Our journey to net zero
- Leanne Lancaster
- 30 June 2022
- 10 mins reading time
We plan to achieve, at a minimum, net zero carbon operations by 2030.
Climate change is one of the most important issues of our time. It may even be the single most important issue of our time. And Schroders Personal Wealth (SPW) is committed to making it a priority across the business. We are determined to play our part in tackling global warming and the impact it is having upon our planet and its inhabitants. We are committed to taking action on climate change and other environmental issues on behalf of our colleagues, clients and communities.
Our environmental ambition
SPW is committed to minimising its environmental impact through the transparent disclosure of carbon emissions and the deployment of internal carbon reduction programmes. The aim is to achieve, at a minimum, net zero carbon operations across Scope 1, Scope 2 and Scope 3 Business Travel by 2030, in line with a science-based net zero pathway.
How are gas emissions categorised?
Greenhouse gas emissions are categorised into three groups, or ‘Scopes’, by the most widely-used international accounting tool, the Greenhouse Gas (GHG) Protocol. Scope 1 covers direct emissions from owned or controlled sources. Scope 2 covers indirect emissions from the generation of purchased electricity, steam, heating and cooling consumed by the reporting company. Scope 3 includes all other indirect emissions that occur in a company’s value chain.
As we continue to strive for more impactful and ambitious climate action throughout the business, we will be undertaking a detailed screening process to identify and review all relevant Scope 3 categories across our business, to enable us to set a clear pathway to achieve our net zero ambition.
Actions we are taking to manage our environmental impact
Focusing on transparency
We have identified the need for improved data granularity and frequency in internal reporting on our environmental performance. To support this, we will look to invest into a centralised emissions data management and monitoring platform to streamline emissions reporting in line with the GHG Protocol.
Implement environmental management systems
In order to actively manage and reduce our environmental impact, we are working towards aligning our London and Leeds office sites to the ISO 14001 Environmental Management System (“EMS”) standard. This will enable us to mobilise actions to reduce emissions and improve performance across our Scope 1 and Scope 2 emissions.
Prioritise sustainable business travel
While we have seen a significant reduction in our business travel due to the impacts of COVID-19, we do not want our business travel emissions to return to pre-pandemic levels. We are therefore reviewing our Travel Policy, to ensure travel is kept to a minimum, and prioritising the use of sustainable transport methods. This will be coupled with building on our collaboration technologies that will reduce the requirement to commute and travel.
Car fleet electrification
To deliver excellent customer service to all our customers we have a car fleet. We have committed to electrify our company car fleet over the next few years.
We are committed to supporting a climate positive workforce and raising awareness of each individual colleague’s carbon footprint.
SPW is focused on achieving its net zero carbon operations target through decarbonisation; however there is a role for carbon offsetting to neutralise its residual emissions and achieve carbon neutrality immediately.
SPW is partnering with ClimatePartner on our journey to become carbon neutral. ClimatePartner offers carbon offset projects worldwide to help counteract the release of greenhouse gas emissions, whilst simultaneously improving the livelihood of people around the world. With the support of ClimatePartner, SPW has invested in four projects, all contributing to the United Nations Sustainable Development Goals (“SDGs”).
You can find out more about the projects we’re supporting in our Responsible Business Report.
Being a sustainable business
Climate engaged workforce
SPW is encouraging a climate positive workforce and, in doing so, has partnered with Furthr to plant over 100,000 mangrove trees in 2022 in order to offset our colleagues carbon emissions.
We also support colleagues to live a responsible lifestyle by offering a flexible ‘green benefits’ package. Initiatives include salary sacrifice for the purchase of an electric car and cycle to work schemes.
As part of the Responsible Business agenda, SPW has established a working group focused on collective action, with the vision that the thousand little steps each individual makes can collectively make a huge difference. The working group showcases the individual changes our colleagues are making and influencing, to promote sustainability initiatives across the business.
A key component of collective action is having in place Sustainability Champions who are passionate, influential, collaborative and innovative, and act as role models across SPW. The primary objective of sustainability champions is to promote sustainability understanding, ethos and good practice and to support the education of others.
Download our Responsible Business Report to find out more.
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