Focusing on nature-based carbon removal projects, Bain & Company says it is aiming to achieve net negative carbon status this year.
The company says it will offset more than 100% of its Scope 1, 2 and 3 emissions in 2022 and then do so every year moving forward. The focus of the objective will be specifically geared toward removing carbon from the atmosphere, such as participating in reforestation and direct carbon capture, instead of projects focused only on avoiding emissions, the company says.
To do so, Bain & Company is following a carbon footprint calculation process, which will be run by an external partner and verified outside the company with the Carbon Neutral Protocol. The consultant firm is especially focused on reforestation projects in Mexico, China, Guatemala and Ghana and forest management projects in the United States and Uruguay.
Carbon removal is seen as an important piece to reach global net zero targets, and this week a $925 million carbon removal effort called Frontier was introduced. It intends to help encourage technology advancements and carbon removal purchases.
Natural areas including oceans, forests, farms and soil already sequester about a quarter of the world’s carbon, according to the University of California Davis’ CLEAR Center. The World Resources Institute estimates carbon removal potential from forests alone in the US is half a gigaton a year, and making farmland use more efficient could sequester about half a metric ton of carbon dioxide per acre each year.
Salesforce also unveiled an effort to drive blue carbon projects and credits. Blue carbon is carbon captured by ocean and coastal ecosystems and as part of the project Salesforce has committed to buying an equivalent of $10 million in blue carbon credits.
Examples of other natural carbon removal plans include New Zealand’s Silver Fern Farms selling a zero carbon beef that was produced at farms that helped create their own carbon sequestering, and a tool from US Nature4Climate that the organization says can help companies use natural resources to reduce carbon emissions by as much as 30% through 2030.
Bain & Company says it is also working with outside partners, including Sylvera Natural Capital Partners and 3Degrees, to ensure it is purchasing offset credits for carbon removal projects that meet high quality standards.
The firm says it has reduced its Scope 1 and 2 emissions by 84% over the past 11 years by converting to 100% renewable electricity, improving energy efficiency of its offices and looking for new ways to achieve sustainability. Using Science-Based Targets initiative guidelines, the company also has pledged to reduce Scope 1 and 2 emissions by 30% through 2026 based on a 2019 baseline and reduce Scope 3 emissions from business travel by $35 per employee over the same period.
Bain & Company says it has helped with more than 600 sustainability and corporate responsibility projects, including reducing carbon emissions and helping with energy transitions, over the past two years.
Sourced from Energy & Environmental Leader - written by David Worford