NET 0 Tracker

Additional notes: On Carbon Offset and Removal: "We will switch to renewable energy and offset remaining carbon emission." (Sustainability Report 2020, P.10) " We are progressing well with our carbon reduction strategy based on the following principles and areas of focus for energy-efficient operations, business travel, renewable energy and carbon offsets...If we cannot replace then we compensate for what is left: • Compensate unavoidable residual emissions through carbon removal projects (e.g. the carbon offset programme for gas consumption). • Investigate land management value chain (e.g. tree planting and increased biodiversity). " (Sustainability Report 2022, P.27) "Voluntary carbon markets: We are dependent upon the scaling up of voluntary carbon markets to enable a supply of credible carbon reduction offsets to be used by investee companies where they cannot reduce emissions to absolute zero." (Net Zero Transition Plan, P.40) "We will continue our decarbonisation efforts and will begin the offset of our residual emissions in 2025 whilst still keeping to the absolute reduction trajectory set out in our science-based targets." (Net Zero Transition Plan, P.54) "Operational decarbonisation strategy: •Compensate unavoidable residual emissions through carbon removal projects; •Investigate land management value chain" (Net Zero Transition Plan, P.56) "For residual operational emissions, we aim to purchase ‘high quality’ carbon credits generated from carbon removal projects. High quality relates to additionality, permanence and verifiability – defined by Oxford Principles and others as carbon credits earned from projects that sequester carbon from the atmosphere either through nature-based solutions (‘NbS’), natural climate solutions (‘NCS’), or technology-based solutions...To date we have not directly bought any carbon removal credits to offset our emissions and intend to reduce our carbon emissions by as much as possible from our 2019 baseline before we begin to purchase and retire any credits." (Net Zero Transition Plan, P.58)