Digital broker, iGO4, has become the first UK insurance SME to pledge to reduce its carbon footprint by signing up to the Science Based Targets Initiative (SBTi), committing to a 46% reduction in greenhouse gas (GHG) emissions by 2030 and to become net zero by 2050.
The company has already eliminated the use of gas to heat its Peterborough headquarters, instead opting to reverse electric air conditioning pumps to heat the offices. Further, it is switching to LEDs and a 100% renewable energy supplier. Colleagues are also benefitting from a new cycle to work scheme and the installation of Electric Vehicle (EV) onsite charging points.
Matt Munro, iGO4 CEO and founder, explains more behind the thinking: “We know that the environment is one of the top concerns of our colleagues and customers and we wanted to make positive changes in a way that makes us accountable to a scientifically backed target.”
In their quest to reduce GHG emissions, iGO4’s actions are measured against the widely used accounting standard, GHG Protocol. They have also been independently validated by SBTi and align with the Paris Agreement, the international treaty on climate change adopted at COP 21 in 2015.
All actions taken by businesses are critical to support the government in meeting its own emissions budget, put in place to limit global temperature rises to 1.5°C. iGO4’s commitments additionally serve the growing number of environmentally-conscious consumers making greener decisions when it comes to their insurance purchases.
FOUR DAY WEEK
Another move is the introduction of an optional 4-day working week for colleagues with no change to salary. Many are now working a hybrid pattern of two days in the office and two days at home, meaning that, along with a digital first approach to external meetings, the impact of travelling by car has been massively reduced – a factor regarded as one of the greatest contributors to emissions.
In the wider supply chain, iGO4 chooses to work with like-minded business partners also dedicated to sustainability goals, thereby ensuring that emissions aren’t simply pushed elsewhere.
Munro continues, “We’re an innovative, ambitious business and want to play our part in climate change; we are therefore committed to reducing our impact on the world to help build a sustainable future for everyone. Our forecasts tell us we’re on track to exceed our 46% target before 2030 and we expect the evolution of technology and government initiatives, such as the development of renewable energy, will further accelerate our work.”
In 2023, iGO4 will publish baseline data from 2019; its first full year performance, and then continue to communicate results annually.