Moncler Group | Annual Report 2024 Consolidated Financial Statements 348 |
1
Achieving Net Zero involves the overall
balance between greenhouse gas
GHG emissions produced and those
absorbed by ecosystems through
neutralisation mechanisms Specif ically
to contribute to Net Zero companies
must reduce emissions and neutralise
residual emissions
2
Promoted by CDP United Nations Global
Compact World Resources Institute
WRI and World Wide Fund for Nature
WWF the Science Based Targets
initiative establishes and promotes
bestpractice in def ining science
based targets as well as assessing
companies
objectives
in the index or rate, in the event of a change in the amount that
the Group expects to pay as a guarantee on the residual value
or when the Group changes its valuation with reference to
the exercise or otherwise of a purchase, extension or
cancellation option.
Lease contracts in which the Group acts as a lessee may
provide for renewal options with ef fects, therefore, on the duration
of the contract. Relative certainty that this option will (or won’t)
be exercised can inf luence, even signif icantly, the amount of lease
liabilities and right of use assets.
Incentive systems and variable remuneration
For the description of the determination of the fair value
of share-based incentive payments for the Moncler Group
management, please see paragraph 2.13.
The accounting policy adopted by the Group provides
for the IFRS2 reserve to be released and reclassif ied
as retained earnings when the Board of Directors resolves
on the allocation of Moncler Rights to each benef iciary.
IAS 29 Hyperinf lation
Furthermore, IAS 29 should have been applied for the Turkish
subsidiary starting from the f inancial statements as at
31 December 2022, as well as 31 December 2024, because Turkey
continued to meet the criteria for a hyperinf lationary economy
during the year. However, the accounting ef fects of applying
that accounting standard are not signif icant and thus have
not been considered in the preparation of this Annual Report.
Financial liabilities for the purchase of minority interests
and IFRIC 23
For an estimate of f inancial liabilities related to the purchase
of minority interests and IFRIC 23: uncertainty over income tax
treatments see paragraphs 2.20 and 2.16.
1.3 Impact of climate change issues
The Group def ined a climate strategy aimed at reducing
greenhouse gas GHG emissions with the intention of positively
contributing to the global goal of combating climate change
in line with the requirements of the Paris Agreement on climate
This strategy, integrated into the Group's business model, includes
medium and long-term objectives.
In particular, the Group committed to reducing absolute CO2e
emissions by 70% within Scope 1 and Scope 2 by 2030
(in line with the “1.5°C" ambition) and by 52% within Scope 3
(in line with the “Well-Below 2°C" ambition) per unit of product
sold compared to 2021.
Furthermore, Moncler Group committed to achieving
net zero emissions (Net Zero1) along the entire value chain
by 2050.
These objectives have been formally approved by the Science
Based Targets initiative (SBTi)2 and deemed consistent with
the contribution required of companies to limit the maximum
increase in global temperature compared to pre-industrial levels.
The main actions undertaken to achieve these
objectives include:
•use of electricity from renewable sources (both purchased and
self-generated);
•implementation of energy ef f iciency activities (Building
Management System — BMS, lighting systems, more ef f icient
heating and cooling, improvement of building thermal
insulation, and promotion of environmental standards
for buildings);
•adoption of low-impact environmental vehicles in the Group's
car f leet;
•obtaining LEED certif ications for new stores3 and all new
corporate buildings.
For Scope 3 emissions:
•progressive introduction of “preferred" materials in collections;
•promotion of regenerative agriculture projects;
•decarbonization of the supply chain through energy ef f iciency
measures and the adoption of renewable energy sources.
The impact of climate change has also been evaluated in relation
to estimates and assessments made in the f inancial statements.
3
Excluding Shopinshop
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