Alfa, a software platform provider for the asset finance sector, has outlined a plan for emissions reduction across its operations and value chain after having its science-based targets validated by the Science Based Targets initiative (SBTi), an official body that checks the accuracy of climate targets.
The SBTi validated Alfa’s submission via the SME route ensuring that targets are aligned with the Paris Agreement, which looks to limit an increase in global temperatures to 1.5ºC.
Alfa has committed to:
- Reducing Scope 1 and Scope 2 emissions by 42% by 2030 compared with 2022; and
- Measuring and reducing Scope 3 emissions.
While these represent the minimum requirements for SBTi submission, Alfa said it intends to progress even further by committing to a long-term net-zero target. Considering both the short and the long term, Alfa will:
- Reduce all Scope 1, 2 and 3 emissions by 90% by 2050 compared with 2022; and
- Neutralise any remaining unabated emissions through permanent carbon removal and storage, once achieving the long-term target.
Duncan Magrath, Chief Financial Officer at Alfa, said: “Climate change is important to us as a company, as individuals, and to our customers. We need to do as much as we possibly can to reduce emissions.
“Our commitment to reach net zero by 2050 will focus us all on making progress and achieving positive results in key areas.
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“We have already made great strides with particular initiatives, such as replacing our company car scheme with a salary sacrifice alternative that offers reduced-emissions vehicles.
“We have introduced a new supplier onboarding process which applies ESG standards, and we are highly conscious of the impact of our business travel and choosing this only when necessary and in the most environmentally friendly ways.
“There is much more to do, but there is passion and energy for these things in all corners of Alfa, all around the world.”
Luiz Amaral, Chief Executive Officer of the SBTi, said: “Alfa joins the growing list of companies with science-based targets consistent with limiting global warming to 1.5°C. We now need more corporate actors to set ambitious targets like Alfa.”
Using 2022 as a base year, Alfa will report regularly and transparently on the progress of its emissions targets, enhancing its greenhouse gas emissions reporting along the way, the tech provider said in a press statement.
The Alfa Systems software platform is continually enhanced to address the industry’s green challenges and opportunities. For example, Alfa has recently launched a new functionality that will allow providers of equipment and automotive finance to track and report on their operations’ Scope 3 greenhouse gas emissions, the statement said.
The SBTi is a partnership between the UN’s Committee for Development Policy (CDP), the United Nations Global Compact, the World Resources Institute (WRI) and the World Wide Fund for Nature (WWF).