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Environment

Greenhouse gas emissions and climate change

Climate change is a serious risk to our environment, to society and the economy. By proactively managing our GHG emissions we will contribute our share of responsibility to combat climate change.

Our objectives

  • Limit our operational GHG impact
  • Implement an internal carbon price (ICP)

In recognition of the effects of climate change and its potential impact, we give consideration to climate change challenges and opportunities across our businesses. We continuously seek to improve our operational practices to limit and reduce the direct and indirect impact of our business operations and, in particular, business travel.

Our targets and aspirations*

  • Reduce GHG emissions per FTE by 10% by 2025
  • Climate Neutral Operations in 2020

Climate Neutral Operations for Financial Services certification

The Climate Neutral Operations for Financial Services certification label is closely aligned with the requirements of PAS 2060. The certification label provides recognition of our annual operational emissions and GHG reduction strategy.

Climate Neutral Operations for Financial Services is awarded based on a third-party review that was conducted by South Pole Group. This requires us to report scope 1, 2 and 3 emissions from operational activity annually, develop a GHG reduction plan, set GHG targets and compensate for unavoidable emission.

In 2020 Rothschild & Co continued implementing GHG reduction actions, which included conscious choices to purchase renewable and sustainable energy to reduce its operational emissions.

Case study

By introducing our own internal carbon price (ICP), we place a monetary value on greenhouse gases and aim to influence employee behaviour to limit them.

The ICP generates a financial support stream, which in turn can be used to develop further small-scale carbon-reduction opportunities and sustainability projects in line with our selected SDGs. This method of internal carbon pricing helps us to responsibly address emissions from business operations, including travel and ensures we actively pursue emission reduction activities.

Greenhouse gas emissions data in tCO2e

Extrapolated absolute and per full time equivalent

Emissions tCO2e/FTE Location-based approach Market-based approach
  2019
(35 offices)
2018
(35 offices)
2017
(15 offices)
2019
(35 offices)
2018
(35 offices)
2017
(15 offices)
Total group emissions,
all scopes, extrapolated
28,807.4 30,836.2 n/a  27,191.1 29,512.8 n/a 
tCO2e/FTE, all scopes,
extrapolated
8.4 8.5 n/a  7.9 8.1 n/a 

 

Emissions tCO2e 2019
(35 offices)
2018
(35 offices)
2017
(15 offices)
Direct emissions
(Scope 1)
Natural Gas & Biogas 129.5 629.1 569.4
Gasoil 37.9 47.0 58.0
Owned vehicles 176.4 198.3 196.3
Total 343.9 874.4 823.7
Emissions tCO2e 2019
(35 offices)
2018
(35 offices) 
2017
(15 offices) 
Indirect emissions
(Scope 2)

Electricity use
(Location-based)

3,315.4 3,338.3 3,433.8
Electricity use
(Market-based)
1,836.8 2,099.0 1,901.6
Heat use 124.3 106.8 96.8
Total Location-based 3,439.7 3,445.1 3,530.6
Total Market-based 1,961.1 2,205.8 1,998.3
Emissions tCO2e 2019
(35 offices)
2018
(35 offices)
2017
(15 offices)
Indirect emissions
(Scope 3)  
Business travel - flights 17,856.5 19,224.2 15,865.0
Business travel - rail 210.1 221.3 108.9
Business travel - taxis 325.0 334.0 174.4
Hotel stays 289.2 349.4 n/a
Total travel emissions 18,680.8 20,128.9 16,148.3
  Emissions tCO2e 2019
(35 offices)
2018
(35 offices)
2017
(15 offices)
Other emissions
(Scope 3)  
Water 54.0 60.0 45.9
Materials 201.7 240.7 197.5
Waste 22.0 25.7 14.4
Company leased vehicles 280.8 273.8 164.2
IT equipment 594.8 594.8 n/a
Electricity transmission
and Distribution losses
(Location-based)
329.1 290.8 352.0
Electricity transmission
and Distribution losses
(Market-based)
318.4 290.8 352.0
Courier services 45.0 24.4 n/a
Upstream emissions
(Location-based)
2,874.9 2,918.8 n/a
Upstream emissions
(Market-based)
2,856.8 2,918.8 n/a
Total Emissions - Other
(Location-based)
4,402.3 4429.0 774.0
Total Emissions - Other
(Market-based)
4,373.5 4429.0 774.0
Total Scope 3
(Location-based)
23,083.1 24,557.9 16,922.3
Total Scope 3
(Market-based)
23,054.3 24,557.9 16,922.3
Total Scope 1, 2 and 3
(Location-based)
26,866.7 28,877.4 21,276.6
Total Scope 1, 2 and 3
(Market-based)
25,359.3 27,638.1 19,744.4
Emissions tCO2e/FTE Location-based approach Market-based approach
  2019
(35 offices)
2018
(35 offices)
2017
(15 offices)
2019
(35 offices)
2018
(35 offices)
2017
(15 offices)
FTE Headcount 3,196.5 3,402.4 2878.2 3,196.5 3,402.4 2,878.2
Scope 1 0.1 0.3 0.29 0.1 0.3 0.29
Scope 2 1.1 1.0 1.23 0.6 0.7 0.69
Scope 3 (All)  7.2 7.2 5.9 7.2 7.2 5.9
Scope 1 and 2 1.2 1.3 1.5 0.7 0.9 1.0
Scope 1, 2 and 3 (All) 8.4 8.5 7.4 7.9 8.1 6.9

 

* Against a 2018 baseline.