Bang & Olufsen’s Climate Targets Aligned with Paris Agreement Goals, Validated by SBTi

Bang & Olufsen’s Climate Targets Aligned with Paris Agreement Goals, Validated by SBTi

(IN BRIEF) Bang & Olufsen’s commitment to reducing greenhouse gas emissions has been validated by the Science Based Targets initiative (SBTi), affirming their alignment with the 1.5-degree pathway from the Paris Agreement. With aims to achieve Net-Zero across their value chain by FY 2039 and a 1.5°C aligned reduction in value chain emissions by FY 2029, Bang & Olufsen has already made significant strides, reducing operational greenhouse gas emissions by over 80% in the past two years. Through partnerships with organizations like the Carbon Trust, Bang & Olufsen is driving forward its sustainability agenda, setting ambitious targets and leading the electronics industry towards a circular, regenerative future.

(PRESS RELEASE) STRUER, 19-Apr-2024 — /EuropaWire/ — Bang & Olufsen’s greenhouse gas emissions reduction targets have been validated by the Science Based Targets initiative (SBTi) to align with the 1.5-degree pathway from the Paris Agreement.

“We are proud to get our targets validated by the Science Based Targets initiative. This confirms that our climate ambitions are in line with science and the goals of the Paris Agreement. We want to take action and help address the climate challenges, and we will work closely with customers, suppliers, industry peers, and regulators to achieve our targets,” says Jens Gamborg, Vice President of Sustainability & Communications at Bang & Olufsen.

In 2022, the company committed to setting targets in line with SBTi, a widely recognised voluntary framework for corporate climate targets. In the past two years, Bang & Olufsen has reduced its operational greenhouse gas emissions by more than 80%. The company has also launched several initiatives, including becoming the first consumer electronics company to get a product Cradle to Cradle Certified ©, which is the world’s most ambitious product circularity standard. Today, the company has two certified speakers, Beosound Level and Beosound Emerge

“We want to lead and inspire a movement in our industry towards a circular, regenerative future. Setting ambitious near- and long-term targets is critical to the green transition as they drive action, increase transparency, and help ensure impact,” says Jens Gamborg.

Bang & Olufsen’s science-based targets and carbon footprint were developed in partnership with the Carbon Trust, a global expert climate consultancy driven by the mission to accelerate the move to a decarbonised future.

Tom Cumberlege, Director at the Carbon Trust, says: “The electronics industry has a significant impact on the environment, and so it is vital that businesses set ambitious Net Zero targets to create momentum for strategies that reduce both manufacturing and use-phase emissions of electronic products.”

“By setting ambitious targets that are rooted in science and now validated by the SBTi, Bang & Olufsen is setting a strong example for the electronics industry. We are delighted to have worked with the company and look forward to following its progress towards Net Zero.”

Find more information about Bang & Olufsen’s ESG & Sustainability strategy and targets here. From the 2024/25 fiscal year, Bang & Olufsen will begin reporting on the new SBTi validated targets.

Find more about Bang & Olufsen’s validated targets in the Science-Based Targets Initiative dashboard.

Bang & Olufsen’s SBTi validated targets:

• Achieve Net-Zero across the value chain by FY 2039
• Achieve 1.5°C aligned reduction in value chain emissions by FY 2029 (a 37.8% reduction in emissions compared to a FY 2021 baseline)
• Reduce absolute scope 1 and 2 GHG emissions 90% by FY2028 (aiming to maintain this until the FY 2039 from a FY 2021 baseline)

About Bang & Olufsen

Bang & Olufsen is a luxury audio brand founded in 1925 in Struer, Denmark, by Peter Bang and Svend Olufsen whose devotion and vision remain the foundation for the company. For nearly a century, Bang & Olufsen has been pushing the boundaries of audio technology and the company continues to sit at the forefront of acoustic innovation.

Today, every Bang & Olufsen product is still characterized by the unique combination of beautiful sound, timeless design, and unrivalled craftsmanship. The company’s innovative and progressive products are sold worldwide in Bang & Olufsen stores, on bang-olufsen.com and in select retailers. The company employs approximately 900 people and operates in more than 70 markets. Bang & Olufsen’s shares are listed on NASDAQ Copenhagen A/S.

About the Science Based Targets initiative

The Science Based Targets initiative (SBTi) is a corporate climate action organization that enables companies and financial institutions worldwide to play their part in combating the climate crisis. We develop standards, tools and guidance which allow companies to set greenhouse gas (GHG) emissions reductions targets in line with what is needed to keep global heating below catastrophic levels and reach net-zero by 2050 at latest.The SBTi is incorporated as a charity, with a subsidiary which will host our target validation services. Our partners are CDP, the United Nations Global Compact, the We Mean Business Coalition, the World Resources Institute (WRI), and the World Wide Fund for Nature (WWF).

www.sciencebasedtargets.org @sciencetargets

Media Contact:

Email: press@bang-olufsen.dk

SOURCE: Bang & Olufsen