Commercial, GHG Emissions, Sourcing Renewables - July 30, 2020
Moody's Corp. unveils new sustainability goals
Moody’s Corporation announced July 28 that they are committed to sourcing 100% renewable electricity and by 2050 reaching net-zero emissions.
The financial firm first achieved carbon neutrality in 2019 and plans to remain carbon neutral on an annual basis by mitigating emissions and purchasing offsets for the residual emissions that come from their operations, employee commuting and business travel. They also intend to retroactively offset their emissions that occurred between when they went public in September 2000 and December 2018 through carbon offset purchases before 2040.
“Contributing to an environmentally sustainable global future is a key business objective for Moody’s,” Mark Kaye, Chief Financial Officer of Moody’s Corporation, said in a statement. “We are proud of the work we’ve done to enhance our environmental sustainability and will continue to expand and enhance our efforts to integrate best practices throughout our business, using science-based targets.”
Beginning this year, Moody’s will begin procuring 100% renewable electricity for their global operations through the use of PPAs and RECs. In 2019, 11% of their total global electricity usage came from renewable sources, including their London, Frankfurt and Edinburgh offices, which ran on 100% renewable energy.
In their new sustainability commitments, Moody’s also announced their goal to reduce absolute Scope 1 and 2 emissions 50% between 2019 and 2013 and reduce absolute Scope 3 emissions 15% between 2019 and 2025. Additionally, they intend to confirm that 60% of their suppliers have science based targets by 2025.
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