Financial services giant State Street announced today that it will achieve carbon neutrality this year, including Scope 1 and 2 emissions. In addition the firm set new commitments to further reduce its carbon emissions on an absolute basis over the next 10 years. State Street said its new emissions reduction goals are in line with the Science-Based Targets initiative (SBTi).

According to State Street, the firm’s carbon neutral achievement has been made through a series of initiatives, including infrastructure retrofitting, purchasing renewable energy certificates (RECs) and carbon offsets, and “greening the grid” by utilizing renewable energy sources wherever possible.

Ron O’Hanley, chairman and chief executive officer of State Street, said:

“We are pleased to reach carbon neutrality and will continue to reduce our emissions on an absolute basis to reduce our carbon footprint further as we join the journey toward net zero. We are committed to addressing climate change risk not only in our own business operations, but we have also joined forces with other stakeholders to help companies and investors identify and manage their own climate change risks, while supporting local and global initiatives aimed at building a more sustainable world.”