Dubai, United Arab Emirates, Business Newss: Bain & Company announced today an industry-leading move to achieve net-negative carbon status this year, meaning the firm will support nature-based projects to remove more than 100% of its 2021 scope 1, 2 and 3 carbon emissions. The firm plans to achieve net-negative status every year going forward.
What sets Bain’s initiative apart from other companies’ carbon-neutral strategies is the firm’s commitment to specifically support projects that remove carbon from the atmosphere, such as reforestation and direct carbon capture, instead of projects that seek only to avoid future emissions.
“To create real impact in the global fight against climate change, businesses need to lead the way and continuously push beyond the status quo,” said Manny Maceda, Bain & Company’s worldwide managing partner. “After leading our industry with more than a decade of carbon neutrality, we asked ourselves how we could take our commitment to the next level. We are taking this bold next step because it’s the right thing to do on behalf of our people, our clients and our broader communities.”
Bain & Company follows a rigorous footprint calculation process, run by an external partner and third party verified in-line with the CarbonNeutral Protocol. The firm works with additional outside partners, including Sylvera, Natural Capital Partners and 3Degrees to ensure it is purchasing offset credits for carbon removal projects that meet the highest quality standards. This year, it is supporting seven nature-based carbon removal projects, including reforestation projects in Mexico, China, Guatemala, and Ghana and forest management projects in the United States and Uruguay.
Bain & Company has long been the sustainability frontrunner in its industry, and it was the first consulting firm to achieve 100% CarbonNeutral® status in 2011. Bain has reduced its scope 1 and 2 direct emissions by 84% over the past 11 years by converting to 100% renewable electricity, improving the energy efficiency of its offices and engaging its local Green Teams to find innovative solutions in its operations.
“Governments across the GCC have been leading by example when it comes to setting clearly defined goals to reduce greenhouse gas emissions. With regional countries following a more sustainable approach, we see Bain’s step to push beyond net-zero as a business responsibility to protect this planet – not only reducing our carbon footprint year on year, but also investing in projects that return balance to nature,” said Tom De Waele, Managing Partner at Bain & Company Middle East.
In 2021, Bain committed to Science-Based Targets in line with the SBTi’s 1.5-degree pathway. Specifically, it pledged to reduce its scope 1 and 2 emissions by 30% by 2026 from a 2019 base year and to reduce its scope 3 emissions from business travel by 35% per employee over the same time period.
Bain received an A- rating from CDP, the leading global disclosure system for investors, companies and geographies to manage their environmental impacts, in both 2020 and 2021. The rating puts Bain among the top 2% of professional services companies rated by CDP, which provides transparency into the environmental sustainability practices across more than 14,000 organizations globally.
Today’s announcement reflects just one piece of Bain & Company’s robust contribution to decarbonization. Last year, Bain announced the launch of Further, the firm’s collective ambition to create a more sustainable, equitable and inclusive world.
“Our clients are facing increasing and often existential demands around sustainability, social impact, and diversity, equity and inclusion,” said François Faelli, Bain’s global managing partner for ESG. “Together, we can create new engines for business growth and exciting opportunities for employees while having transformative impact on communities.”
In the past two years, Bain has served more than 600 client projects that tackled sustainability and corporate responsibility, carbon emissions and the energy transition. Bain also supports leading nonprofits tackling critical environmental challenges as part of its 10-year, $1.1 billion commitment to pro bono consulting. This includes a multi-year partnership with The Nature Conservancy (TNC) focused on market-based solutions to tackling climate change.
