Sustainability in Action: MBA's Initiatives
We’ve been making progress and are ready to embark on the next phase.
At MBA, we're on a mission to understand and minimise our personal impact on the planet. We all share the desire to leave a positive legacy, and we firmly believe that businesses, regardless of their scale, play a pivotal role in environmental change. Join us as we delve into our journey of sustainability and the steps we're taking to make a difference.
So, what did we do?
Following our initial EcoVadis assessment, which is utilised for ongoing sustainability benchmarking, we partnered with a sustainability consultant, James Staniforth, at Sustainable Business Services to conduct a comprehensive carbon footprint analysis. This analysis establishes a baseline for future reduction efforts. Recently, we completed our second self-assessment on the EcoVadis platform. This independent assessment allows us to gauge our performance across key ESG (Environmental, Social, and Governance) factors and identify areas for improvement.
MBA’s Data
On the road to net zero, one of the main ways a company can measure and assess its greenhouse gas emissions is through three different scopes, so that’s exactly what we did.
The three scopes categorise the different kinds of emissions a company uses in its own operations and with its suppliers and customers. Developing a full emission inventory - incorporating Scope 1, Scope 2, and Scope 3 emissions enables companies to understand their true value chain emissions and focus their efforts on the greatest reduction opportunities. Scope 1 is company-owned direct emissions (e.g., running boilers and vehicles), Scope 2 is indirect emissions that are purchased (e.g., electricity, heat, and cooling) and Scope 3 is indirect emissions caused by the value chain including suppliers and customers (e.g., buying products).
This assessment identified that we emitted 100.3 tonnes of CO2 from April 2022 to April 2023, to put this in perspective, that is comparable to the emissions of 76.2 round-trip flights from London to New York. This was made up of approximately 10% energy and fuel, 20% business travel, 34% employee commuting and beyond these direct emissions (scope 1 and 2) we also identified significant contributions from indirect sources (scope 3) such as business activities like entertainment and hospitality.
Taking Action Based on Insights
While understanding our footprint is a big step, it's just the beginning. We're committed to taking action to reduce our environmental impact. This won't mean immediate changes to daily routines or company events. However, it does mean utilising our data-driven insights to make informed decisions that contribute to a more sustainable business model and allows us to implement practices that prioritise environmental, social, and economic sustainability.
We're actively exploring options to lower our emissions. This involves switching to renewable energy sources, re-evaluating business travel needs, and collaborating with suppliers who share our sustainability goals.
Setting Measurable Goals
With the data, we're now focusing on setting clear reduction targets and action plans. We aim to make data-driven decisions with a real impact, avoiding superficial gestures. This includes establishing short-term and long-term goals aligned with industry best practices.
From this research, we have made a decision that we will be committing to the United Nations Race to Zero, which sees businesses commit to half their emissions by 2030 and reach net zero by 2050. For MBA, this would mean near-term targets of reducing Scope 1 & 2 GHG emissions by 90% by 2030 and long-term targets of 0 emissions and using 100% renewable energy by 2050. Additionally, we are also aligning to the Science Based Target Initiative (STBi) to set emission reduction targets that align with climate science. By committing to and aligning with these standards we have a framework for measuring progress and ensuring we focus on areas with the most significant impact.
Transparency is key. Aligning with external benchmarks allows others to hold us accountable for our environmental performance but also ensures we are able to pivot as the needs of the business or benchmarks move.
What’s Next?
Again, we’re not sustainability experts, but we care about the environment for us and future generations so we want to do our part. We recognise the importance of taking a measured approach to sustainability. This will involve ongoing research, evaluation, and a commitment to continuous improvement, which we will update periodically.
