Refinitiv enhances climate change action plan
Refinitiv has announced a series of global sustainability steps to help combat climate change. The company previously committed to three core pledges on environment, social impact and sustainable solutions that support the United Nations Sustainable Development Goals.
The new initiatives come on the heels of Refinitiv achieving carbon neutrality ahead of its year-end 2020 target date. Refinitiv is also now sourcing 100 per cent renewable energy at a regional level and is now furthering its commitment to reducing annual carbon emissions by widening and deepening the scope of its initial targets.
Refinitiv is setting science-based carbon emissions reductions targets, as part of its commitment to continuously lighten our environmental footprint. The Science Based Targets initiative is a globally recognised collaboration that guides companies on how far and how fast they need to reduce emissions and then independently verifies that reduction. As such, Refinitiv will be signing the Business Ambition For 1.5C commitment, backed by a global coalition of UN agencies, business organisations and NGOs.
Refinitiv supports and will align its reporting to Task Force on Climate-related Financial Disclosures (TCFD) for more effective and standardised disclosure of financially material climate-related risks and opportunities.
Refinitiv is joining RE100, a network of global companies committed to sourcing 100 per cent of electricity from renewable sources. RE100 is led by The Climate Group in partnership with CDP. Membership of this group today means that as of the summer we will be officially held to that 100 per cent renewables status and how we source our energy.
These combined initiatives further strengthen Refinitiv’s commitment to our global sustainability goals, adding a further layer of robust accountability and measurement to track its environmental progress.
David Craig, CEO of Refinitiv, says: “The pandemic is clearly providing humanity with a re-set moment: a stark reminder about our fragility as a species and a sharp lesson about what happens when we mess with nature. It is also a moment when the old rules about the role of the state no longer apply. We can therefore attack the twin challenges of Covid-19 and climate change simultaneously, not sequentially. After all, when again will we be at a moment when governments are injecting such unprecedented sums into the economy just as the world needs up to USD7 trillion a year of renewable investments to hit 2030 development and climate targets.”
Sam Kimmins, Head of RE100, says: “By joining RE100, Refinitiv are using their data and insight to drive forward the clean energy transition. We applaud their commitment to source 100 per cent renewable electricity, and their ability to keep an eye on the long term even during challenging times. We hope to see many more companies follow their lead.”
Refinitiv remains committed to reflecting and supporting the communities in which it operates by reaching a minimum of 40 per cent female representation in senior leadership roles globally, whilst continuing to support and promote an inclusive workplace that embraces diversity of every kind. This commitment will further be demonstrated by doubling engagement with community investment programmes by end of 2020.
Refinitiv recently launched The Future of Sustainable Data Alliance to accelerate the mobilisation of capital into sustainable finance. Refinitiv re-signed the Women in Finance Charter and is committed to putting sustainability at the core of its product offering, as demonstrated by its Diversity & Inclusion Index which ranks the top 100 most diverse and inclusive organisations globally and was used to create the financial industry’s first Inclusion & Diversity ETF fund in partnership with Blackrock.
Luke Manning, Global Head of Sustainability and Enterprise Risk for Refinitiv, says: “Our commitment is going further than before and aiming for more ambitious emissions reductions that – if repeated by businesses across the world – should limit atmospheric warming to 1.5C above pre-industrial levels. If we want to truly progress the climate agenda we need to help everyone understand that tackling it is in all our personal and financial self-interest. It’s not just about the impact we are having on the environment, but the impact the environment is having on us.”
Refinitiv is a strategic partner to the UN Task Force on Digital Financing of the SDGs committed to harnessing the power of data to bring about insight and drive informed decision making. As members of the UN Global Compact, Refinitiv is part of a community of 9,000-plus businesses across 135 countries that are committed to operating with responsible business practices at its core. Refinitiv is also a member of the Technical Expert Group (TEG) on Sustainable Finance advising the European Commission on the sustainable agenda alongside other private sector experts.
Refinitiv has been serving the financial industry with ESG data and solutions for over 15 years and offers one of the richest ESG databases in the industry – a fully transparent resource that is trusted by investors and corporates to drive positive impact and provide comprehensive analysis.