Global consultancy giant vows to take 'significant action' to slash its emissions, as it reveals $400m plan to help support the net zero transition
Consultancy giant Boston Consulting Group (BCG) has today become the latest corporate to go public with a major net zero emissions strategy, pledging to take "significant action" to reduce its carbon footprint and offset any remaining climate impact by 2030.
The new target was announced alongside plans to invest $400m over the next decade to help its teams "drive climate and environmental impact across governments, industries, NGOs, and coalitions in order to advance global progress toward the net-zero ambition".
The new stragegy will see the company aim to reduce its direct and energy-related emissions - known as Scope 1 and 2 - by 90 per cent per full time employee (FTE) equivalent by 2025 against a 2018 baseline. It has also set new targets to reduce the climate impact from its business travel, which represents more than 80 per cent of its total footprint, by at least 30 per cent per FTE by 2025.
The goals build on confirmation last year that the organisation now sources 100 per cent renewable electricity across all its operations, alongside continued investment in energy efficiency improvements.
Emissions that cannot be eradicated will be tackled through an expanded carbon offset programme designed to deliver net zero climate impact by 2030, BCG said.
The company confirmed it was committed to removing carbon with the most effective nature-based and engineered solutions at an expected cost of $35 per tonne in 2025, rising to $80 per tonne in 2030.
"This marks a significant increase against the current voluntary carbon offset market average of $3 to $6 per tonne," it added. "This major investment will enable BCG to work collaboratively with leading organizations around the world in developing and deploying the most advanced removal approaches, essential to meeting the goals of the Paris Accord."
It also stressed that beyond 2030 the firm was committed to being 'climate positive' by removing more CO2 than the amount of CO2 equivalent that it emits.
Rich Lesser, chief executive at BCG, said the coronavirus crisis had "reinforced the need for global efforts to develop solutions to the world's biggest problems".
"True to our values and purpose, we have a responsibility to show leadership in this new reality," he said. "The greatest impact BCG can have is to help our clients tackle their climate challenges and accelerate their transition to a lower-carbon economy. But to stand confidently and proudly behind our work, we also have to change the way we ourselves operate and invest substantially. Like every company, we must step up."
The company's work to help its clients navigate the net zero transition is also set to expand significantly, with BCG announcing a $400m commitment over the next decade to enable its teams to drive climate and environmental impacts across the organisations it works with.
BCG's new targets are the latest in a string of net zero commitments from leading corporates in recent months - a trend that is only expected to accelerate in the year-long run up to the next UN Climate Summit in Glasgow in November 2021.
Earlier this summer, UK Business Secretary and President of the COP26 Climate Summit, Alok Sharma, launched a major new campaign under the banner "Race to Zero", which is calling on businesses and governments around the world to set their own net zero emissions targets. The campaign comprises around 1,000 businesses with annual revenues totalling $4.72tr, as well as 458 cities, 505 universities, 24 regions, and 36 major investors. As such, over half of all GDP and over a quarter of global emissions are now covered by net zero emissions targets that are aiming to deliver full decarbonisation by 2050 at the latest.
BCG is the Net Zero Insights Partner at the world's first Net Zero Festival, taking place over three days from September 30th. You can register to attend the Festival at the event website and hear more from over 100 top green business leaders, academics, politicians, and campaigners.
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