Bain & Company's Bold New Goal: Reducing Business Travel Emissions By 35% Over The Next 5 Years
NEW YORK, July 29, 2021 /PRNewswire/ -- Bain & Company announced today a set of bold new sustainability commitments. The firm pledged to further reduce its scope 1 and 2 emissions—from activities such as heating and powering its offices—by 30% over the next five years, and it plans to reduce its scope 3 emissions from business travel by 35% over the same time period.
Bain & Company has long been a sustainability frontrunner in its industry, achieving carbon neutral status for the past ten years in a row. What sets Bain apart from others is that it is deep into its sustainability journey, having already eliminated 68% of its scope 1 and 2 emissions over the past decade by converting to 100% renewable electricity, improving the energy efficiency of its offices and finding ways to reduce waste from its operations. These new goals reflect Bain's steadfast alignment with the Science-Based Targets Initiative's 'Business Ambition for 1.5°C,' which the firm signed last year when it committed to achieve net zero climate impact by 2030.
"We are long past picking low-hanging fruit, and we are following the same advice we give to our clients: setting audacious goals that are realistic and measurable," said Sam Israelit, Bain's Chief Sustainability Officer. "Our firm is hyperfocused on mitigating the impact of our emissions on the environment and accelerating our carbon transition. We continue to lead the way in our own industry while also equipping our clients and nonprofit partners to do the same."
In addition to further reducing its remaining carbon footprint, Bain & Company will continue to invest in high quality carbon removal projects, including both nature-based reforestation and implementation of green technologies.
Earlier this year, Bain announced that it?received a gold rating?from EcoVadis, the leading platform for environmental, social and ethical performance ratings, putting Bain among the top 2% of professional services companies for its sustainability practices.
"Like most businesses, the pandemic gave us a chance to step back and reimagine the ways we've historically worked," said Torsten Lichtenau, a Bain partner and global head of the firm's Carbon Transition impact area within its Sustainability & Responsibility consulting practice. "One area where we've decided to go above and beyond is optimizing carbon emissions associated with travel. The pandemic proved there are times when we can still be extraordinarily effective with our clients by leveraging technology to collaborate in a hybrid work environment."
Today's announcement reflects just one piece of Bain & Company's robust contribution to decarbonization. Earlier this year, Bain announced the launch of FurtherSM, the firm's collective ambition to create a more sustainable, equitable and inclusive world —as a firm, as a partner to its clients and as a champion for global communities.
This year, the firm's Sustainability & Responsibility consulting practice celebrated ten years supporting corporate clients on their own sustainability journeys. The practice has grown significantly over the past decade, completing more than 500 client projects in the last two years alone.
Bain also supports leading nonprofits tackling critical environmental challenges as part of its $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.
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About Bain & Company
Across 61 offices in 38 countries, we work alongside our clients as one team with a shared ambition to achieve extraordinary results, outperform the competition, and redefine industries. We complement our tailored, integrated expertise with a vibrant ecosystem of digital innovators to deliver better, faster, and more enduring outcomes. Our 10-year commitment to invest more than $1 billion in pro bono services brings our talent, expertise, and insight to organizations tackling today's urgent challenges in education, racial equity, social justice, economic development, and the environment. We earned a gold rating from EcoVadis, the leading platform for environmental, social, and ethical performance ratings for global supply chains, putting us in the top 2% among other consulting firms. Since our founding in 1973, we have measured our success by the success of our clients, and we proudly maintain the highest level of client advocacy in the industry.
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