Digital business financial platform Tide has become the first FinTech to remove 100% of its emissions with durable carbon removal.
The company has also committed to becoming fully net-zero by 2030 and to support its UK members and growing network of Indian SMEs on their net-zero journeys.
Tide has made three significant pledges to ensure it is front-and-center to deal with the impacts of climate change.
The first – which it has now achieved – is the removal of its emissions with durable carbon removal from 2022 onwards, the second is to reduce 90% of its 2021 emissions per employee by 2030, and the third pledge is a commitment to making net zero simpler for its members by developing support for them in this area.
Tide said, “By delivering the first pledge, Tide has become the first fintech in the world to remove 100% of emissions through durable carbon removal. Tide has achieved this by purchasing 3,711 tonnes of durable biochar removal.
“The Intergovernmental Panel on Climate Change (IPCC) reports that biochar is one of the safest, fastest and most durable ways to draw down and store carbon. Tide’s purchases can be viewed on CDR.fyi, the largest open registry on high-permanence carbon removal, ensuring transparency. According to the CDR.fyi registry, Tide’s biochar purchase makes it one of the top 20 carbon removal buyers in the world and the first fintech globally to do this. Tide is committed to purchasing durable removals for its global carbon emissions every year going forward.”
Tide has already implemented policies to reduce the carbon footprint of its 1,250 employees worldwide. These include a travel policy that limits long-haul business travel to two weeks.
For the company’s third pledge, Tide plans to roll out an initiative later in 2023 to help its over 500,000 members worldwide kickstart their own journey to Net Zero by introducing products, features and content to help them.
Tide believes it can achieve a further one million tonnes of durable carbon removal (CO2e) from the atmosphere by 2030 by activating its powerful network of member businesses in the UK and growing numbers of SMEs that use Tide in India.
Tide CFO and head of Net Zero Ian Sutherland said, “Businesses need to take action now, not tomorrow on climate change. At Tide, we are taking decisive action to curtail the spiralling effects of greenhouse gases on the Earth’s atmosphere. With this, Tide commits today to balance the books on CO2 for good.
“While we at Tide may not make much of a difference on our own, by also supporting our growing international network of SME members, we will. We’re proud to be the first fintech in the world to remove 100% of our emissions and will become a fully Net Zero business by 2030 through a major and ongoing investment in decarbonisation and durable carbon removal.
“We’re also excited about working with our members to deliver meaningful change. Especially in the UK, where faced with cost-of-doing business challenges and the need for greater energy security, we believe there’s a huge opportunity for smaller companies to transition to renewables and achieve greater energy and resource efficiency.”
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