Making material progress
FY24 has been an exciting transition year for the Group as our Environmental Sustainability programme matures. Our products are now incorporating sustainable principles by default, and in some cases we are now looking to move on from first to second generation steps to decarbonise.
Andy Land Head of SustainabilityOur environmental strategy
| Efficient Internal Operations | Focus on Products | Lead the Industry | |
|---|---|---|---|
| Target | Maintain current sourcing levels of renewable energy in all offices where available. | Achieve our near-term decarbonisation science-based target (still to be finalised and approved). | Set SBTs for decarbonisation including near-term and Net Zero targets by 2026 at the latest. |
| Focus | Our internal operations and our offices. | Our external operations and what we send out into the world. | The wider music technology industry. |
| FY24 update | We are already sourcing renewable energy where available, and will likely set one of our science-based targets to maintain or increase this procurement level. | We have updated our previous 2030 carbon neutral products target to align with our near-term science-based target once approved. This will require significant carbon reductions to our products, likely around 55% by 2031 with a 2021 baseline. | We have now committed to set near-term and Net Zero SBTs, one year ahead of our 2025 deadline. Our focus now shifts to develop targets and get these approved by the SBTi, as well as engaging with the CDP. |
Environmental metrics and targets
Being a UK-based company, we are committed to achieving Net Zero status by 2050 at the latest, in line with the UK Climate Change Act. This is our target too, and we are establishing how quickly we can achieve this ahead of schedule.
In March 2024, we committed to set science-based targets for decarbonisation and plan to submit our targets for approval within two years.
Environmental disclosures
Our complete Scope 1, 2 and 3 carbon dioxide equivalent footprint is summarised here. All units are gross tonnes of carbon dioxide equivalent (‘tCO2e’) unless stated otherwise. For Scopes 1 and 2, we have maintained Carbon Neutral status for a third year as a result of switching to renewable energy and purchasing verified carbon offsets to account for residual emissions.
| Category | Metric | FY24 value | FY23 value (updated) | % of FY24 gross CO2e footprint |
|---|---|---|---|---|
| Intensity metrics | tCO2e per product sold* | 0.084 | 0.078 | - |
| tCO2e per £m revenue* | 531 | 519 | - | |
| Scope 1 GHG emissions | Total Scope 1 | 158 | 177 | 0.19% |
| Scope 2 GHG emissions | Total Scope 2 | 129 | 257 | 0.15% |
| Scope 3 GHG emissions | Total Scope 3* | 83,800 | 92,304 | 99.66% |
| Totals | Scope 1, 2 and 3* | 84,087 | 92,738 | 100% |
* Indicates the FY23 value has been recalculated using the same methodology as FY24.
Due to the nature of our business, our hardware products dominate our emissions. We have refined our LCA methodology this year as we develop our science-based targets, aiming to eliminate any issues that could result in us having more than a 5% change in the total emissions (above this threshold we would need to rebase). We are starting now to see some of the changes made to products filter through to our emissions (purchased goods & services has reduced), but we have also sold more high-power products in FY24 (increasing use of sold products per product). As more renewable energy becomes available, we will see our emissions throughout our supply chain decrease.