Written by: Todd Gibbons | Vice Chairman and Chief Financial Officer, BNY Mellon
As a part of this year’s Corporate Social Responsibility report, Chief Financial Officer Todd Gibbons discussed environmental sustainability and its impact on our business. We've shared his thoughts below. Learn more about how BNY Mellon is improving lives through investing by exploring the full 2016 CSR Report.
In my role as Chief Financial Officer at BNY Mellon, I have a wide range of responsibilities. People are often surprised to hear that overseeing the work of our Business and Environmental Sustainability team is one of them.
BNY Mellon is dedicated to doing our part to create a sustainable world where people succeed and economies can thrive. We cannot separate our financial and environmental responsibilities and expect to be successful in the long-term. Managing environmental risks and promoting a healthy environment for our employees and communities is critical to business longevity and long-term value.
Research shows that climate change now affects every region on earth. I am extremely proud of the work that we have done to propel BNY Mellon to a leadership position in climate change management. Since 2015 we have been carbon neutral1 by reducing our energy consumption, purchasing renewable energy credits, and offsetting remaining emissions by supporting low- or no-carbon projects around the world. We have been recognized by CDP (formerly Climate Disclosure Project) for our carbon reduction efforts, and have been named to the CDP Climate A List for four consecutive years, among only 9 percent of companies considered for the recognition. And in 2016, we surpassed our 2020 goal to reduce our greenhouse gas emissions by 40%.
Our early achievement of our emissions goal has presented us with an opportunity to think about what’s next, and we are considering new advances in awareness and measurement techniques in our goal-setting. Science Based Targets (SBTs) have come into full view as a measurable standard with which to create carbon emissions goals that are validated externally as opposed to being internally developed. An SBT would enable us to consider our company’s allotment of greenhouse gas emissions needed to keep global temperatures rising to no more than 2 degrees Celsius compared to pre-industrial temperatures.
Taking a look at the rest of our environmental impacts, we’ve reduced our water consumption, improved our landfill diversion rate, and implemented innovative solutions to reduce waste such as composting and a “binless” workplace. We’ve made great progress through the use of improved data tracking and analysis and more sophisticated feedback platforms. We’ve aligned our LEED certified buildings with an innovative platform (Arc), which provides us with more data around the current and ongoing performance of our buildings, rather than at just a single, static point in time. Through the new Workplace Excellence program, we’ve achieved reductions in the emissions from employees’ commuting into the office, as well as the amount of pages printed.
Together, we’ve accomplished a great deal to protect our environment and promote a sustainable future for our company, clients, employees and communities. While we lead among our peers, we are far from done. We will continue to drive progress on our environmental initiatives to ensure we meet our responsibilities as the Investments Company for the World.
1For scope 1 and Scope 2 GHG emissions, including in our data centers, as well as Scope 3 business travel emissions.
Vice Chairman and Chief Executive Officer of Clearing, Markets and Client Management, BNY Mellon
Todd Gibbons is a Vice Chairman of BNY Mellon and CEO of Clearing, Markets and Client Management. He oversees the Pershing clearing business; the trading, financing, collateral and liquidity management solutions delivered through the Markets business; treasury services and commercial payment activities; the U.S. government securities clearance and U.S. tri-party repo businesses delivered through BNY Mellon Government Securities Services Corp; credit services; global client management; and regional area management. From 2008 through 2017, Todd served as CFO. Previously, for nearly a decade he was Chief Risk Officer, overseeing credit, operational and market risk management of the company and The Bank of New York.