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Garo
GARO - ESG profile (ABG Sundal Collier)
2019-06-18 09:45
Opportunities and risks
The group develops innovative products and solutions in the electricity installation markets and is exposed to a wide variety of ESG risks, such as climate change, raw material sourcing, and health and safety considerations. Equally, several ESG trends create opportunities for the company; one such opportunity is the structural growth trend of electrical vehicles and renewable energy. Today, GARO is a leading provider of charging solutions for electrical vehicles in Sweden. The so-called E-mobility segment is becoming an increasingly significant portion of the group. It accounted for 18% of sales in 2018 and is expected to grow (30% by 2021 ABGSCe). Another growth trend stemming from ESG is sun-powered energy, an area where GARO provides a complete assortment of products.
ESG activities
In addition to providing energy-efficient products and solutions, the company aims to maintain sustainable and energy-efficient operations. One of its main initiatives is to increase its usage of renewable energy and to produce its own sun energy. During 2018, sun panels were installed in the facility in Gnosjö, Sweden, together with sun panels in Poland; GARO expects that ~10% of energy usage will come from own-produced sun energy. At the end of 2018, natural gas was replaced by biogas to provide heating for the Swedish facility; this is estimated to reduce heating emissions by 90% and the group’s total emissions by 25%. A recent focus area is to reduce the environmental impact from transportation. Targeting 2027, the goal is to only use transport options that have 70% lower emissions than that of fossil fuels.
The group develops innovative products and solutions in the electricity installation markets and is exposed to a wide variety of ESG risks, such as climate change, raw material sourcing, and health and safety considerations. Equally, several ESG trends create opportunities for the company; one such opportunity is the structural growth trend of electrical vehicles and renewable energy. Today, GARO is a leading provider of charging solutions for electrical vehicles in Sweden. The so-called E-mobility segment is becoming an increasingly significant portion of the group. It accounted for 18% of sales in 2018 and is expected to grow (30% by 2021 ABGSCe). Another growth trend stemming from ESG is sun-powered energy, an area where GARO provides a complete assortment of products.
ESG activities
In addition to providing energy-efficient products and solutions, the company aims to maintain sustainable and energy-efficient operations. One of its main initiatives is to increase its usage of renewable energy and to produce its own sun energy. During 2018, sun panels were installed in the facility in Gnosjö, Sweden, together with sun panels in Poland; GARO expects that ~10% of energy usage will come from own-produced sun energy. At the end of 2018, natural gas was replaced by biogas to provide heating for the Swedish facility; this is estimated to reduce heating emissions by 90% and the group’s total emissions by 25%. A recent focus area is to reduce the environmental impact from transportation. Targeting 2027, the goal is to only use transport options that have 70% lower emissions than that of fossil fuels.
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