Redington has completed the offsetting of its historic direct and indirect carbon emissions, in line with its commitment to reach net zero carbon emissions by 2050 at the latest, whilst KBI Global Investors has offset its 2020 emissions.

Redington partnered with BeZero Carbon to calculate its carbon footprint for the period of 2006 to 2020, and to design and implement a tailored carbon-neutral offsetting strategy.

This strategy comprised of five projects, all of which were subject to third-party accreditation and the BeZero Carbon Rating methodology (BCR), which assesses the efficacy and underlying risk factors of carbon projects across the world.

These projects include grassland protection in the US, peatland restoration and conservation in Indonesia, nitrous oxide abatement in Egypt, waste management to energy in India and forest protection in Colombia.

Each of the projects in the portfolio is a minimum of investment-grade rated and offers clear additionality, which means that without external funding the carbon benefits would not arise.

However, whilst Redington’s first priority will be on minimising current and future emissions, it has also committed to offsetting all future emissions and reviewing the carbon footprint calculation on an ongoing basis as the business continues to evolve.

Redington chief operating officer, Lee Georgs, said: “Aligning our default client advice to net zero was a transformative step on that journey and in establishing our impact in the broader value chain.

"However, there is always more that can be done and we remain committed to continuing to push ourselves, our clients and the wider industry further along this path.”

“Certainly, we recognise that, given the relatively low-level of our historic emissions, this latest contribution is a drop in the ocean compared to what the wider industry and global community must achieve overall.

"But if all businesses of our size were able to take this approach, collectively, we could make a huge difference.”

“We believe that our internal focus on achieving operational net zero, both historically and in the future, in conjunction with our default client advice externally, is crucial to the execution of the unified approach to sustainability and responsible investment at Redington.”

Alongside this, KBI Global Investors has confirmed that it has offset its emissions for 2020, after purchasing carbon credits in the Vichada Climate Reforestation project.

Located in the Orinoco river-basin on the Colombia–Venezuela border, the project is in an area that was previously a savannah and, according to KBIGI, lacked investment due to its marginal, hard-to-reach location.

It combines both reforestation and afforestation activities with biodiversity protection and ecosystem regeneration, in an effort to transform the savannah lands into forests that produce high quality hardwoods and sequester large amounts of carbon.

Whilst KBI previously only measured emissions from business travel, it also partnered with Clearstream in 2020 to measure the emissions from all flights taken by its staff, company car usage, and all the electricity and gas consumed at its Dublin offices.

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