Sanoma’s climate targets approved by the Science Based Targets initiative
Sanoma Corporation, Press release, 2 November 2023 at 9:30 EET
Sanoma’s climate targets approved by the Science Based Targets initiative
The Science Based Targets initiative (SBTi) has approved Sanoma’s near-term science-based emission reduction targets for own operations (Scope 1 and 2) and value chain (Scope 3). This validation confirms that Sanoma’s climate strategy and business model are compatible with transition to a sustainable economy and limiting of global warming to 1.5°C in line with the Paris Agreement.
“Sanoma’s K12 learning services and independent media have a highly positive net impact on society. As producing reliable and fact-based content is the core of our business, ensuring that our climate action and transition plans are science-based and ambitious is key to us. This is why were are especially happy with the validation of our climate targets by SBTi,” says Alex Green, CFO of Sanoma.
Sanoma’s carbon footprint in 2022 was about 157,000 tonne of CO2 equivalents, which for comparison corresponds to about 0.3% of the national annual carbon footprint of Finland. Sanoma’s validated SBTi target for own operations is to reduce absolute Scope 1 and 2 GHG emissions 42% by 2030 from a 2021 base year. In practice, Sanoma focuses especially on reducing emissions caused by district heating and cooling of its premises and by company cars. Own operations’ emissions generate about 5% of Sanoma’s total annual carbon footprint. During 2020−2021 Sanoma halved these emissions, and they declined by further 7% in 2022. The reductions were mainly a result of investments in energy efficiency and use of renewable electricity as well as moving to renewable heating. In the coming years, own operations’ emissions are expected to continue to decline remarkably due to further investments in use of renewable energy.
Sanoma’s most significant climate impacts derive from the indirect supply chain emissions. Sanoma’s validated SBTi target is to reduce absolute Scope 3 GHG emissions from purchased goods and services, fuel and energy related activities, and upstream transportation and distribution by 38% by 2030 from a 2021 base year. Sanoma’s climate transition plan for value chain emissions is already in line with this target. During 2022, Sanoma’s relevant Scope 3 value chain emissions declined by 8.2% as a result of several initiatives related to the use of materials, logistics and services.
The climate targets are well-integrated into Sanoma’s strategy and way of working. Together with development of inclusive learning solutions, Sanoma’s s science-based targets are linked as sustainability KPIs to its EUR 300 million Syndicated Revolving Credit Facility signed in November 2022 and maturing in November 2026. In 2022, Sanoma was awarded with the leadership level score of A- in the global CDP Climate Change rating, considered the gold standard of corporate environmental transparency. Annually, Sanoma reports on the progress of its climate strategy according to the GHG protocol and Task Force on Climate Related Disclosure in its Annual Report. The reported environmental, social and economic sustainability indicators are assured by an independent third party on a limited assurance level.
Kaisa Uurasmaa, Head of Investor Relations and Sustainability, tel. +358 40 560 5601
Sanoma is an innovative and agile learning and media company impacting the lives of millions every day. Our Sustainability Strategy is designed to maximise our positive impact on society and to minimise our environmental footprint. We are committed to the UN Sustainable Development Goals and signatory to the UN Global Compact.
Our learning products and services enable teachers to develop the talents of every child to reach their full potential. We offer printed and digital learning content as well as digital learning and teaching platforms for primary, secondary and vocational education, and want to grow our business.
Our Finnish media provide independent journalism and engaging entertainment also for generations to come. Our unique cross-media position offers the widest reach and tailored marketing solutions for our business partners.
Today, we operate in twelve European countries and employ more than 5,000 professionals. In 2022, our net sales amounted to approx. 1.3bn€ and our operational EBIT margin excl. PPA was 14.6%. Sanoma shares are listed on Nasdaq Helsinki. More information is available at sanoma.com.
The Science Based Targets initiative (SBTi)
The Science Based Targets initiative (SBTi) is a ‘global body enabling businesses to set ambitious emissions reduction targets in line with latest climate science. It is focused on accelerating companies across the world to halve emissions 2030 and achieve net-zero emissions before 2050.
The initiative 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. More information is available at sciencebasedtargets.org.
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