REGO-backed renewable electricity procurement and EV fleet transition Wates purchases electricity backed by Renewable Guarantees of Origin (REGO) certificates, with 91.3% of all electricity purchased in 2023 from renewable sources (8,899 MWh). Where REGOs are not available, a residual mix emission factor is applied. The company is transitioning its fleet to EVs, increasing the proportion of electric company cars from 34% in 2022 to 54% in 2023, with new company car orders now limited to EVs and plug-in hybrids. A salary sacrifice scheme for EVs was launched in 2023 to address grey fleet emissions.
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SBTi validates Wates net zero by 2045 target In November 2023, Wates' long-term net zero GHG emissions target across the value chain by 2045 was externally validated by the Science Based Targets initiative (SBTi). This made Wates one of only three UK Tier 1 contractors to hold both a near-term and net zero SBT. The near-term SBT (halving Scope 1, 2 & 3 by 2030 vs 2019) had been validated in October 2022.
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Carbon Trust limited assurance of Scope 1, 2 and selected Scope 3 emissions The Carbon Trust was engaged to undertake limited assurance of the Group's Scope 1, 2 and selected Scope 3 emissions (waste and business travel) using ISO 14064-3:2019. This is consistent with prior years - assurance maintained at limited level.
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New CEO Eoghan O'Lionaird joins; new Chairman Tim Wates appointed; Group Sustainability Director appointed Eoghan O'Lionaird joined as Chief Executive in February 2023. Tim Wates became Chairman in May 2023 replacing Sir James Wates CBE. In December 2023, Cressida Curtis was appointed as Group Sustainability Director joining the Executive Committee. These leadership changes also included appointment of new NEDs Rachel Addison and Liz Reilly.
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Waste from logistics providers included in waste data for first time In 2023, waste data presented includes that from logistics providers for the first time, resulting in a 24% increase in reported waste generated compared to 2022. This scope expansion improves accuracy of reporting though it inflates the reported total.
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New target to engage 100,000 young people by end of 2025 Having exceeded the original target of engaging with 25,000 children and young people from communities by 2025, Wates set a new target of reaching 100,000 young people by end of 2025. Also extended social enterprise spend target from £25m to £36m by 2025.
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Environmental Sustainability Plan launched with three strategic themes and targets In 2023, Wates launched its Environmental Sustainability Plan setting short-term 2025 targets (carbon neutral Scope 1&2, 65% pre-manufactured value, 20% biodiversity net gain) and long-term targets (zero waste by 2045, net zero Scope 1/2/3 by 2045, adopt TNFD reporting by 2030).
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Primary: Scope 1 and 2 operational decarbonisation: fleet electrification and site energy efficiency Wates is reducing direct emissions through a programme of replacing diesel vans with EVs (45 replaced in 2023, with orders for 124 electric commercial vehicles for 2024, reaching 14.7% of fleet). On-site diesel use rose to 20,011 MWh in 2023 due to temporary electrics unavailability; the company is profiling site compounds for energy efficiency. EV charge points were installed at head office and energy-saving upgrades were made at the Prism offsite manufacturing plant in Coventry. The firm targets 46.2% reduction in absolute Scope 1 and 2 emissions by 2030 vs 2019.
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Dependent: Supply chain science-based targets engagement — 89% of suppliers by emissions by 2027 Scope 3 accounts for >98% of Wates' total GHG emissions, with purchased goods and services (Category 1) at 89%. Wates ran 12 supplier events in 2023 to encourage science-based target adoption; the percentage of top 200 suppliers with SBTs increased from 4% in 2022 to 9.5% in 2023. The firm is introducing minimum material sustainability criteria for key construction materials and working with UK materials manufacturers in strategic partnerships. Contract clauses requiring SBTs are being incorporated into framework agreements.
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Dependent: Social housing decarbonisation and retrofit — Wates Retrofit programme Wates is a market leader in domestic zero-carbon retrofit through its Wates Retrofit offering. The programme scaled from £3.4m in 2021 to £15.4m in 2022 and £36.8m in 2023, with a forecast of £88.0m in 2024. In 2023, Wates helped customers secure over £100m in SHDF Wave 2.1 funding, resulting in £125m of contracts to retrofit 5,000 homes. Over three years, 2,217 social homes were retrofitted to PAS 2035 standards, with 1,167 completed in 2023 alone. The government committed a further £2.8bn under SHDF Wave 3 from 2025.
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