SYNETIQ, an IAA company, and one of the UK’s largest integrated salvage, dismantling and vehicle recycling companies, announces the publication of its first sustainability report, which highlights its progress against the company’s carbon reduction strategy and demonstrates how SYNETIQ creates value for its stakeholders and customers.
The business is pleased to report a 5.6% reduction in its own greenhouse gas (GHG) emissions between 2020-21 and 2021-22. Future reports will account for integration with IAA in the UK as the businesses operate as a single entity, and the report includes its new baseline emissions data for both the legacy businesses.
“I’m pleased to present SYNETIQ’s first sustainability report, which explains how our business enables us to create value for our clients and other stakeholders whilst contributing to a more sustainable society,” said SYNETIQ Sustainability Manager Elisa Caton. “We want to make a verifiable contribution to the sustainable development of our industry and community. To this end, we are proud to make our actions transparent and traceable through comprehensive reporting, and as such our first report also provides an overview of how we intend to meet our targets in the short, medium- and long-term.”
Steady progress towards sustainability goals
The new report shows that the measures taken in recent years are having an impact. In addition, the business helped its clients reduce or avoid GHG emissions, saving them 4.34 million KG of CO2e through its supply of green parts in 2022.
The business achieved Silver Carbon Literacy status in 2021 and is well on its way to becoming Gold accredited, for which 50% of its workforce must have passed SYNETIQ’s own climate and sustainability training.
Since the launch of its sustainability strategy Our Road to Tomorrow in April 2021, SYNETIQ has made continuous progress towards its three main goals of fostering a carbon-conscious culture within the business and supply chain, putting in place projects to help reduce emissions to net zero, and continuously improving data relating to the emissions savings from using green parts. The report also details SYNETIQ’s future plans for sustainability within seven specific workstreams across its operations: transport, estate, energy, circularity and waste, culture, offsetting and compliance.
UK Managing Director for IAA and CEO of SYNETIQ Tom Rumboll said: “As a business, we understand that climate change is a serious threat, not just to the communities around us but to businesses worldwide too. We also recognise the opportunities that robust sustainability strategies can bring. Our sustainability report puts us one step further along our journey to lead the industry and demonstrate our commitment to do the right thing by our colleagues, customers and business.”
Find more information in the SYNETIQ Sustainability Report 2022 at https://bit.ly/3L0aRX5.
IAA Holdings, LLC (as successor to IAA, Inc.) (“IAA”), a leading global digital marketplace connecting vehicle buyers and sellers, is now a subsidiary of Ritchie Bros. Auctioneers Incorporated. This release includes forward-looking information within the meaning of Canadian securities legislation and forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”). 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