We believe that there is a better, more sustainable way to do business.
Our planet is being irrevocably changed by humans. To meet the Paris agreement obligations, human emissions need to reduce year on year by 8% for the next decade. The latest calculations from the Breakthrough Institute shows that our emissions will be reduced by about that amount in 2020 because of the coronavirus lockdown. This demonstrates the scale of the issue.
The digital industry that The Panoply companies operate within is a significant, yet not widely understood, contributor to the climate and ecological emergency. The most widely accepted, and peer reviewed research by Ericson Research (2018), shows that between 2010-2015 the global digital industry was responsible for 1.4% of global emissions. This puts it on a par with the aviation industry. The Panoply company websites have contributed almost a tonne of CO2e to our overall emissions of 129.29 tonnes of CO2e.
The impact of our industry is one of the many reasons we are completely committed to the UN Sustainable Development Goal 13 of climate action.
In the financial year 2020 we:
- increased the breadth and depth of our carbon reporting;
- welcomed external speakers to educate us on the graveness of the climate situation;
- matched leave for people attending the September climate strikes;
- supported our companies in building environmental impact products and services;
- empowered our passionate teams to make changes to reduce our impact, and;
- promoted one of the team to lead on measuring, offsetting and reducing our carbon footprint.
A greener future
We will continue to deepen the measurement of, and action on, all of our emissions in the next financial year. We need to understand the variance in the energy consumption across the various properties we rent and the other factors behind the difference in the employee to emissions ratios across our companies. We will also focus on fully measuring our scope three emissions; employee commuting, waste disposal, supply chain, climate conflicts, investments and the products and services we have helped create.
This means we have ambitious plans for carbon neutrality certification, carbon budgets, employee incentivisation and continued growth of the products and services our companies are offering to help our clients understand, measure and reduce their impact on the planet. However, because there is still more to measure for a complete baseline and because of the significant impact coronavirus induced working from home will have, it is not possible to set meaningful KPIs for the level of reduction for the 2020/21 financial year. We will instead focus on constantly reprioritising our roadmap based on the latest social context and scientific research to reduce our impact on the planet.
The Panoply Group’s strategy is based around impactful companies joining the group, therefore acquisitions could take place at any point during the financial year. When this happens we will use whatever data is available to account for, and offset, the emissions of that company for the entire financial year, not from the day they join. Emissions are a debt to the planet that we want to help future Panoply Group companies to pay back.
Finally, to offset the emissions we have identified, plus an additional 5% to compensate for the things we have undoubtedly missed, we will be partnering with organisations who can help us offset the 135 tCO2e through UK flora and fauna restoration. We believe it is crucial for offsetting not to be seen as a cheap way to expunge the impact organisations have on the planet. As a UK headquartered company it is crucial to drive change within the UK and help the nation achieve it’s Paris agreement obligations. The partnerships we form will also highlight that tree planting is not the only way to offset emissions.