Velocity Composites plc
Climate Impact & Sustainability Data (2024)
Reporting Period: 2024
Environmental Metrics
Total Carbon Emissions:371.22 tonnes CO2e
Scope 1 Emissions:24.09 tonnes CO2e
Scope 2 Emissions:347.13 tonnes CO2e
Total Energy Consumption:1,822,354 kWh
ESG Focus Areas
- Environmental
- Social
- Governance
Environmental Achievements
- Customers reduced material waste by up to 20 percent through Velocity's processes and technology.
- Raw material operational waste across all programs is a fraction of one percent.
Social Achievements
- Velocity is an equal opportunity employer.
- Actively participates in the community and apprenticeship schemes.
- Operates within the Enterprise Advisor Network.
Governance Achievements
- Adopted the Quoted Companies Alliance (QCA) Corporate Governance Code.
- Established an ESG Committee chaired by a Non-executive Director.
Climate Goals & Targets
Long-term Goals:
- Net zero emissions by 2050 (industry target)
Environmental Challenges
- Short-term demand fluctuations due to supply chain disruptions (Boeing issues, industrial action).
- Inflationary pressures affecting short-term margins.
- Delays to planned production rate increases across the global aerospace industry.
Mitigation Strategies
- Successfully negotiated price increases with key customers.
- Implemented mechanisms for automatic pass-through of future inflation costs.
- Developed a broader range of relationships with defence OEMs.
- Planning ahead to mitigate supply chain disruption; undertaking capacity planning assessments; ensuring tariff and tax changes were fully covered in contracts; and liaising with Government bodies.
Supply Chain Management
Responsible Procurement
- Long-term contracts with suppliers.
- Rigorous forecasting processes to identify supply shortages.
Climate-Related Risks & Opportunities
Opportunities
- Meeting global net zero strategies across many industry sectors.
Reporting Standards
Frameworks Used: QCA Corporate Governance Code
Certifications: AS9100, AS9120, NADCAP