Our operational carbon footprint
Stafford is a financial services company with a relatively low environmental footprint in its direct activities, although efforts are taken to further improve the corporate practices and activities in a way that is consistent with our Responsible Investment Policy. We have been a carbon neutral company since 2018.
As we seek to align our business activities with our investment beliefs in relation to climate change, we have adopted practices that minimise the carbon emissions and footprint of our business operations and staff activities, which include:
a) Low-carbon work environments by promoting active energy management and recycling at the Stafford offices worldwide.
b) Encouraging low carbon travel for Stafford employees by utilising video conference technology, other virtual meeting solutions, and encouraging public transportation for commuting.
c) Minimising the use of paper by using integrated ICT systems with corresponding filing functionalities.
d) Offsetting Stafford’s remaining carbon footprint by funding reforestation and biodiversity reserve programs in emerging markets.
Stafford started tracking and offsetting (Scope 1, 2 and 3) carbon emissions generated by our activities in 2018. We partnered with Natural Capital Partners to obtain our Carbon Neutral Certification. In 2018 we participated in the funding of the Meru and Nanyuki Community Reforestation Program in Kenya[1] and in 2019 in the Rimba Raya Biodiversity Reserve REDD+ program in Indonesia[2].
The figures opposite summarize Stafford’s greenhouse gas (GHG) emissions, as estimated by Natural Capital Partners for the period 2018-2020. Given that absolute GHG emissions vary over time and correspond to the expansion (or contraction) of an organisation, or events, such as Covid-19 pandemic, we are reporting emissions intensity in the form of tons of CO2 equivalent (tCO2e) per full time equivalent (FTE) staff or per square metre floor area as well. As a result of the pandemic, our total GHG emissions in 2020 were 209 tCO2e, a significant drop from their 2019 level of 708 tCO2e. Homeworking, a category that did not exist in previous years, was responsible for 6% of our total emissions in 2020[3].
Stafford’s GHG emissions and related statistics, 2018-2020
Source: Natural Capital Partners Greenhouse Gas Assessment reports 2018-2020 (based on Stafford Capital Partners data as of December 31, 2020, 2019 and 2018, respectively)
Stafford generates most of its GHG emissions through long-haul airline travel, followed by electricity and short-haul flights. Business travel in general, hotel stays and staff commuting represent the most important sources of Scope 3 emissions, which constitute more than two thirds of our total annual CO2 emissions.
Stafford plans to reduce emissions from its operations as part of its broader commitment to operate as a carbon-neutral organization and will define specific targets in this respect in the course of 2021.
Stafford’s total GHG Emissions by scope (left) and by source (right) in 2019
Source: Natural Capital Partners Greenhouse Gas Assessment report 2019 (based on Stafford Capital Partners data as of December 31, 2019).
[1] See https://www.naturalcapitalpartners.com/projects/project/meru-and-nanyuki-community-reforestation for more information on this project.
[2] See https://www.naturalcapitalpartners.com/projects/project/rimba-raya-biodiversity-reserve for details on this project.
[3] Natural Capital Partners/RSK has devised a benchmark which is based on an average homeworking day, accounting for the use of assets such as a laptop, monitor, air-conditioning and heating etc. To calculate homeworking emissions, contracted homeworking and homeworking due to COVID 19 have been being considered.