Since 2015, BNY Mellon has been 100 percent carbon neutral for all greenhouse gas emissions, demonstrating our leadership and commitment to environmental sustainability to our clients, our teams and our stakeholders.
While many businesses have begun decarbonizing their operations, more must be done quickly to keep climate change from undoing the progress made in the last several years. We must all take advantage of renewable energy and other measures to reduce emissions and increase adaptation efforts.
Since 2015, BNY Mellon has been carbon neutral for all Scope 1 and Scope 2 emissions including our data centers, as well as Scope 3 business travel emissions, demonstrating our leadership and commitment to environmental sustainability to our clients, our teams and our stakeholders.
A company is carbon neutral when its net GHG emissions equal zero. To meet our carbon neutral goal, we first significantly reduced the energy we use in our offices and data centers. We then purchased energy from renewable sources, and lastly we purchased carbon offsets to compensate for, and offset, the emissions that we can’t reduce ourselves. This program provides critical financing to essential renewable energy, forestry and resource-conservation projects globally. These projects, which would not be viable without the sale of carbon credits, generate reductions in GHG emissions.
Our carbon neutral status covers our Scope 1, Scope 2, and Scope 3 business travel GHG emissions. In other words, emissions are associated with all the energy we use worldwide: electricity, steam, natural gas, automotive and jet fuel, refrigerants, and business travel.
In 2016, we exceeded our 2020 goal to reduce GHGs by 40 percent (from a 2008 baseline for all tracked real estate, excluding data centers) five years early with associated cumulative savings of $79 million. We are on track to save significantly more through continued diligence and our Workplace Excellence model, which transforms workplaces into efficient, collaborative spaces and provides more flexibility and options in the future. We intend to set new goals in 2017.