In 2024, we achieved significant milestones in sustainability, reinforcing our commitment to environmental and social responsibility. Our CEO, Gerlas van den Hoven, highlighted trends for 2025; among them, sustainability is increasingly moving to the forefront. For us, sustainability remains an integral part of our DNA and business strategy. Here are some key aspects from 2024 that help our journey move forward.
Continued industry recognition as a sustainable leader with EcoVadis Gold Medal
For two consecutive years, Genexis has once again received the prestigious Gold Sustainability Medal from EcoVadis, the world’s leading provider of sustainability ratings. We have been recognized for our commitment to sustainability and currently rank among the top 2% of companies in our industry.
EcoVadis’ comprehensive assessment framework covers critical areas, including the environment, labor and human rights, ethics, and sustainable procurement. These areas are deeply aligned with global standards such as the Global Reporting Initiative, the United Nations Global Compact, and several international standards such as ISO14001 and ISO26000.
Circular design of the FiberTwist to minimize our environmental footprint
We launched the FiberTwist XGS2410B, a next-generation XGS-PON Optical Network Terminal (ONT) designed with great environmental sustainability impact. The new model is smaller than the earlier version, uses 62% less plastic, and increases the proportion of recycled plastic from 45% to 90%. This innovative design results in a 67% reduction in GHG emissions in production. The new model also has 8% lower power consumption, aligning with Genexis’s commitment to sustainable innovation.
More biodegradable and recycled materials in our products
We have also replaced plastic with paper, which is biodegradable and more environmentally friendly, in the packaging across all our FiberTwist ONT products. Additionally, we have set ambitious targets to increase the use of recycled materials in our products. We aim to improve from 2024 FY 55% to 75% recycled plastic by 2026.
Tracking sustainability progress with third-party verification
An independent auditor, Position Green AS, has verified Genexis’ sustainability progress. The results assessed our Key Performance Indicators (KPIs) and Sustainability Performance Targets (SPTs) outlined in our 2022 Sustainability-Linked Bond Framework. The results showed that we are on track with the KPI to increase the use of recycled plastics in our products to 55%. The second KPI to set Science-Based Targets for Scopes 1-3 has already been achieved with the validation by the Science-Based Target Initiative in 2023. Scope 1 (Direct Emissions) are emissions from sources that we own or control directly. Scope 2 (Indirect Emissions from Energy) refers to emissions from the purchased electricity, steam, heating, and cooling. Scope 3 (Other Indirect Emissions) are emissions outside our direct operations but are part of our value chain.
Moving to 100% renewable energy
We reached one of our key sustainability targets, set in 2022: securing 100% renewable electricity procurement in all Genexis offices by 2025.
We have switched all our facilities to 100% renewable electricity, marking a significant step toward our goal of reaching zero Scope 1 and 2 emissions by 2028. Our offices in Finland and Norway are already operating at net zero! By 2028, we also aim to ensure that at least 80% of the energy used in product manufacturing comes from renewable sources.
Responsible supply chain management
We conducted an Environment, Social, and Governance (ESG) risk analysis of our supply chain to identify and mitigate potential risks. Consequently, a key FiberTwist factory had been audited twice with 100% corrective actions solved. We also executed a due diligence report to ensure that minerals used by Original Design Manufacturers (ODMs) and key component suppliers are not mined from areas of armed conflict and human rights abuses. Finally, we launched a carbon reduction program among our suppliers, with the first site visit in 2024.
Narrowing the gender pay gap
We are committed to achieving gender pay equity and fostering a welcoming, engaging workplace. By the end of 2024, the unadjusted gap has been narrowed to 3%. This is significantly lower than the gender pay gap in Europe’s tech industry, which averages 26%, indicating that women earn 26% less than their male counterparts.
These milestones are small steps that steer us closer to achieving our targets and ensure we are working towards a sustainable future. Our sustainability journey continues daily in our business, operations, and products and in dialogue with suppliers, peers, and customers.
Stay tuned for our 2024 Sustainability Report and other articles published this month.
