Strategy firm BCG pledges net-zero impact, eyes ‘carbon positive’ future

September 1, 2020 by  
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Strategy firm BCG pledges net-zero impact, eyes ‘carbon positive’ future Heather Clancy Tue, 09/01/2020 – 00:02 Business strategy organization Boston Consulting Group will use remote workplace lessons from the COVID-19 pandemic to reduce per-employee travel by at least 30 percent by 2025, one key element of the $8.5 billion company’s new commitment to achieve net-zero status for its own operations by the end of this decade.  It’s also planning an investment push that will see it fund carbon removal projects at a starting cost of $25 per metric ton in 2025, increasing to $80 per metric ton in 2030 — far higher than the amount companies traditionally pay to purchase carbon offsets on voluntary markets.  Both declarations are notable, for different reasons. The consulting industry traditionally has relied heavily on travel to deliver services — it represents 80 percent of BCG’s total footprint, for example. Reducing that activity is something that neither the consulting sector nor its clients would have imagined was possible at the end of 2019, BCG CEO Rich Lesser told GreenBiz. “We are in a period of unbelievable learning,” he said. “My expectation is we will find different kinds of models with less travel intensity.” While BCG hasn’t made any specific commitments about what that model might look like, Lesser said it could include using videoconferencing for certain sorts of engagements in the future rather than sending someone for an on-site meeting or arranging for consultants to work at client locations on a staggered, rotating basis rather than all at the same time. Within its own operations — it has 21,000 employees and offices in 50 countries — BCG is aiming to reduce direct energy and electricity emissions by 90 percent per full-time employee against a baseline measurement of 2018, according to the new set of commitments the company announced Tuesday. It previously committed to purchasing 100 percent renewable energy and will use energy-efficiency measures to fill the gap. Beyond 2030, BCG aspires to be “climate positive” — by removing more carbon dioxide emissions from the atmosphere on an ongoing basis than it actually emits through its own activities. While the company didn’t publicly identify projects in its press release about the new commitments, those investments will be for both nature-based and “engineered” solutions. “I suspect it will be a mix of both,” Lesser said, adding that BCG will prioritize “change the game” kinds of solutions. One example of an organization with which BCG already works is Indigo Ag, the company behind the Terraton Initiative, an effort to draw down 1 trillion tons of atmospheric CO2 through regenerative agriculture and soil wellness initiatives. Indigo is growing fast both in terms of funding and connections with farmers, which are hoping to get credit for the carbon sequestration potential of their agricultural practices. In early August, it added $360 million in new financing, bringing its overall total to $535 million. The Indigo Marketplace, where it links growers prioritizing sustainability practices directly with grain buyers, has completed more than $1 billion in transactions since September 2018. ‘The model has yet to be fully proved out, but there is massive capacity,” Lesser said. Aside from its own commitments, BCG also has pledged up to $400 million in services — such as research or consulting support through its Center for Climate Action — to support environmental organizations, industry groups, government agencies and others working on net-zero projects. It works on more than 350 such projects with more than 250 organizations, including the World Economic Forum, WWF and the World Business Council for Sustainable Development. How does BCG’s new pledges compare with other leading business consulting firms? McKinsey & Company declared carbon neutrality in 2018 and has set emissions reductions in line with the Paris Agreement, including a 60 percent reduction in purchased energy by 2030 and by 90 percent by 2050. It also has been active in engaging its suppliers — including 50 of the world’s largest airlines and five of the biggest hotel groups — on how to improve environment performance. And it has a large sustainability practice, focused on helping other businesses reduce their own impact. Another business consulting heavyweight, Bain & Company, was declared carbon neutral by Natural Capital Partners in 2012. It has reduced its direct emissions by 70 percent since 2011, with a pledge to reach 90 percent by 2040. It committed to delivering up to $1 billion in pro bono consulting work for social impact projects between 2015 and 2025. (So far, it has delivered about $335 million.) Topics Corporate Strategy Carbon Removal Net-Zero Featured in featured block (1 article with image touted on the front page or elsewhere) Off Duration 0 Sponsored Article Off

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Strategy firm BCG pledges net-zero impact, eyes ‘carbon positive’ future

As COVID-19 and nature are linked, so should be the recovery

April 28, 2020 by  
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It’s no coincidence that new diseases have risen as more ecosystems have vanished.

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As COVID-19 and nature are linked, so should be the recovery

The hidden risks nature loss poses for businesses

March 16, 2020 by  
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Over $44 trillion of economic value generation, more than half the world’s total GDP, is moderately or highly dependent on nature.

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The hidden risks nature loss poses for businesses

Elevated climate-related risks spur new approaches to doing business

March 16, 2020 by  
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Researchers from University of Cambridge found that climate change could add around 20 percent to the global cost of extreme weather events by 2040. They are urging businesses to evaluate their own exposures to the growing risk to improve their resilience and sustainability.

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Elevated climate-related risks spur new approaches to doing business

Can we use nature to mitigate wildfire risk?

October 11, 2019 by  
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As wildfire season heightens, The Nature Conservancy is developing and implementing a new strategy to fight back.

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Can we use nature to mitigate wildfire risk?

Circular cities: The state of the art

October 11, 2019 by  
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What happens when cities think in loops.

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Circular cities: The state of the art

As wildfires get costlier and deadlier, insurers and utilities pay the price

August 22, 2019 by  
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Maximizing uptake of market-based insurance among communities in fire-prone areas will be vital to prevent future destruction.

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As wildfires get costlier and deadlier, insurers and utilities pay the price

Ecological footprint accounting and its critics

August 5, 2019 by  
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While sustainability can’t and shouldn’t be defined by a single number, it is still necessary that human demand be within the regenerative capacity of the planet.

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Ecological footprint accounting and its critics

Human as keystone species: Shift the mindset from ‘mitigate’ to ‘regenerate’

August 1, 2019 by  
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Pondering the question of what it will to create for businesses to evolve ideologies and institutions in such a way that we become net-positive.

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Human as keystone species: Shift the mindset from ‘mitigate’ to ‘regenerate’

Earth Overshoot Day and the promise of ‘One-Planet Compatibility’

July 29, 2019 by  
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Can the private sector push back the day each year when we exceed our planet’s sustainability budget? Here are five paths forward.

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Earth Overshoot Day and the promise of ‘One-Planet Compatibility’

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