Velux Annual Report 2022

Highlights

Low carbon and affordable housing
Working with partners in architecture and construction, we started construction of the ‘Living Places’ project in Copenha gen. The project shows how low carbon housing can be built at standard market cost. In 2022, an independent third party verified that the concept has a carbon footprint three times smaller than a typical Danish home.

Partnerships that get results

We established partnerships with two suppliers to reduce car- bon emissions in the materials used in our products. Working with Hydro, a Norwegian aluminium supplier, we plan to reach a level of below 2.0 kilogrammes of carbon per kilogramme of aluminium by 2030-less than one fifth of the current European average. We also started working with Novelis, the world’s largest aluminium recycler, to provide high-recycled-content aluminium for use in our products.

Successful switch to paper-based packaging
In 2022 a new packaging material made of responsibly sourced paper and cardboard was implemented for 98% of all standard residential roof windows sold in Europe.

Introducing our DEI policy
With our new Diversity, Equity and Inclusion (DEI) policy, we have laid the foundation for our future work to foster a diverse, equitable and inclusive workplace. This new policy provides a shared understanding of DEI that can be used to guide decisions and actions, while assigning accountability. The policy will be fully implemented in 2023.

Towards renewable electricity for all European operations
We have enabled* two new solar plants in southern Spain, con- tributing to our goal to reduce our scope 1 and 2 emissions by 100% by 2030. When operational in 2025, the new plants will generate 167 GWh of renewable electricity – enough to power all of our European operations – and will save around 40,000 tonnes of CO2e each year.