Science Based Targets Initiative
Since 2020 we are calculating our GHG emissions and based on these numbers, have set our reduction targets for 2030. By committing to the Science Based Targets initiative (SBTi) we have formally pledged to reduce our absolute scope 1 and 2 GHG emissions by 42% from our 2020 baseline year.
Yet, as a growing company we recognise the challenge that comes with reducing our impact whilst growing as a company. Therefore we are taking measures that will aim to hit our reduction targets for scope 1 and 2 in the mid-term.
Scope 1:
To reach an even greater community of ambitious cyclist with our Van in Europe, we have been travelling to many places in 2023. Therefore we increased our emissions on scope 1, compared to the previous years, which were still partially impacted by the implications of the COVID-19 pandemic. To address this, we’re planning to fully electrify our vehicle fleet, aiming at significantly reducing the emissions over the long term.
Scope 2:
In 2023 we further extended our companies footprint to seven stores globally, with new stores in Munich and Singapore. Whilst the stores we operate are accounted to scope 2, our franchise stores located in Seoul, Taipei and Singapore will be accounted under scope 3.12 and therefore are not subject to our SBTi reduction targets.
Due to the opening of our store in Munich and the transition to a renewable electricity contract in our San Fransisco store in September 2023, are we experiencing an increase in our scope 2 emissions. Yet, we have set everything in motion to shift all our stores to 100% renewable electricity within 2024.
As we rent our store and office spaces, the transition to zero emission or lower emission heating options as well as the shift to renewable electricity options at our franchise locations in Asia, remain a challenge.
We will continue to look into possible approaches to reduce and minimise our emissions emitted by operating our stores and office spaces.
