Thor Industries released its seventh yearly sustainability report Tuesday, marking the company’s fiscal year that ended July 31.
Bob Martin, Thor president and CEO, said sustainability is a core principle for his company, not merely a talking point.
“We are committed to making changes now to ensure a sustainable future exists,” Martin said, “so people can continue to connect with nature, and families with one another, to create lifelong memories.”
Among the manufacturer’s accomplishments, Thor said it obtained approval from the Science Based Targets initiative (SBTi) Validation Team confirming Thor’s Scope 1 and Scope 2 short-term emissions targets. SBTi also validated the manufacturer’s long-term Scope 1, 2 and 3 goals aligned with the Validation Team’s mitigation pathways for attaining net-zero by 2050 or earlier.
Thor conducted its first double materiality assessment in the company’s transition to report according to the Corporate Sustainability Reporting Directive (CSRD), a European Union (EU) regulation. The directive requires businesses to study materiality of sustainability matters from two perspectives: financial impact and effect on the environment and society.
The manufacturer analyzed 19 sustainability-related topics that could affect its financial performance, as well as Thor’s impact on social and environmental concerns. In the initial analysis, the company hired a third-party consultant who helped analyze ESG topics and map the value chain and Thor stakeholders. The consultant also engaged key stakeholders to gather quantitative and qualitative input, identify impacts, risks and opportunities (IROs), and score IROs to assess a financial and impact materiality viewpoint.
Thor said it conducted a thorough external and internal source review to ensure a comprehensive evaluation of ESG topics. The manufacturer identified and shortlisted 19 subjects pertinent to Thor’s value chain. As part of interaction with its stakeholders, the company identified 260 IROs across the 19 ESG topics. Thor continues to vet outcomes of its consolidated double materiality assessment, and the results align with sustainability strategic priorities which Thor previously reported.
Highlights of the company’s sustainability mission comprise:
- Installed solar projects at North American operating companies, which have eliminated the emissions equivalent of 856 gasoline vehicles driven in one year.
- Decreased global Scope 1 and Scope 2 emissions by 27.4%, compared with baseline fiscal year 2019.
Thor SVP and Chief Operating Officer Todd Woelfer said, “As we continue to execute on our long-term strategic plan, we remain focused on contributing to a sustainable future to allow great outdoor experiences, not only for our customers today but for generations to come, which is a cornerstone of our business.”
