By working with SBTi and aligning with what the latest climate science deems necessary to meet the goals of the Paris Agreement, Devold of Norway is adopting a scientific, collaborative, and accountable approach to reduce emissions.
“In the current landscape of climate pledges, where many leaders making these commitments may not hold their positions in 2050, Devold of Norway, as a family-owned company, looks beyond the present. Setting science-based targets underscores our firm determination to reduce greenhouse gas emissions through our products and our operations,” said Knut Flakk, Owner and Chair of Devold of Norway.
Devold of Norway will submit its near-term and net-zero targets for official validation by the SBTi within 24 months. The company has taken decisive steps in recent years to reduce emissions at its fully owned Lithuanian factory. Next year, the company plans to expand the factory’s solar panels for increased energy self-sufficiency. Advanced technology will also be employed to store energy underground during summer for winter use, targeting a 50% reduction in current gas use.
“We are committed to transparency about our climate action efforts, enabling benchmarking of our progress and external accountability. Without standardized methods like the SBTi, validating or determining when a net-zero target is reached becomes challenging. We need to work even closer with our value chain for mutual improvement,” said Øystein Vikingsen Fauske, CEO of Devold of Norway.
Devold's vertically integrated approach, including long-term contracts with selected farmers in the Sheep to Shop program, further support collaborative efforts to reduce emissions.
“We welcome Devold of Norway’s commitment to the Science Based Targets initiative. This shows a clear dedication to cut emissions and work with their value chain, which is essential in reaching the Paris Agreement and the Sustainable Development Goals, said Kim Gabrielli, CEO at UN Global Compact Norway.
About the Science Based Targets Initiative
The Science Based Targets initiative is a global body enabling businesses to set ambitious emissions reductions targets in line with the latest climate science. SBTi requirements include halving greenhouse gas emissions by 2030, reaching net-zero by 2050 at the latest.
SBTi is a partnership between the Carbon Disclosure Project (CDP), the United Nations Global Compact, World Resources Institute (WRI), and the World Wide Fund for Nature (WWF), and one of the We Mean Business Coalition commitments.
Find out more at www.sciencebasedtargets.org.
Langevåg, November 21, 2023
For further information, contact Trude Ertresvåg, Chief Sustainability Officer, phone: +47 908 058 39.