Chalhoub Group & Schneider Electric to Drive Climate Action in the Middle East's Luxury Retail Sector
- S&P, Dow eke out another record closing high as Nvidia momentum endures
- Goldman Sachs no longer expects Fed rate cut in May - reports
- Stocks eke out gain as Nvidia rally slows, yields slip
- Oil ends lower, posts weekly decline as US rate cut hopes dim
- Dollar index on track for first weekly fall this year
- Chalhoub Group to work with Schneider Electric to reduce Scope 3 greenhouse gas (GHG) emissions by 30% by 2032 and pave the way to net zero by 2040
- Chalhoub Group suppliers will be provided a host of essential sustainability tools and trainings from Schneider Electric
The agreement represents the second phase in Chalhoub Group's journey to attaining Net Zero by 2040.
"Incorporating climate action into core business strategies is no longer an option; it's a necessity. We are proud to play an integral role in Chalhoub Group's sustainability journey and are confident that we can set new benchmarks in decarbonization and sustainability, not just for the company, but for the entire industry," said
Chalhoub Group aims to reduce absolute Scope 1 and 2 GHG emissions by 50.4% by 2032 from a 2021 base year*. The company also commits to reduce absolute Scope 3 GHG emissions from purchased goods and services, upstream transport and distribution, upstream leased assets and investments by 30% within the same timeframe. These include emissions associated with activities such as purchasing goods and services, transportation and distribution (both upstream and downstream), waste generated, business travel, employee commuting, and the end-of-life treatment of sold products.
The collaboration with Schneider Electric will primarily target selected suppliers in the 'Purchased Goods and Services' category, who account for most of the Group's Scope 3 emissions. In 2023, a diagnostic mapping of Chalhoub Group's suppliers was conducted to identify those with high emissions that had yet to establish science-based carbon reduction targets. After categorising the supplier base, a service agreement was signed to mark the next major milestone, the launch of a supplier engagement programme.
Schneider Electric's decarbonization consultancy services will include monthly training sessions for selected suppliers, data collection and gathering through extensive surveying, a tool to track Scope 3 emissions, as well as guidelines to complement suppliers' decarbonization journeys.
According to a survey issued by Boston Consulting Group, the Middle Eastern luxury goods market, estimated at nearly
Countries across the Gulf region have set ambitious targets for developing more sustainable economies. In 2021, Schneider Electric launched a new range of decarbonization and sustainability consulting services for companies based in the Gulf. These services include the identification of energy efficiency savings, carbon offset programs, offsite renewable energy sourcing, electric mobility advising, and supply chain optimization.
About Schneider Electric
Schneider's purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On. Our mission is to be your digital partner for Sustainability and Efficiency.
We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.
We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values.
For more information please visit: https://www.se.com/ae/en/
About Chalhoub Group
For over six decades, Chalhoub Group has been a partner and creator of luxury experiences in the
Every step at Chalhoub Group is taken with the customer at heart. Be it constantly reinventing itself or focusing on innovation to provide luxury experiences at over 750+ experiential retail stores, online and through mobile apps, each touch point leads to delighting the customer.
Today, Chalhoub Group stands for 15,000 skilled and talented professionals across eight countries, whose cohesive efforts have resulted in the Group being certified as a
To keep the innovation journey going, the Group has set up "The Greenhouse", which is not just an innovation hub, but also an incubator space and accelerator for start-ups and small businesses in the region and internationally. This is just one of the several initiatives taken by the Group to reinvent itself, catalysed by forward thinking and future proofing. The Group has also been embedding sustainability at the core of its business strategy with a clear commitment towards people, partners and the planet, and by being a member of the United Nations Global Compact Community and signatory of the Women's Empowerment Principles.
For more information, visit https://www.chalhoubgroup.com/
View original content to download multimedia:https://www.prnewswire.com/news-releases/chalhoub-group--schneider-electric-to-drive-climate-action-in-the-middle-easts-luxury-retail-sector-302009922.html
SOURCE Schneider Electric
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- 84 Lumber Celebrates New, Bigger Sarasota, Florida Location
- America-China Chamber of Commerce and Asia International M&A Fund sign strategic cooperation agreement
- FII PRIORITY SUMMIT IN MIAMI CONCLUDES WITH URGENT CALL FOR ACTION AND PROGRESS ON AI ALIGNMENT
Create E-mail Alert Related CategoriesPRNewswire, Press Releases
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!