XAAR has announced a re-baselined ESG Roadmap, setting ‘ambitious yet achievable’ targets to drive environmental, social, and governance impact.
The group’s first Sustainability Roadmap was launched in 2020 and Xaar revealed it has made ‘considerable progress’ in the five years since, being on track to hit its target of a 90% reduction in Scope 1 and 2 emissions by 2030.
Following a review of the requirements to complete Scope 3, the business has extended its timeline to 2050. The decision to re-baseline signifies Xaar’s learnings during this period, as well as acknowledging recent regulatory and market changes.
“Our research indicates that the majority of governments and companies have publicly set 2050 as their end date, and even those that are promising an earlier timeframe don’t go sooner than 2040,” said Graham Tweedale, Xaar’s chief operating officer. “Our revised target aligns with industry best practices and ensures a pragmatic, achievable approach to reducing emissions, by prioritising the areas – such as energy and waste – that will deliver the biggest impact, soonest.”
The updated roadmap has been created with the support of the wider Xaar organisation. To make it as robust as possible, Xaar revealed it undertook an extensive materiality analysis to determine exactly what internal and external stakeholders deemed most important and substantive. Amongst the groups Xaar consulted were customers, suppliers, STEM and charity partners, and employees. Workshops were attended by representatives from across the business.
“Based on such a thorough process – and with five years of learnings since the original roadmap – we’re confident that the re-baselined ESG Roadmap is accurate, achievable, and better aligned with the needs of our business, employees and customers,” added Graham Tweedale.
To download Xaar’s new ESG report: https://www.xaargroup.com/media/e0nh0af4/esg-report-2024-full.pdf
