Building on its environmental performance leadership and delivering on the pledge it made as part of the White House’s American Business Act on Climate Pledge, BNY Mellon has become carbon neutral for scope 1 and scope 2, as well as scope 3 business travel greenhouse gas (GHG) emissions for 2015. It has a strategy in place to continue this commitment and will remain carbon neutral in 2016. Carbon neutrality is reached when an organization’s net GHG emissions are equal to zero.
“2015 will be remembered as a milestone year for the global mission to halt climate change. Corporate climate targets have an important role to play in acting on the Paris Agreement, and we are continually looking for ways to further our environmental leadership in service to our clients, other stakeholders and society,” said Jyoti Chopra, head of BNY Mellon Global Citizenship and Sustainability. “After receiving perfect scores in climate change disclosure and performance from CDP for the past three years, it is a natural next step for BNY Mellon to become carbon neutral.”
BNY Mellon has become carbon neutral through a combination of emissions reduction and the purchase of carbon offsets and renewable energy products. Since 2008, BNY Mellon has reduced its scope 1 and 2 GHG emissions by 32 percent, excluding data centers. To match its remaining emissions globally, BNY Mellon has purchased a combination of U.S. Renewable Energy Certificates (RECs) from NextEra and Guarantees of Origin, PowerPlus™ products and carbon offsets from Natural Capital Partners.
“We have taken an integrated, portfolio approach to reducing our impact by using market-based instruments,” said Carol Britton, BNY Mellon’s Chief Procurement and Real Estate Officer. “This method of going carbon neutral offers the most efficient way to source renewable energy and carbon offsets across our global locations, which is consistent with our focus on fostering both business and environmental sustainability.”
Through Natural Capital Partners, BNY Mellon has purchased carbon offsets from high quality projects around the world including in India, China, Vietnam, sub-Saharan Africa, Kenya, Chile and Brazil. Carbon offsets provide financing to essential renewable energy, forestry and resource conservation projects globally, which generate reductions in direct and indirect GHG emissions. From addressing household air pollution and living conditions through more efficient cookers to providing clean drinking water by improving water infrastructure to promoting sustainable community and economic development in concert with conservation, the projects use carbon finance to advance financial security, economic growth, job creation, the empowerment of women and environmental and water stewardship.
Read BNY Mellon’s CSR Report to learn more about its commitment to climate change leadership and environmental management.