VELUX Group achieves milestone in phasing out fossil fuels
In 2023, VELUX secured 100% documented renewable electricity and reduced emissions from its own operations by 16% versus 2022, putting the company on track for achieving its operational emissions target by 2030. This progress was documented in the company’s Sustainability Report 2023, launched today.
Emissions from own operations, scope 1 and 2, have more than halved to 23,000 tonnes CO2e, from 52,000 tonnes CO2e in 2020. This puts VELUX well on the path to delivering its 100% reduction target by 2030.
The use of 100% documented renewable electricity is achieved through a combination of renewable virtual power purchase agreements (PPAs), onsite solar photovoltaic installations and the purchase of renewable electricity certificates in countries where PPAs are not yet feasible.
Value chain emissions (scope 3) decreased by 21%, primarily due to a decline in volumes caused by continued sluggish macroeconomic conditions, but also due to efforts to procure and implement lower carbon materials used in VELUX products. The target is 50% reduction in scope 3 emissions by 2030.
In 2023, we fully integrated sustainability into our corporate strategy because it is core to our business. I am satisfied that we achieved further reductions in our operational CO2 emissions in 2023 and met our 100% renewable electricity goal. Decarbonisation of the building industry is essential and we believe that our products and solutions can contribute to this. I’m also pleased that we have increased the number of women in senior management to 33%. We will of course continue our efforts to make VELUX a diverse and inclusive company, Lars Petersson, CEO of the VELUX Group
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Additional sustainability highlights from 2023:
- 3 percentage point increase in women in senior management (to 33%) and 2 percentage point increase in women in management (to 28%) compared with 2022.
- Successful launch of a new roof window blinds collection made primarily with recycled content.
- More than 8,000 professional partners visited Living Places Copenhagen, a showcase building concept that demonstrates the possibility of using available technologies to build, low-carbon homes with optimal indoor climate in an affordable and scalable way.
- VELUX took the next step in its partnership with World Wide Fund for Nature (WWF) by launching two additional forest projects in Viet Nam and Madagascar as part of a joint effort to reduce and remove 4.5 million tonnes of CO2 through forest protection and restoration.
- Accidents per 1 million working hours increased slightly, however there was a decline in severity. In 2023, a VELUX Groupwide Safety Decision Board was established to ensure uniform safety governance across all business units.
- 100% PEFC/FSC certified wood in VELUX residential windows, up from 96% in 2022.
- All VELUX Residential primary packaging is now 97.03% recyclable, paper based and plastic free in Europe, a 0.57% point overall increase compared with 2022.
- 6.94% point increase in zero-emission cars as part of total car fleet compared with 2022 and on track to achieve 100% electric cars by 2030.
About the VELUX Group
VELUX roof windows have been bringing daylight and fresh air into peoples’ homes around the world for more than 80 years, creating better living environments. We offer a range of products including roof windows and modular skylights, decorative blinds, sun screening products, and roller shutters, as well as installation and smart home solutions. They help create bright, healthy, and energy-efficient places for people who live, work, learn, and play under the roof. We work globally – with sales and manufacturing operations in 37 countries and around 11,700 employees worldwide. The VELUX Group is owned by VKR Holding A/S, a limited company owned by the Villum Foundation and the Kann Rasmussen family. In 2023, the VELUX Group had a total revenue of EUR 2.91 billion while VKR Holding had a total revenue of EUR 3.97 billion. The same year, the Villum Foundation and the VELUX FOUNDATION donated a total of EUR 184.6 million in charitable grants.
For more information about the VELUX Group, visit velux.com.