Commercial, Energy Efficiency, GHG Emissions - September 20, 2023
Northern Trust Achieves Carbon Neutrality
Northern Trust announced it managed its business operations to achieve carbon neutrality for the first time in 2022.
As of Dec. 31, 2022, Northern Trust reduced its energy consumption by over 30% compared to a 2019 baseline.
The investment bank worked with Climate Vault in 2022 to reduce carbon emissions through a two-step approach.
Climate Vault first purchases and “vaults” carbon emission allowances from government-regulated compliance markets. The company will leverage the value of the emission allowances to fund an equivalent or greater amount of carbon removals from new carbon dioxide removal (CDR) technologies through a biannual grant process.
Details are provided in its latest Sustainability Report.
“Our approach to sustainability is grounded in our enduring principles of service, expertise, and integrity,” said Kimberly Evans, Head of Corporate Sustainability, Inclusion and Social Impact, in a statement. “While our stakeholders' expectations and demands vary by topic and timing, it is our responsibility to navigate the ambiguity in a way that honors our commitment to people, the planet and prosperity for current and future generations.”