COATS GROUP PLC - 20 Mar 2024
Coats Group plc, the world's leading manufacturer in thread and structural components for apparel and footwear, as well as an innovative pioneer in performance materials, has published its 2023 Sustainability Report, showcasing the first year of delivery against recently set 2023 to 2026 targets with continued strong progress against its overarching Sustainability Strategy launched in 2019.
Due to lower production levels caused by continued destocking in the textile supply chain, Coats' absolute Scope 1 and 2 emissions have dropped significantly during 2023. Coats has also made considerable progress in decarbonising its Scope 2 energy, dropping Scopes 1 & 2 emissions intensity on a like-for-like basis compared to 2022 by 29%. The percentage of sustainable materials used in Coats products has been increased from 25% to 30%.
Health and wellbeing initiatives, along with others around diversity and inclusion, appreciation and ensuring that Coats continues to provide fair pay and an attractive employment proposition, have resulted in continued high-level employee engagement. In 2023, 87% of Coats workplaces worldwide have received a Great Place to Work (GPTW) certification. Coats has also been included in the list of the top 25 World's Best Workplaces by Fortune and GPTW as one of only two listed UK companies.
Chris Dearing, Group Sustainability Director, stated: "The strong progress made against our ambitious short-term 2026 targets is a testament to our unwavering commitment to make a difference. Sustainability is an integral part of all decision-making at Coats. Our five pillar strategy framework consisting of Energy, Materials, Water, Waste and People will continue to be our main focus for targeted actions to drive momentum in our journey to achieve net-zero emissions in our value chain by 2050."
Coats' next chapter medium-term targets for 2030 (from a 2019 baseline) include:
- 46.2% reduction in Scopes 1 & 2 emissions
- 100% renewable electricity
- 33% reduction in Scope 3 emissions
- Further transformational targets such as zero products from virgin oil-based materials, 70% of total energy from renewable sources, circular product and packaging solutions, and increased positive social impact
Coats remains fully committed to and supportive of the Ten Principles of the United National Global Compact (UNGC), covering Human Rights, Labour, the Environment and Anti-corruption issues and will continue to ensure that these principles are embedded in its operations and supply chain with the goal of supporting the delivery of the 2030 UN Sustainable Development Goals (SDGs).
Watch Coats' Sustainability Film
To read the 2023 Sustainability Report in full, please click here.
The sustainability performance reporting includes the Texon and Rhenoflex businesses Coats acquired in 2022 and excludes the European zips businesses, Mauritius and Madagascar, which Coats divested in 2023.
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Coats Group plc published this content on 20 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 March 2024 07:03:04 UTC.
