20 DSV Sustainability Report 2023 Reducing our impact Our roadmap towards net-zero carbon emissions In 2023, we developed a roadmap to support our decarbonisation strategy and ensure that we are on track to reach the updated carbon reduction targets we announced in 2022. The roadmap addresses four key decarbonisation levers that are critical for our ability to reach our targets across all divisions. For each key decarbonisation lever, strategic themes, initiatives and milestones are developed. The roadmap and the key levers will be assessed and updated continuously to reflect the latest technologies, knowledge and developments. With separate tracks for each of our divisions, we can identify and focus on the decarbonisation solutions that take each divisions’ unique challenges and opportunities into consideration while ensuring alignment with actions taken across the broader organisation. Across our divisions, we depend on technologies that differ markedly in both maturity and cost. In our Solutions division, we are applying well-tested and mature technologies that can deliver efficient carbon reductions. In our Road division we are seeing increasing maturity of technologies that still need scale and testing to prove fit for purpose in our network. In our Air & Sea division, the majority of carbon savings will stem from efficiency improvements in the short term, as zero-emission technologies are still maturing and available only at limited scale and at high cost-premiums. The decarbonisation roadmap assumes up to 4.5% annual growth in activities towards 2030 to ensure that our initiatives take market expectations into due consideration. Partnerships and regulatory framework Achieving net-zero carbon emissions in transport by 2050 will require collaboration and efforts from many partners. As the majority of DSV’s carbon emissions stem from our subcontracted transport, achieving our decarbonisation targets is highly dependent on our ability to mobilise and partner with our carriers, hauliers and other suppliers across our value chain. Close cooperation and strategic partnerships with our customers and within the transport and logistics industry and other sectors are equally important to the success of our decarbonisation strategy. Although global companies such as DSV can play an important role in the transition, reaching global carbon reduction targets will require the imple- mentation of a broad set of policies to ensure the necessary framework conditions are in place to support the transition of the sector. This will encourage a shift to more sustainable travel and freight as well as support for operational and technical energy efficiency measures to reduce carbon intensity across all transport modes. DSV welcomes national and international regulation that can accelerate the decarbonisation of the transportation sector and promote a level playing field with fair competition. We firmly believe that any carbon fees and taxes levied on the transportation sector and customers should be re-invested by governments into decarbonisation initiatives for the industry. First projects launched via our Carbon Pricing Fee Programme In 2022, we decided to levy a carbon fee on our divisions based on their emissions. It was implemented in 2023. The initiative has two aims. Firstly, to incentivise the carbon reduction efforts across our operations. Secondly, the fee provides financing for our Group-wide decarbonisation initiatives. Via the carbon fee we expect to raise more than DKK 1 billion to support decarbonisation initiatives in our operations towards 2027. Carbon Pricing Fee Programme 38 applications during 2023 16 approved • Solar projects • Battery electric vehicle (BEV) projects • Light emitting diode (LED) lighting projects • Alternative fuel projects covering hydrotreated vegetable oil (HVO) and biogas
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