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Pandox announces MEUR 29 climate transition programme

Pandox is stepping up the pace in sustainability and has recently decided on a climate transition programme in the business segment Operator Activities. The project runs over three years and means that Pandox in Operator Activities is expected to fulfil its emission targets, recently approved by SBTi, while generating double-digit returns.

10 januari 2024

The climate transition project consists of phasing out oil and gas, upgrading and replacing obsolete technical systems for energy optimisation, as well as renewable energy and behavioral change. The total investment amounts to MEUR 29 and is expected to generate cost savings of approximately MEUR 3 million per year when completed.

"With our new climate transition project, we are taking important steps towards our ambitious emission targets in Operator Activities. We are continuously working on future-proofing our hotel properties from a sustainability perspective, which both lowers the risk of our portfolio and generates significant cost savings, thereby creating additional value", says Caroline Tivéus, SVP, Director of Sustainable Business.

The approved near-term science-based targets states that Pandox, until year 2030, shall reduce greenhouse gas emissions in Operator Activities (Scope 1 and 2) by 42 percent and reduce emissions in Property Management (Scope 3) by 25 percent.

In connection with the approved climate targets, Pandox has also sustainability-linked existing loans with SEB and Swedbank totalling the equivalent of MSEK 2,200. Two out of three sustainability goals link to the SBT goals through CO2 reduction while the climate goals are linked to incentive programmes for the management group and General Managers in Operator Activities

Read more about Pandox sustainability work here.