27
November 2024
For
immediate release
DFS Furniture plc
Validation of SBTi
targets
Underpinning our commitment to reach Net
Zero emissions by 2050
DFS Furniture plc ("DFS", the "Group"), the
market leading retailer of living room and upholstered furniture in
the United Kingdom, is pleased to announce The Science Based
Targets initiative ("SBTi") has approved DFS Group's near-term
science-based emissions reduction target. DFS has also committed to
set long-term emissions reduction targets with the SBTi in line
with climate science, to reach net-zero by 2050.
The submission sets out the Group's strategy
and targets to reduce greenhouse gas ("GHG") emissions across the
organisation and value chain and underpins the Group's commitment
to minimising its environmental impact.
The Group's aim is to reduce absolute scope 1
and 2 GHG emissions by 90% by FY 20501. DFS has also
committed to reducing absolute scope 3 GHG emissions2 by
90% within the same timeframe.
In the near term, DFS has committed to reducing
absolute scope 1 and 2 GHG emissions by 55% by FY 20331
and, additionally, that 73% of Scope 3 GHG emissions2
will have science-based targets by FY 2028.
The Group's Sofa Cycle framework, launched in
2020, ensures DFS takes a holistic view of its business's
environmental impact and establishes an ambition to become a
circular business. The framework considers operational, value
chain, and end-of-life product impacts. This was the Group's first
step towards developing a net-zero strategy, and working to
establish long-term targets aligned with SBTi's net-zero
criteria.
Tim Stacey, Group CEO: "We are delighted to
announce that our ambitious near-term plans to reduce the Group's
greenhouse gas emissions and our net-zero commitment have met the
approval of SBTi's criteria.
"Our submission has been two years in the
making and we recognise that this will be a long, and sometimes
challenging journey. However, as market leaders, we have an
obligation to lead from the front and we are committed to our role
in helping transform the furniture industry's approach to
net-zero.
"We feel even more confident in our plan due to
the shared ambition and strong support we've received from our most
trusted suppliers, the majority of whom have committed to come on
the journey with us. Today's announcement validates that through
the sheer determination of the DFS team, together with the openness
and collaboration from our partners, we're a step closer to
minimising our environmental impact and reaching net-zero by
2050."
1 Calculated
from a FY 2023 base
2
Calculated as a percentage of suppliers by emissions,
covering purchased goods and services and upstream transportation
and distribution
Enquiries:
DFS (enquiries
via Tulchan)
Liz McDonald (Group Company
Secretary)
Phil Hutchinson (Investor Relations)
investor.relations@dfs.co.uk
Teneo
James Macey-White
Ayo Sangobowale
Victoria Boxall
+44 (0)20 7353 4200
85fs.dfs@teneo.com
About DFS
Furniture plc
The Group is the clear market-leading retailer
of living room furniture in the United Kingdom. Our Group purpose
is to bring great design and comfort into every living room, in an
affordable, responsible, and sustainable manner. We operate an
integrated physical and digital retail network of living room
furniture showrooms and web sites in the United Kingdom and
Republic of Ireland, trading through our leading brands, DFS and
Sofology. We attract customers through our targeted and national
marketing activities and our reputation for high quality products
and service, breadth of product offer and favourable consumer
financing options. We fulfil orders for our exclusive product
ranges through our own UK finished goods factories, and through
manufacturing partners located in the UK, Europe, and Far East, and
delivered with care through our expert final-mile delivery service
"The Sofa Delivery Company Limited".
About
STBi
The Science Based Targets initiative (SBTi) is
a collaboration between CDP, the United Nations Global Compact,
World Resources Institute (WRI) and the World Wide Fund for Nature
(WWF).
The SBTi defines and promotes best practice in
science-based target setting and independently assesses companies'
targets.
On the 28th of October 2021, the SBTi launched
the first ever science-based Net-Zero Standard. This will combat
the current inconsistencies that surround net-zero targets, and
allow companies to decarbonize at the pace and scale required to
align with the goals of the Paris Agreement and keep 1.5C in
reach.
