Redington has today announced that it has successfully completed the offsetting of its historic direct and indirect carbon emissions.
Following an interview process of potential providers, Redington chose to partner with specialists BeZero Carbon to deliver this project. BeZero’s experts worked with Redington to calculate the carbon footprint for the period of 2006 to 2020 as well as to design and implement a tailored carbon-neutral offsetting strategy.
The strategy comprises a portfolio of five projects, all of which are subject to stringent third-party accreditation as well as the BeZero Carbon Rating methodology (BCR). This proprietary approach assesses the efficacy and underlying risk factors of carbon projects across the world. Each project in the portfolio is a minimum of investment-grade rated and offers clear additionality – meaning that without external funding the carbon benefits would not arise.
Projects include grassland protection in the US, peatland restoration and conservation in Indonesia, nitrous oxide abatement in Egypt, waste management to energy in India and forest protection in Colombia.
Additional quality controls include ensuring that credits are not double-counted or used by other organisations for reduction or regulatory requirements, as well as individually judging each project specifically for its level of permanence in emission reductions.
Projects will also be continually monitored by BeZero Carbon to ensure that any unexpected project-based emissions or leakage are compensated for. Redington has also chosen to offset 1.4x its legacy emissions footprint so as to provide an additional layer of mitigation.
While Redington’s first priority will be on minimising current and future emissions – through the utilisation of alternative energy sources as well as technology to limit travel – it has also committed to offsetting all future emissions, reviewing the carbon footprint calculation on an ongoing basis as the business continues to evolve.
This news follows Redington’s announcement in April that it would be aligning its default client advice with the goal to reach Net Zero carbon emissions by 2050 at the latest.
Both its default client advice and its carbon offsetting are among a number of pillars forming Redington’s 7-point climate action plan to integrate sustainability across its entire business.
Lee Georgs, Chief Operating Officer at Redington commented: “As a consultant to over £600bn of client assets, the biggest impact we can have will be using our influence as an adviser as a force for good, seeking attractive climate-related investment opportunities that can help clients achieve their impact objectives and contribute to the real-world transition to a Net Zero emissions economy.”
“Aligning our default client advice to Net Zero was a transformative step on that journey and in establishing our impact in the broader value chain. However, there is always more that can be done and we remain committed to continuing to push ourselves, our clients and the wider industry further along this path.”
“We’re proud of the work that we have done with BeZero Carbon to calculate and offset all of Redington’s historic carbon emissions. While our focus as a business is on reducing emissions in the future, there is no alternative but to offset legacy emissions, and so we strongly believe this was the right thing to do.”
“Certainly, we recognise that, given the relatively low-level of our historic emissions, this latest contribution is a drop in the ocean compared to what the wider industry and global community must achieve overall. But if all businesses of our size were able to take this approach, collectively, we could make a huge difference.”
“We believe that our internal focus on achieving operational Net Zero, both historically and in the future, in conjunction with our default client advice externally, is crucial to the execution of the unified approach to sustainability and responsible investment at Redington.”
ENDS
Notes to editors
About the Project:
BeZero’s methodology is based on calculating Redington’s carbon footprint between 2019-2021 and then backdating this to its inception in 2006 based on number of employees.
The calculated carbon footprint captured Redington’s direct and indirect operational emissions, covering scopes 1-3 emissions. These include:
- Direct emissions – facilities
- Indirect emissions – electricity
- Indirect emissions – commute, travel, hotels
Projects Overview:
About BeZero Carbon:
BeZero Carbon is a London-based climate solutions company that helps organisations get climate knowledge and take climate action. Its 50-strong team combines expertise across climatic and earth sciences, sell-side research, data and technology, engineering, and public policy. It supports clients through BeZero Carbon Markets, a data and analytics platform for the Voluntary Carbon Market, and through decarbonisation and natural capital solutions.
For more information about BeZero, visit https://bezerocarbon.com/
Get in touch through contact@bezerocarbon.com
