Algeco and Modulaire Group reduce greenhouse gas emissions by 26%

The report, entitled "Sustainable modular solutions for a low carbon future," provides a comprehensive overview of the progress Modulaire Group has made in its own global operations, in its supply chain and with its customers since it made sustainability the first priority of its strategy and decision-making.

Highlights from the latest report include:

Reducing global market-based Scope 1 and Scope 2 emissions by 26% compared to 2020;
54% of energy from renewable sources
4,616 hours of work contributed to social projects
Algeco DACHS achieves an 8% reduction in Scope 1 and Scope 2 between 2020 and 2022
Scope 1 are direct emissions generated directly by the company or under the company's control, while indirect Scope 2 emissions are a consequence of the company's activities but come from sources not owned or directly controlled by the company.

The report refers to the standards of the UN SDGs (Sustainable Development Goals), TCFD (The Task Force on Climate Related Financial Disclosures) and UNGC (United Nations Global Compact).

The Group's annual report discusses the roadmap to Net Zero, the broader ESG strategy, and KPIs to measure progress in the latest edition. The report describes Modulaire Group's environmental, social and governance (ESG) strategy, which focuses on circularity, adaptability and leasing. This so-called "loops within loops" model is at the heart of the strategy, which applies circular economy principles to minimize waste, virgin materials and embodied carbon throughout operations and activities.

The EU has set a goal of achieving Net Zero by 2050, so all organizations must reduce their greenhouse gas emissions. As the construction industry is responsible for around 40% of CO2 emissions, Algeco has already taken important steps towards climate protection.

Algeco has set a goal of achieving Net Zero across its supply chain by 2050. Key elements include the goal to reduce energy, water and waste consumption both in its own operations and in customer solutions.

Social responsibility in the report focuses on improving employment practices to ensure a safe and inclusive environment for all employees. In addition, Algeco has been socially involved in numerous projects, with many employees participating in our "Social Days".

Commenting on the report, Mark Higson, Chief Executive Officer of the Modulaire Group, said: "I am pleased with the progress we have made this year based on our five strategy and performance pillars. Our ambitious goal to achieve Net Zero by 2050 encourages our teams to work with passion and pride to find new ways to reduce our impact on the environment and add social value to the community in which we operate. Many of these achievements are listed in our ESGS report, including reducing our market-based Scope 1 and 2 emissions by 26%. I remain convinced that there are significant opportunities to help our customers, suppliers and stakeholders address the challenges of climate change and achieve growth in a low-carbon and circular economy."

Inder Poonaji, Director of ESG and Sustainability, said: "Our latest global sustainability report documents the excellent progress we are making and the ambitious targets we have committed to. Reducing embodied carbon is a challenge for the entire construction industry, not just buildings. That's why sustainability remains at the heart of our strategy and decision-making as we seek to play a leading role in decarbonizing the entire sector."

Commitments to further strengthen Algeco's and Modulaire's governance approach include a strong focus on compliance in the areas of health and safety, human rights and labor practices, code of ethics, anti-corruption and sustainable sourcing throughout the supply chain.

Modulaire Group is a leading provider of modular infrastructure and services, offering flexible, cost-effective, high-quality and timely solutions to help clients in a variety of end markets efficiently meet their space and accommodation needs. The Group operates under the Algeco brand in the UK and Europe, where it is one of the longest established brands in the modular and offsite construction industry.

Algeco and Modulaire Group employ more than 4,400 people in 23 countries.

Algeco and parent company Modulaire Group are owned by Brookfield Corporation, a leading global alternative asset manager.

To learn more about sustainable modular solutions for a low carbon future, visit us: "Sustainable Modular Solutions for a Low Carbon Future".