MAXIMA GRUP? is committed to setting SBTi targets

MAXIMA Group, which operates retail chains and e-shops in the Baltic States, Poland, and Bulgaria, undertakes to reduce its impact on the environment by 2030. On 16 March 2023, Maxima Grup? joined Science Based Target Initiative (STBi), which unites companies and organizations working to reduce their greenhouse gas (GHG) emissions. Companies operating under SBTi's guidelines are seeking to implement the Paris Climate Agreement to halt the greenhouse effect and prevent global temperatures from rising by more than 1.5oC. ?The Group's greenhouse gas emission reduction targets are to be approved under Science Based Targets initiative .

“We are a large group of companies – in five countries we operate more than 1,500 stores, visited by 1.6 million people every day. Therefore, we understand that we need to look for effective solutions to reduce the environmental impact of our activities. For several years we have been implementing unification of formats of our stores and we see that we can do our business more efficiently, cost effectively and with lesser impact to the environment. As a responsible business company, we have chosen to follow the guidelines of the Science-Based Targets initiative. Our greenhouse gas emission reduction targets will be submitted for the approval of SBTi,” says Agne Vovere , CEO of Maxima Grup? .

MAXIMA GRUP? commits to reducing the environmental impacts in all five market areas of the Group's activities following the SBTi guidelines. The Group companies Maxima LT and BARBORA Lietuva operating in Lithuania, Maxima Latvija and Barbora Latvija in Latvia, MAXIMA Eesti and Barbora Eesti in Estonia, Stokrotka Sp. z o.o. and BARBORA Polska in Poland, and Maxima Bulgaria / T MARKET Bulgaria jointly plan to reduce direct and indirect greenhouse gas (GHG) emissions (within Scope 1 and Scope 2) at the Group level by 42% by 2030 compared to the baseline year 2021. To achieve science-based goals, it is important to evaluate not only the direct GHG emissions of companies but also the emissions coming from external partners throughout the company's value chain. Under the SBTi methodology, the objective is to ensure that at least 67% of suppliers (calculation based on the Group's GHG emissions) set emission reduction targets. “By reducing the indirect GHG emissions that are generated in our supply chain, we will share our experience and knowledge in managing the impact made on climate change with our partners and encourage them to set science-based goals,” says Agn? Vover?.

Science-based approach

The Science-Based Targets initiative (SBTi) was developed in 2015 as a reliable tool to help companies set emission reduction targets and measure their effectiveness based on scientific data. SBTi is being developed and improved in collaboration with key climate change mitigation specialists and institutions and is used by more than 4,700 companies around the world. By joining the SBTi, the world's most recognized and reliable methodology developed in line with the goals of the Paris Climate Agreement, companies receive consistent advice on how to set and achieve GHG reduction targets.

According to Agn? Vover?, companies that want to achieve results and make a significant contribution to the mitigation of climate change, choose the SBTi method for its effectiveness: “It takes time, knowledge, and resources to achieve the set goals – we see it as an investment in the future of our Group. To achieve our goals by 2030, we will need to work together with partners, suppliers, and of course, the SBTi community.”?

According to the SBTi guidelines, greenhouse gases are assessed and reduced in three areas (SBTi). Scope 1 greenhouse gas emissions arising from and associated with the direct activities of the enterprise, Scope 2 GHG emissions result from the production of electricity or heating consumed by the Group, and Scope 3 GHG emissions come from the value chain and are emitted while cultivating, producing, and transporting the goods. It is estimated that the companies managed by MAXIMA GRUP? will invest up to EUR 100 million over the next seven years in the implementation of various measures, such as energy efficiency solutions, expansion of the use of renewable energy, and gradual switching to the use of refrigerants (freons) with a lower impact on the climate.

Changes are already underway

According to Agn? Vover?, even before joining the STBi community, companies managed by MAXIMA GRUP? implemented environmentally friendly solutions into their business. A few years ago, MAXIMA Group began installing LED lighting technologies aiming after completion to have more than 1,500 stores using electricity-saving technologies. The old model of refrigeration systems is being discontinued and air conditioning systems are used more efficiently. Due to these measures, the overall use of energy within the Group was 4% less in 2022 than in 2021, even though the number of stores operated by the Group has increased. Companies managed by the Group are also taking the initiative: Maxima Lithuania plans to build a new warehouse with controllable temperature, where the implemented technologies will help to efficiently use electricity, and keep products fresh longer, thus reducing food waste.?

MAXIMA GRUP? falls into the Medium Risk category in the Environmental, Social, and Governance risk rating compiled by Sustainalytics, a Morningstar ranking company, and is positioned among 20% highest ranked enterprises out of the 192 companies in the food retail sector that participated in the ranking.

MAXIMA GRUP? joins other in Lithuania operating companies that already use STBi methodology – Ignition Group , AUGA group , BIT? Group , Vinted , and Telia .?