Global consultancy Bain & Company announced today a new commitment to achieve net negative carbon status, removing more carbon from the atmosphere than it emits starting this year, and maintaining the status going forward.
Bain has achieved significant reductions in its operational carbon footprint over the past several years, reducing its Scope 1 and 2 direct emissions by 84% since reaching carbon neutral status in 2011, through initiatives to convert to 100% renewable energy, improve energy efficiency, and engage internal teams to find innovative green solutions. Last year the company set a target to cut emissions from business travel – a primary source of Scope 3 emissions – by 35% over five years.
To achieve its new commitment, the firm will support nature-based projects, including reforestation and direct carbon capture to remove more than 100% of its remaining Scope 1, 2 and 3 emissions. To measure and address its carbon footprint, Bain will use a calculation process run by a third party verified in-line with the CarbonNeutral Protocol, and working with partners including Sylvera, Natural Capital Partners and 3Degrees to ensure the purchase of high quality offset credits for carbon removal projects.
Manny Maceda, Bain & Company’s Worldwide Managing Partner, said:
“After leading our industry with more than a decade of carbon neutrality, we asked ourselves how we could take our commitment to the next level. We are taking this bold next step because it’s the right thing to do on behalf of our people, our clients and our broader communities.”
Bain also highlighted its contributions to decarbonization through its client solutions. In June last year, the firm launched ‘Further,’ an integrated suite of ESG capabilities, working with clients to address challenges ranging from climate change to structural inequities and environmental degradation, and recently, Bain appointed François Faelli as its first Global Managing Partner of ESG. The company stated that it has served over 600 sustainability, corporate responsibility, carbon emissions and energy transition client projects over the past 2 years.
“Our clients are facing increasing and often existential demands around sustainability, social impact, and diversity, equity and inclusion. Together, we can create new engines for business growth and exciting opportunities for employees while having transformative impact on communities.”