SAN FRANCISCO, Sept. 23, 2020 /PRNewswire/ -- Bain & Company announced today it has signed the Business Ambition for 1.5⁰ C commitment letter as part of the Science Based Targets Initiative (SBTI) and will achieve 100 percent Net-Zero Carbon across all of its operations by 2030. By taking these steps, the firm demonstrates the priority it places on minimizing its environmental impact.
With the more aggressive emissions goal and as a signatory on the commitment letter, Bain & Company reinforces its pledge to reduce the impact of its operations on earth's climate, continuing its environmental leadership role in the professional services industry. The firm will develop new targets, based on climate science and objective data, and approve specific targets for all emissions by the end of the year.
"You only have to look at the wildfires and extreme weather events that have occurred around the world to understand climate change is one of the largest long-term risks we face," said Manny Maceda, Worldwide Managing Partner of Bain & Company. "Bain will achieve net-zero carbon status by 2030. We were one of the first companies in our industry to become carbon neutral, and we will continue to set and achieve ambitious targets to ensure we continue to be good stewards of the environment. Results matter."
As the firm started to reach its emissions reduction targets, the Bain leadership team realized they needed to continue to develop more ambitious plans. The updated carbon emissions target signals the next phase of Bain & Company's climate advocacy.
Bain & Company first achieved 100 percent certified CarbonNeutral® status nine years ago – an achievement few companies can claim, according to Natural Capital Partners, an internationally-recognized leading provider of carbon emission reduction and renewable energy solutions. Since 2011, Bain & Company has reduced its Scopes 1 and 2 direct emissions by 68 percent, with a goal of achieving a 90 percent reduction by 2030. In addition, it has reduced its total carbon intensity, a measure of the total amount of carbon emitted adjusted for growth in its business, by almost 16 percent to 12.3 tCO2e per FTE, the lowest emission intensity level achieved in its peer group.
The firm has converted 93 percent of its operations to renewable energy sources and will reach 100 percent by the end of the year. It has focused on increasing the energy-efficiency of its office space as well as reducing waste in its operations, and it has upgraded its sourcing processes to include sustainability as part of its supplier evaluation criteria. Additionally, the firm is working with its technology team to reduce the electricity consumed by its IT infrastructure and minimize electronic waste.
Bain & Company's work is not just internally focused. The firm's Sustainability and Corporate Responsibility Practice has grown significantly over the past five years, working with many of its clients to help them reduce their overall carbon footprint. Bain & Company also works with leading NGOs on climate-change initiatives, as part of its commitment to invest more than USD 1 billion in social impact efforts by 2025. In addition, Bain & Company is an investor in EcoVadis, the world's most trusted provider of business ESG ratings for global supply chains.
"This is a critical issue for our industry, and it has been an important journey for Bain, our people, our clients, and our communities," said Sam Israelit, a Bain partner, who leads the global Sustainability@Bain effort. "We have challenged every aspect of our business to identify opportunities to reduce our carbon footprint, including collaborating with our industry peers to share best practices and to advocate for others to set aggressive goals. So far, the results are excellent. But we still have a lot of work ahead of us if we want to reduce our impact on climate below 1.5⁰ C."
About Bain & Company
Bain & Company is a global consultancy that helps the world's most ambitious change makers define the future.
Across 59 offices in 37 countries, we work alongside our clients as one team with a shared ambition to achieve extraordinary results, outperform the competition and redefine industries. We complement our tailored, integrated expertise with a vibrant ecosystem of digital innovators to deliver better, faster and more enduring outcomes. Our 10-year commitment to invest over $1 billion in pro bono services brings our talent, expertise and insight to organizations tackling today's urgent challenges in education, racial equity and social justice, economic development and the environment. Since our founding in 1973, we have measured our success by the success of our clients. We proudly maintain the highest level of client advocacy in the industry, and our clients have outperformed the stock market 4-to-1.
Bain & Company
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