XPS becomes carbon neutral across entire value chain
- Pledge sees purchase of high-quality carbon offsets to cover Scope 1, 2 and 3 emissions
- Move supported by broader effort to reduce emissions and limit business’s environmental impact
XPS Pensions Group has become net carbon neutral by offsetting carbon emissions across its entire value chain, as part of its journey to limit the business’s environmental impact while helping clients and stakeholders also move towards a more sustainable future.
The Group’s Scope 1, 2 and 3 carbon emissions will be offset by the purchase of high-quality, UN-approved renewable energy* with immediate effect. The move marks a significant step in XPS Pensions Group’s drive to become a more sustainable business, which will see it undertake continued efforts to significantly reduce emissions in the coming years.
XPS is also using its advisory position, with assets under advice totalling £140 billion, to encourage clients to reduce the environmental impact of their own activities and investments. As signatories of the UN Principles of Responsible Investment and the FRC’s UK Stewardship Code, the Group actively influences and partakes in industry-wide initiatives to help tackle climate change.
Paul Cuff, Co-CEO of XPS Pensions Group, said: “Becoming a carbon neutral business is a major step forward in XPS’s sustainability journey and we have invested in highly reputable carbon credits to help achieve this. We do, however, recognise this can only be part of the solution in solving the climate crisis, which is why we’re committed to undertaking multiple initiatives to reduce our carbon footprint directly. We are also using our wider influence to create positive change by encouraging capital flows to move in the direction of a more sustainable future.”
*XPS Pensions Group’s carbon neutral status has been achieved through the purchase of high-quality, UN-approved carbon offsets. As the UK carbon offsetting market is still relatively immature, we have chosen to invest in a Hydroelectric plant in Chile. Hydro projects generate electricity from flowing water and reduce the need to burn fossil fuels to generate power. The benefits of this offsetting project include the preservation of natural resources, promotion of renewable energy generation, a reduction in dependency on non-renewable resources and helping to spread green technology worldwide.
The offsets cover XPS Pensions Group’s Scope 1 (operational emissions), Scope 2 (energy consumption emissions) and Scope 3 (supplier and indirect emissions), as based on the international accounting tool, the Greenhouse Gas (GHG) Protocol. These have been calculated and verified by Blackmores (UK) Ltd a leading quality, risk and environmental consultancy and specialists in Sustainability Standards.