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Shaping the Future: Renewtech's ESG and Sustainability Blueprint
Today’s world is undergoing a big change. At the heart of this change is the growing concern for the environment, accompanied by the relentless pursuit of sustainability. And at Renewtech, we stand firmly in the center of this transformation. As we continue to offer top-quality refurbished IT hardware, we are constantly reminded of the close link between our business and the world around us.
Our commitment to sustainability is rooted in our ESG strategy which is split into three pillars (Environmental, Social, and Governance) strategy. To put it simply, our ESG strategy is our pledge to do business the right way: environmentally conscious, socially responsible, and completely transparent. It serves as our guide, ensuring we not only fulfill our corporate responsibilities but also lead the way for a greener and better future.
Pillar One: Environment
At Renewtech, prioritizing a green and healthy environment isn't simply a goal; it's at the heart of what we do. This principle not only creates a positive workspace but guides our efforts to reduce greenhouse gas emissions, reducing our impact on the climate.
For us, sustainability isn't just a buzzword; it's our compass, directing every decision we make and how we can reduce our CO2 emissions. We also have a flat company hierarchy which means that everyone can contribute with their ideas so we can achieve this goal faster together.
Let me highlight some key areas we are actively working on when it comes to the environment, for instance, how we as a company can extend the life span and life cycle of IT equipment.
This is a major focus for us because our core business is to sell refurbished IT hardware to companies across the globe, and, therefore, we are always looking to reuse as much of the electronics as possible, for instance:
- We aim to reuse at least 80% of all purchased products.
- We are striving to reuse at least 95% of all purchased products.
Unfortunately, not all electronics can be reused because they are either defective or broken. In such a situation we make sure that as much as possible gets recycled at a recycling facility that recycles as much of our end-of-life electronics as possible.
- We are recycling 80% of our waste.
- Our goal for 2030 is to achieve the highest possible level of reuse while minimizing waste to its lowest conceivable limit.
But our efforts don’t just stop at our products; we are actively working to reduce energy consumption within our own facilities as well. We are channeling investments into sustainable energy sources and smart systems that will further diminish our emissions.
In addition, we collaborate closely with external specialists to accurately account for our climate impact, ensuring that our sustainability reports are both precise and reliable. We are on track to completing our greenhouse gas emissions accounting by 2023. Following this, we plan to join the Science Based Targets Initiative to further confirm our commitment to sustainable practices.
Looking ahead to 2025/26, we are setting our sights on obtaining validated targets from this initiative. Our ultimate goal is to meet, if not exceed, the standards outlined in the Danish climate law, and we are working tirelessly to reduce our emissions effectively.
Transportation is another crucial area for us. We constantly work to better the ways we ship our products from our facilities to our customers. Our commitment extends beyond our premises and we aim to improve all that is within our control, eyeing the broader picture to make every part of our process greener.
- We are rolling out a wider green delivery plan for environmentally friendlier shipments by 2025.
- We aim to have climate-neutral deliveries by 2030, resorting to compensation only when necessary.
We are also Initiating collaborative initiatives to expand the reach and understanding of the benefits of using refurbished IT hardware. Here are some of our targeted goals for the coming years:
- Launching projects in 2023 to boost awareness and accessibility to refurbished electronics.
- Entering 5 major ESG partnerships in 2025 to promote refurbished IT gear and reduce e-waste.
- Exploring the introduction of IT equipment leasing options in 2025.
Pillar Two: Social
As mentioned earlier, we want a pleasant work environment for everyone at Renewtech. We want everyone to feel like they belong here, and that their opinions are valued, and if any issues should come up, everyone has a contact person they can talk with about work-related problems. These contact persons are all regular employees and have no leadership roles.
We're committed to creating a safe, inclusive, and healthy workplace at Renewtech, and this is our plan to make this happen:
- Overhauling our recruitment process by 2023 to eliminate discrimination and promote high ratings in mental well-being through regular employee surveys.
- Setting up a dedicated HR function by 2025 to nurture the best working conditions and a vibrant culture, with a steadfast eye on the well-being of all employees — both physically and mentally.
- Working towards the recognition of being a 'Great Place To Work' in our industry, aiming for zero lost time due to accidents by 2030, and creating a workplace where every employee is a proud Renewtech ambassador.
Pillar Three: Governance
Governance is the third pillar of our ESG strategy. At its heart is building a strong and reliable base for ethical and open management, operating by the very best business principles.
Here are the key points of our governance strategy:
- In 2023, we succeeded in having a clear and well-planned framework, including organized ESG steering groups, established policies in important areas, and extensive data-gathering systems ready for the upcoming EU CSRD rules.
- Focusing on full transparency and involvement at all levels by 2025, creating trust, and sticking to our ESG goals through effective internal education and open communication.
- Pushing forward on gender equality and diversity with determined policies, aiming to have no reports of discrimination, and seeking a 40% representation of women in leadership roles and on the board by 2030.
With this structure, we're also committed to maintaining a clean record in data security, continuously improving safety in every aspect of our operations. This governance plan showcases our strong dedication to a sustainable, ethical, and open business approach.
Conclusion
At Renewtech, we see ourselves not just as a business, but as a forward-thinking community determined to make the world a better place. Every decision we make is guided by our strong desire to reduce our CO2 emissions, create a great place to work, and operate with clear and honest governance.
We're working hard not just to meet the standards that exist today, but to set new, and higher standards for the industry. This includes efforts like giving our IT hardware a longer life and encouraging more people to choose refurbished IT hardware, all while creating a work environment that's as green as it can be.
Every day, with every choice we make, we're aiming to lead the way to a greener, and better future. If you would like to dig into the details of our plans, then we encourage you to read more about it in our Sustainability Report.