The Paris Agreement calls for a strong global effort to reach Net Zero by 2050. According to the Intergovernmental Panel on Climate Change (IPCC), global emissions must peak before 2025 and roughly halve by 2030 if we are to limit warming to 1.5°C. However, global emissions continue to increase, requiring immediate action to meet the 1.5°C target. One-fifth of total UK emissions are generated by businesses, so it is essential that they measure their carbon footprint and implement strategies to achieve Net Zero. Scoping out the Problem A company's carbon footprint is made up of different categories, or 'scopes'. Scope 1 covers a company's direct emissions from its owned vehicles and fuel combustion at company facilities (e.g., in furnaces and boilers). Scope 2 covers the emissions from the electricity and heat or steam that a company purchases. Scope 3 covers a company's indirect emissions, such as business travel, employee commuting and product distribution, purchased goods from suppliers, use of sold products, and product end-of-life. For many businesses, scope 3 is the largest source of emissions, accounting for over 70% of their total footprint. Scope 3 emissions are particularly difficult to measure because they are not under the direct control or oversight of the reporting company. Measuring scope 3 emissions often requires collaboration with suppliers and life-cycle assessments (LCAs) of products to determine the full extent of emissions associated with a business. This can be expensive and time-consuming, so many businesses hire external consultants to conduct assessments and develop action plans. A Business Matter A new report by edenseven, reveals that the FTSE 250 companies are far from achieving Net Zero goals and have serious gaps in their emissions reporting. According to the report, the FTSE 250 companies emitted more than 129 million tonnes of CO2 equivalent (CO2e) in 2022, equivalent to the annual emissions of 35 coal-fired power plants. Moreover, the report shows that the FTSE 250 emissions rose by 9% compared to the previous year, indicating a lack of progress and urgency in reducing their carbon footprint. The report shows that only three-quarters of the FTSE 250 companies report their Scope 1 and 2 emissions, and less than half disclosed their Scope 3 emissions for 2022 and a baseline year. This raises doubts about the alignment of these companies with the Paris Agreement, and suggests that many of them are either unaware or unwilling to reveal their full emissions impact. This implies that the 129 million tonnes CO2e figure is an underestimate, and that the actual problem is much bigger. This puts some companies in a position where they cannot make informed and credible decisions to cut their emissions. It also exposes them to the risk of non-compliance with upcoming climate regulations, such as the EU’s CSRD and the ISSB’s IFRS S1 and S2, which require scope 1-3 reporting among other disclosures. The report shows that many FTSE 250 companies are not taking sufficient action to align their Net Zero goals with the Paris Agreement, which aims to limit global warming to well below 2°C, and preferably 1.5°C, compared to pre-industrial levels. More than a third of FTSE 250 companies have not stated a target year for reaching Net Zero, and a mere 4% have adopted science-based targets through the Science-Based Targets initiative (SBTi). Science-based targets are crucial, as they ensure that businesses decarbonise at the rate necessary to meet global climate objectives and reach Net Zero. How edenseven Can Help To simplify the process of measuring and reducing carbon emissions, edenseven has developed cero.earth, a comprehensive management tool that calculates and manages the full scope of emissions sources (scopes 1-3). Using cero.earth, businesses can visualise their emissions, identify areas for improvement, and monitor the impact of their reduction initiatives. By using cero.earth, businesses can make informed and effective decisions to help them reach Net Zero and comply with upcoming regulations. There is a small window of time left to meet the Paris Agreement and minimise the worst effects of climate change. To find out more about cero.earth or how edenseven can accelerate your journey to Net Zero, send us a message.

(08/12/2023) - edenseven today launched a first of its kind integrated fleet electrification solution called “Electric Fleet Solutions, driven by edenseven”. Fleets have long struggled with the transition to electric, due to the shift of focus from vehicles to infrastructure and the need for a plethora of new suppliers to deliver the new way of operating. edenseven’s new product takes the hassle out of transition, with its experts providing an end-to-end service from data analysis to implementation. With the Zero Emissions Vehicle (“ZEV”) Mandate requiring an 82% increase in Battery Electric Vehicle (“BEV”) Van Sales in 2024 compared to 2023 YTD and a 35% increase in BEV car sales both manufacturers and fleets need to go further faster. Traditional suppliers to fleets, such as leasing companies, have not stepped up to provide the simple solution to transition which so many businesses want and need. edenseven have long advocated for action in this space, but with limited progress has decided the best approach was to use their expertise to launch an end-to-end solution of its own. Electric Fleet Solutions, driven by edenseven combined independence from any supplier, expertise from leading EV experts and an integrated solution covering everything from data to delivery. Simon King, Partner at edenseven and a renowned EV expert said “We know from our years of implementing electric fleet solutions and supporting clients that the biggest barrier to faster electrification is complexity. A completely new fuel needs a radically different approach, focused on infrastructure. Customers struggle with everything from data, to business cases, to suppliers and implementation. Electric Fleet Solutions takes those problems away, with edenseven managing the whole transition whilst working hand in hand with stakeholders”.  Pete Nisbet, Managing Partner at edenseven, added, “With transport being the largest GHG emitting sector and 64% of new vehicle sales going to businesses, accelerating the transition to zero carbon fleet is fundamental. It reduces cost for organisations, lowers emissions and primes the second-hand market with EVs.” Electric Fleet solutions, driven by edenseven follows their established approach of implementing net-zero solutions which are driven by data and that improve business performance.