We recognise that reducing greenhouse gas emissions is for the whole of society and we are committed to minimising our environmental impacts as well as determining the risks climate change presents to our business and stakeholders.
In 2020, in support of the UK Green Finance Strategy, we set out our ambition to achieve net-zero greenhouse gas emissions by 2040.
‘Net zero’ means achieving a balance between the carbon emitted into the atmosphere and the carbon removed from it. When the amount of carbon emissions produced is cancelled out by the amount removed, the ‘net zero’ target will be achieved.
Latest News: We're ISO 14001 Certified
We’re proud to announce that the environmental management system we have in place at our offices in Bradford, Chatham, London and Petersfield has been awarded the internationally recognised ISO 14001: 2015 certification.
This continues to demonstrate our commitment to reduce our impact on the environment. We’re doing this by ensuring that, in the running of our business, we use resources efficiently and reduce waste.
“It’s important that we continue to keep the impacts that our operations have on the environment to an absolute minimum, alongside responding to the biggest environmental challenges of our time, such as climate change. Having an environmental management system in place across PFG help us to do both.” - Rob Lawson, Head of Sustainability
Understanding the role we play in climate change everyday
At PFG we understand that we have a key role to play in responding to the climate crisis. This means ensuring that our climate-related targets are aligned with the Paris agreement which aims to hold the increase in global average temperature to well below 2 degrees Celsius above pre-industrial levels, and ideally, to 1.5 degrees Celsius. And this is why we set an overall target in 2020 to achieve net-zero emissions by 2040.
We have also committed to, in line with Government’s expectation, meeting the Task Force on Climate-related Financial Disclosures (TCFD) by 2022.
The Task Force on Climate-related Financial Disclosure
The TCFD is an industry-led initiative created to develop a set of recommendations for voluntary climate-related financial disclosures. Its objective is to advance the quality of financial disclosures related to the potential impacts of climate change in order to improve investors, regulators and other stakeholders’ ability to assess climate-related risks and opportunities.
Our proposed three-year TCFD route map
The TCFD expects us to evolve our understanding of potential climate risks and opportunities over time, which means our climate disclosures will correspondingly need to adapt over time. We are already working towards our three-year plan to identify and map out our priorities, building and embedding these across PFG, and continuing to refine and integrate them into our core business processes.
To help us to assess and manage material climate-related risks and opportunities, and undertake the technical work that will enable us to meet the recommendations of the TCFD, we have established a new Climate Risk Committee. This Committee will be chaired by PFG’s Chief Internal Auditor and include senior representatives from functions such as finance, risk, operations and sustainability. The Committee will report into the Group’s Executive Committee and will play a pivotal role in developing and implementing PFG’s new climate risk strategy. In doing so, it will ensure that our climate risk work takes account of our value chain, divisions and functions, and the different aspects of our business models, assets, operations and organisational structures.
We have also signed up to the ‘Business Ambition for 1.5°C’ pledge which commits us to, among other things, set a science-based carbon reduction target and other related targets that will enable us to realise our 2040 net-zero ambition.
Offsetting our carbon footprint
We offset our direct operational carbon footprint by financing renewable energy projects around the world to mitigate the effects our operations have on the climate.
This year, we offset 4,507 tonnes of CO2e, which accounted for all of the Group’s 2020 operational footprint. These emissions were offset through the purchase of carbon offset certificates in the Weyerhaeuser Carbon Sequestration Project in La Pitanga, Uruguay.
The forest sector of Uruguay plays a significant role in the socio-economic development of the country, especially its interior regions. The project comprises a total of 18,191 hectares of land previously under extensive grazing by beef cattle, converted into forest plantations for value added, long-lived timber products and for sequestering carbon dioxide from the atmosphere in different pools, reverting the existing soil degradation process that has been occurring for several years. The project will ultimately remove a total amount of 5,652,922 tonnes of carbon dioxide in a period of 100 years or an average of 56,529 tonnes of carbon dioxide per year.
Through the investment we make to this project, we are also able to contribute to four of the SDGs which relate to the decent work and economic growth, responsible consumption and production, climate action and life on land.
Reducing our carbon footprint
Set out below are key reductions in our carbon footprint which occurred throughout 2020, when compared to the same period in 2019. It is acknowledged that the Covid-19 pandemic has likely had a significant impact on our carbon footprint and is a key contributor to these reductions. We will continue to monitor our carbon footprint this year and reduce it in the future.
of waste was recycled
reduction in company car fuel consumption
reduction in the tonnes of CO2e emitted through company car travel
reduction in our total reported greenhouse gas emissions
reduction in the amount of miles colleagues drive in their own cars on business
reduction in our air travel mileage