Faroese Sustainable Business Initiative companies make progress reducing CO2 emissions

GroAqua, KJ Hydraulik, P/F Poul Michelsen, and Vónin, who have taken part in the initiative, are the latest companies to receive validation from the independent Science Based Targets Initiative for their commitments to at least halve their scope 1 & 2 GHG emissions by 2030.

To receive validation, the four companies have aligned their commitments with a 1.5 degree warming pathway recommended by scientists. As well as reporting their emissions on an annual basis, the validation also involves a commitment to measure, report and reduce scope 3 emissions.

Bakkafrost, Føroya Tele and MBM also had their targets validated by the SBTi earlier in 2023.

Eleven of the 12 companies in the initiative made a combined scope 1 and 2 GHG emissions reduction between 2020 and 2022 (2023 not yet available), with the largest reductions over the two years coming from Føroya Tele and SMJ – both with commitments to get scope 1 & 2 emissions to net-zero by 2030.

More information on progress from the initiaitive will be published soon.

More information on the initiative: Burðardygt Vinnulív.
More information on: commitments made by companies.
More information on the: Science Based Targets Initiative.