Vp plc’s strategy to reduce emissions gets the SBTi seal of approval.
Specialist equipment rental group Vp plc has had its efforts and its strategy to reduce greenhouse gas emissions through science-based targets validated by the Science Based Targets Initiative (SBTi).
The validation covers the group’s near-term, long-term and net-zero targets which have been aligned with the SBTi’s Net Zero Standard of helping to limit global warming to 1.5°C above pre-industrial levels, at a time when many other businesses are opting for a less ambitious 2°C.
In addition, Vp plc has carried out all calculations in-house, by a dedicated sustainability team, when many other businesses have used outside consultants.
Vp plc has already developed a system to calculate the emission values of its day-to-day business, and its shoring and trackway divisions, Groundforce Shorco and TPA, have both developed carbon calculators for their products, which they have made freely available to customers. Furthermore, software to help customers calculate their emissions is due to go live shortly across the group.
In the first half of the 2023-24 financial year, Vp invested £25 million in zero emissions at point of use or greener products representing 90% of overall investment.
The group, which has recently achieved ISO 50001 energy management systems for all its UK sites and divisions, and Gold status with the Plant Charter for procurement excellence in reducing carbon emissions and air pollution, has pledged long-term to reach net-zero greenhouse gas emissions and to reduce absolute scope 1, 2 and 3 emissions by 90% by 2050.
Near-term, it also commits to reducing absolute scope 1 emissions by 50.4%, and scope 3 emissions by 50% from purchased goods and services, capital goods, use of sold products and downstream leased assets, within the same timeframe. It further commits to increase annual sourcing of renewable electricity from the current 87% to 100% by 2030.
In addition to the SBTi targets, Vp plc has set its own, and these include that by 2025, most of its top 250 suppliers by emissions will have set science-based emissions reduction targets, all 3,000+ employees will be carbon literate and trained in sustainability, the group will reduce its energy consumption intensity (kWh/m2) by 20%, its waste production intensity by 30%, recycle more than 85% waste, and divert more than 95% waste from landfill.
Mathew Wood, Vp plc’s Group Risk and Sustainability Director, has been tasked with ensuring the group has by mid-2024, a fully-costed transition plan to net zero, which needs to find the perfect blend of ambition and reality. He said:
“We decided to calculate our emissions inventory in-house as we felt this would provide a better understanding within our business. Our validation reinforces the decision that we made.”
Fred Pilkington, Vp plc’s Sustainability Programme Manager, added:
“Our commitment to rapid decarbonisation is unwavering and the measures we have already taken to significantly reduce our carbon footprint are already reaping dividends. We are delighted to have achieved SBTi validation.”