Broadstone publishes science based targets to reduce emissions

Pensions, employee benefits, investments and insurance consultancy Broadstone has committed to setting near-term emissions reduction targets. The plans have been approved by the Science Based Targets initiative.

The Science Based Targets initiative (SBTi) is a global body enabling businesses, formed to evaluate the ambitious emissions reductions targets set by companies, to ensure they are in line with the latest climate science. It is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF); and is one of the We Mean Business Coalition commitments.

The SBTi aims to independently assess and approve emissions targets, as the world looks to move to a net zero economy – and also offers guidance to reduce barriers to adoption. As it looks to provide industry leadership on net zero drives, Broadstone has worked with the SBTi to comply with its standards for science-based targets.

Tony Gusmao, chief executive officer of Broadstone, commented, "Delivering sustainable outcomes is core to Broadstone’s mission of empowering people’s prosperity. We aim to lead our sector in measuring, offsetting and cutting our emissions to reduce our impact on the environment we need to protect.”

An independent financial services consultancy, Broadstone said in a statement that it was the “first consultancy of its peer group” to have its targets approved by the SBTi, joining the global movement for ambitious corporate decarbonisation in recognition of the urgency of climate action. Among the goals, the firm is aiming to reduce scope 1 GHG emissions by 50.4% by the 2032 financial year, using 2023 as a base year; and increasing active annual sourcing of renewable electricity from 63% to 100% by the 2030 financial year.

At the same time, while many companies overlook the need to tackle indirect emissions, Broadstone also highlighted plans for its broader ecosystem. To that end, the firm will look to reduce scope 3 GHG emissions from fuel and energy-related activities, business travel and employee commuting 58.1% per full time equivalent employees (FTEs) by the 2032 financial year. This “demonstrates Broadstone’s recognition of the importance of rapid and deep emission cuts across its business, offices and employees” the firm added.

Matthew Downey, Broadstone sustainability lead, concluded, "The approval of our SBTi targets validates our strategy of tracking, tackling and reducing our impact on the environment. It demonstrates that our strategy is in line with global efforts to limit global temperature rises and we look forward to delivering against these objectives.”