Environmental Factors
Veritas staff cares for the environment and Veritas has systematically made all efforts to inform and educate their staff on different aspects concerning the environment and its protection. In line with Veritas Environmental Policy, our group of companies endeavours to minimise their negative impact on the environment in general and to reduce their consumption of our planet’s resources. Our business operation’s components with greatest impact on environmental consist of three major emission components: importing-related emissions, business travels emissions, and vehicular emissions. The scale of those and some other key components are regularly measured and reviewed based on adopted indicators.
2023 Goals and Results
Scope
Veritas group of companies’ overall emissions fell by 4% in 2023, down to 1,029 tons CO₂ compared to 1,073 tons CO₂ in 2022. Remarkably, our group of companies’ carbon footprint fell even though our volume of operations has considerably increased:
- Income has increased by 16% in 2023 compared to 2022.
- Volume of imports has increased by 25% in 2023 compared to 2022.
Emission versus income was 30 kg CO2 per ISK 1 million in 2023, i.e. 19% lower than in 2022. Importing-related emissions in 2023 reached 0.25 tons CO₂ per imported ton, compared to 0.30 CO₂ per imported town in 2022. In other words, emissions per imported ton have fallen by 17% year on year.
1.081 tons
2022 overall emssions (CO₂)
1.033 tons
2023 overall emssions (CO₂)
-4,5%
Year-on-year change
Energy Transition adopted as a Beacon
Energy transition is a key factor for improvement in terms of emissions of green hour effect gas emissions associated to Veritas group of companies’ operations. In 2023, we started in earnest the process of energy transition of our vehicles by adopting an ambitious goal for 2024 in the short run and through 2030 in the long run. As of 2024, all new vehicle purchases must consist of 100% environmentally sound energy-driven vehicles. In 2023, Veritas added 12 e-vehicles to their fleet, increasing from 1 to 13 our total number of e-vehicles, reaching a ratio of 14.4% already in 2023. As infrastructure must be in place to support our energy transition goals, the plan is to install electric charger stations at each and all of our group of companies’ premises. We consider it is possible to do even better than this by expanding public transport grants aiming at promoting the use of environmentally sound transportation, as well as by granting our staff higher car allowances if they drive a vehicle a 100% driven by environmentally friendly fuels. The following graph shows progression of fuel-related direct greenhouse effect gas emissions.
Impact of Imports on the Environment
Veritas and their subsidiaries operate as a player in the health care industry as a promoter of a healthier society. Many of our products, most of which are imported, are critical for the Icelandic society. Our volume of imports increased considerably (namely, by 25%) in 2023 compared to 2022.
To allow comparing emissions from year to year, the adopted parameter is the emission of CO2 per imported ton. In 2023, emissions per imported ton was 0.25 CO₂, decreasing by 17% year on year.
0,30
2022 emissions CO₂ / imported tons
0,25
2023 emissions CO₂ / imported tons
-17%
Year-on-year change
Continued Cooperation with Suppliers
One of the goals adopted by our group of companies in recent years and for years to come is continuous improvement as far as import of goods is concerned. Hence, we appeal to our suppliers to cooperate with us towards that goal. When supply agreements are renewed or new agreements entered into, we aim at reducing our carbon footprint by prioritising sea shipping if that option is more beneficial to the environment. It is also important to us that product packages are easily recyclable.
Business Travels
Our group of companies’ business partners are mostly located abroad. Consequently, we endeavour to keep up good business relationships, to allow our staff to get necessary education and training from our suppliers and have a good overview of the markets we operate in. Nevertheless, we strive to keep business travels to the minimum necessary, i.e. in circumstances where teleconference is not feasible or suitable. Technical innovations have opened the field for a lot of flexibility, allowing our staff to nurture business relationships without the need of extensive travelling. Our group of companies’ business travels related emissions fell by 27% in 2023 compared to 2022.
Continued Waste Sorting and Recycling
Recycling has improved with united efforts, but we still have many miles to go. Our recycling ratio fell year on year from 56% down to 46%. This decrease is mainly explained by the fact that our subsidiary Stoð move to new, improved premises in 2023. Each warehouse boasts a recycling “owner”, an expert who provides valuable consulting and education to their colleagues.
Digital Path for the Benefit of the Environment
Veritas digital path carries forward our ultimate goal to minimise use of paper within our group of companies. As of 2023, we started submitting electronically all labour contracts to be signed with digital IDs. All confirmations of receipt are also sent electronically. Digital IDs and e-signatures are now fully induced. Paperless communications have increased both internally and externally. Our focus is now on digitalisation of documents and electronic data storage. The plan for next year is to induce digital receipt of goods, which will greatly impact use of paper within our group of companies.
The Importance of a Recirculating System
We undertake every effort to reuse resources as much as possible both in our business operations and among our staff. Years ago, our group of companies invested in the purchase of reusable boxes for shipping goods to our customers. Foam boxes are now used only exceptionally.
As an example, every Xmas season our staff collects clothes they no longer use to be donated by Veritas for reuse and recirculation. We also keep a second-hand library where staff both give books away and find an old-new book to read.
Water and Electricity Consumption
Emissions related to energy consumption (electricity and heating) has been considerably reduced year on year. We have undertaken changes aiming at using our premises more sensibly and said reduction in energy consumption demonstrates that current use is as optimal as possible.
Mitigation Actions
Veritas group of companies invests in mitigation actions to tackle fuel carbon emissions. Our investment is channeled to mitigation actions conducted by Kolviður - The Iceland Carbon Fund. Forests is the shepherd for reforestations or sanctuary forests with the aim of mitigating accumulation of carbon dioxide (CO₂) in the atmosphere. In 2023, 29% of our group of companies’ carbon footprint has been carbon offset.