Kindred's updated climate goals obtain validation from the Science Based Targets initiative

Online gambling operator Kindred announced Tuesday the official validation approval from the Science Based Targets initiative (SBTi) of the group’s greenhouse gas emission targets. The company's goals have been updated since originally communicated in 2020. This validation marks "an important step forward" as Kindred looks to accelerate its work with reducing emissions.

The Science Based Targets initiative is a collaborative initiative created to drive climate action in the private sector, which has now independently validated Kindred's climate plan. The targets have been developed to meet the goals of the Paris Climate Agreement.

In its updated climate goals, Kindred commits to reduce absolute scope 1 and 2 greenhouse gas emissions by 90% by fiscal year 2027 from a fiscal year 2019 base year. Kindred also commits to reducing absolute scope 3 greenhouse gas emissions by 35% within the same timeframe. 

Henrik Tjänström, CEO of Kindred Group, commented: “As one of the first companies in the European gambling industry to reduce science-based emissions targets in 2020, we are happy to continue to break new ground and to have our adapted targets validated.”

“The severity of the climate crisis calls for immediate and resourceful action, and the SBTi plays a key role as an enforcer of significant, science-based progress. For us, this commitment reflects an important notion - there is no time to waste, and we must all do our part,” he added. 

As stated by the company in a press release, by committing to these goals, Kindred strengthens its process to develop and align its carbon-reduction targets "to science-based standards throughout its business operations." 

These targets will provide guidance for the group in its sustainability work going forward and mean Kindred joins the global movement of companies across industries that take action to reach results in preventing climate change. 

Last month, the company posted its financial report for the third quarter of the year. For the period ended September 30, the online gambling operator delivered total revenue (B2C and B2B) of GBP 277.8 million ($321.5 million), down from GBP 298.4 million ($345.3 million). Total revenue year-to-date was GBP 763.2 ($883 million), down from GBP 1 billion ($1.2 billion) in the comparable period of 2021.

Other report highlights find underlying EBITDA down by 52% to GBP 40.3 million ($46.6 million), and profit before tax amounting to GBP 60.3 ($69.8 million). Furthermore, the company’s number of active customers during the quarter decreased by 16% to 1.46 million. The global sports betting margin came in at 9.9% after free bets, higher than the same period last year and above the long-term average margin.