MAXIMA Group to Invest €100m in Emission Reduction Measures after Joining SBTi

MAXIMA Group to Invest €100m in Emission Reduction Measures after Joining SBTi

(IN BRIEF) MAXIMA Group, a retail company that operates in the Baltic States, Poland, and Bulgaria, has joined the Science Based Targets initiative (SBTi) to reduce its impact on the environment by 2030. The company will reduce its direct and indirect greenhouse gas (GHG) emissions by 42% by 2030 compared to the baseline year 2021 across all five markets of its activities. The SBTi methodology will ensure at least 67% of suppliers set emission reduction targets. MAXIMA GRUPĖ will invest up to EUR 100 million in energy efficiency solutions, renewable energy, and the gradual switch to lower impact refrigerants.

(PRESS RELEASE) VILNIUS, 22-Mar-2023 — /EuropaWire/ — Maxima Grupė UAB, a Lithuanian group of retail chain companies and largest employer in the Baltic states, announces that it has committed to reducing its impact on the environment by 2030. The company has joined the Science Based Targets initiative (SBTi), which aims to reduce greenhouse gas (GHG) emissions and implement the Paris Climate Agreement to halt the greenhouse effect and prevent global temperatures from rising by more than 1.5°C.

“We are a large group of companies – in five countries we operate more than 1,500 stores, visited by 1.6 million people every day. Therefore, we understand that we need to look for effective solutions to reduce the environmental impact of our activities. For several years we have been implementing unification of formats of our stores and we see that we can do our business more efficiently, cost effectively and with lesser impact to the environment. As a responsible business company, we have chosen to follow the guidelines of the Science-Based Targets initiative. Our greenhouse gas emission reduction targets will be submitted for the approval of SBTi,” says Agnė Voverė, CEO of MAXIMA GRUPĖ.

Under the SBTi guidelines, MAXIMA GRUPĖ will reduce direct and indirect GHG emissions by 42% by 2030 compared to the baseline year 2021. This reduction will take place in all five market areas of the Group’s activities, including Lithuania, Latvia, Estonia, Poland, and Bulgaria. To achieve science-based goals, the company will evaluate not only its direct GHG emissions but also emissions from external partners throughout the value chain. The SBTi methodology will ensure that at least 67% of suppliers set emission reduction targets.

The Science-Based Targets initiative (SBTi) was developed in 2015 to help companies set and measure their effectiveness in reducing emission targets based on scientific data. More than 4,700 companies around the world use SBTi to reduce greenhouse gases in three areas: Scope 1 emissions arising from direct activities, Scope 2 emissions resulting from the production of electricity or heating consumed by the company, and Scope 3 emissions coming from the value chain.

MAXIMA GRUPĖ will invest up to EUR 100 million over the next seven years to implement various measures, including energy efficiency solutions, expansion of renewable energy, and gradual switching to the use of refrigerants with a lower impact on the climate. By joining the SBTi, MAXIMA GRUPĖ is demonstrating its commitment to reducing its impact on the environment and implementing sustainable business practices.

According to Agnė Voverė, companies managed by MAXIMA GRUPĖ implemented environmentally friendly solutions even before joining the SBTi community. The company began installing LED lighting technologies a few years ago, aiming to have over 1,500 stores using electricity-saving technologies. The old model of refrigeration systems is being phased out, and air conditioning systems are used more efficiently. As a result of these measures, the overall energy use within the Group was 4% less in 2022 than in 2021, despite an increase in the number of stores operated by the Group.

MAXIMA GRUPĖ is rated in the Medium Risk category in the Environmental, Social, and Governance risk rating compiled by Sustainalytics, and is positioned among the 20% highest-ranked enterprises out of the 192 companies in the food retail sector that participated in the ranking. Additionally, companies managed by the Group are taking initiatives to reduce their environmental impact. For instance, Maxima Lithuania plans to build a new warehouse with controllable temperature to reduce food waste.

MAXIMA GRUPĖ joins other companies operating in Lithuania that already use the SBTi methodology, including Ignitis Group, Auga Group, Bitė Group, Vinted, and Telia Company.

MAXIMA GRUPĖ operates the MAXIMA, STOKROTKA, and T-MARKET retail stores, as well as the BARBORA online grocery store, in the Baltics, Poland, and Bulgaria. It is part of the Vilniaus prekyba group of companies, which manages investments in retail and pharmacy chains and real estate development and rental companies in the Baltic States, Sweden, Poland, and Bulgaria.

More information:

Greta Koraliovienė
MAXIMA GRUPĖ, Head of Legal Services
greta.koralioviene@maximagrupe.eu

SOURCE: MAXIMA GRUPĖ, UAB

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