SBTi approval of carbon reduction targets

Tyman PLC

01 June 2023

 

1 June 2023

TYMAN PLC

("Tyman" or the "Group")

Tyman makes meaningful progress on sustainability with SBTi validation

Tyman plc, a leading international supplier of engineered fenestration components and access solutions to the construction industry, provides an update on its sustainability roadmap following the news that its near-term science-based reduction targets (SBTs) have been approved by the Science Based Targets initiative (SBTi).

After deploying measures to reduce the Group's carbon footprint as part of Tyman's 2030 sustainability roadmap, and nearly two years of data gathering and modelling, the SBTi has validated the Group's targets to reduce absolute scope 1 and scope 2 GHG emissions by 46.2% by 2030 from a 2019 base year and reduce absolute scope 3 GHG emissions from purchased goods and services by 27.5% within the same timeframe.

The SBTi's approval is a key milestone in the Group's sustainability strategy, which was initially developed in 2020 following a thorough review of the sustainability landscape, risks and opportunities.

One of the early priorities for Tyman was to understand its carbon footprint across its entire value chain and commit to targets required by the latest climate science, by focusing on the most material sources of emissions. With the Group's consumption of electricity accounting for 70% of its scope 1 and 2 emissions, the initial focus has been on buying greener energy, installing solar technologies and reducing consumption at source. 

In terms of Tyman's electricity consumption, once 100% renewable electricity tariffs are extended to the two largest plants in Mexico later in 2023, 38% of the Group's electricity consumption will be derived from certified 100% renewable electricity (compared to 11% currently, which relates to the Group's manufacturing plants in the UK and Italy). When in place, these renewable energy supply contracts will address over a quarter of the Group's scope 1 and 2 operational footprint.

Tyman has also made considerable progress in reducing its water consumption, delivering a 58% reduction in water consumption per £m revenue in 2022 as compared to a 2019 baseline. Further improvements will be directed towards five sites operating in regions of very high water stress in North America and Italy.

The Group will also continue to be focused on reducing its scope 3 carbon emissions by updating product designs and selecting lower carbon materials. Early successes have been achieved by using extruded aluminium with high levels of recycled content and new low carbon steels. Further details of the Group's transition plan to deliver its near-term (2030) science-based targets can be found on pages 62-63 of the 2022 Annual Report and Accounts. This includes opportunities to collaborate with customers on their net zero and sustainability journeys.  

Nearly 90% of Tyman's funding is now linked to its sustainability targets. In 2022, the Group issued $75 million of US Private Placement Notes and secured a £210 million syndicated revolving credit facility, with each incorporating three sustainability performance targets which align with Tyman's sustainability roadmap.

The SBTi's validation follows external recognition of the Group's broader sustainability efforts. In December 2022, Tyman successfully achieved FTSE4Good status, and in April 2023 improved its Sustainalytics score to 20.1, ranking it 15th out of 146 building sector peers (10th percentile). Tyman also completed its first Carbon Disclosure Project (CDP) submission in 2022.

Jason Ashton, Interim Chief Executive Officer, commented:

"Validation from the Science Based Targets initiative marks an important step in our sustainability journey as we continue to implement our 2030 roadmap, which sits at the core of our strategy. Going forward, further reductions to our energy, water and waste will be key areas of focus for the Group as we work collaboratively with our partners to achieve our broader sustainability ambitions."

"Reducing our emissions is a groupwide effort and we will work tirelessly to meet the requirements of the climate science by the end of 2030. I would like to thank all our colleagues for their collective efforts in helping us make meaningful progress towards this target."

Enquiries

Tyman plc	020 7976 8000
Jason Ashton - Interim Chief Executive Officer Juliette Lowes - Interim Chief Financial Officer Matt Jones - Head of Investor Relations	[e-mail]
MHP	020 3128 8613
Reg Hoare / Rachel Farrington / Matthew Taylor	[e-mail]

Notes to editors

Tyman (TYMN: LSE) is a leading international supplier of engineered fenestration components and access solutions to the construction industry. The company designs and manufactures products that enhance the comfort, sustainability, security, safety and aesthetics of residential homes and commercial buildings. Tyman's portfolio of leading brands serve their markets through three divisions: Tyman North America, Tyman UK & Ireland and Tyman International. Headquartered in London, the Group employs approximately 3,700 people with facilities in 16 countries worldwide. Further information is available at www.tymanplc.com.

The Science Based Targets initiative (SBTi) is a global body enabling businesses to set ambitious emissions reductions targets in line with the latest climate science. It is focused on accelerating companies across the world to halve emissions before 2030 and achieve net-zero emissions before 2050.  The initiative is a collaboration between 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. The SBTi defines and promotes best practice in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies' targets. www.sciencebasedtargets.org @sciencetargets

 

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