee reduction in Scope 3 emissions
Medium-term Goals:
- 50% reduction in Scope 1&2 emissions by 2030 (global target)
- 55% reduction per employee in Scope 3 emissions by 2030 (global target)
Short-term Goals:
- Reduce carbon emissions to 434.2 tCO2e by 2028 (38.7% reduction from 2019 baseline)
Environmental Challenges
- Reducing Scope 3 emissions (business travel and working from home).
Mitigation Strategies
- Continued flexible working practices to encourage only necessary travel.
- Encouraging employees to look at greener home energy solutions and switch to renewable electricity contracts.
- Creating global travel policy with clear directives on business travel reduction, particularly for flights.
- Greater supplier engagement on Sustainability and emissions.
Supply Chain Management
Responsible Procurement
- Greater supplier engagement on Sustainability and emissions
Climate-Related Risks & Opportunities
Reporting Standards
Frameworks Used: Science Based Targets initiative (SBTi), GHG Reporting Protocol corporate standard