Refinitiv Expands Climate Change Action Amid Covid-19 Crisis

Technology Provider Refinitiv today announced a series of global sustainability steps to help combat climate change, building on its commitment to drive positive change through its data and insight.

The company previously committed to three core pledges on environment, social impact and sustainable solutions that support the United Nations Sustainable Development Goals.

The new actions come soon after Refinitiv achieves carbon neutrality ahead of its year-end 2020 target date. It is also now sourcing 100% renewable energy at a regional level.

The firm is now furthering its commitment to reducing annual carbon emissions by widening and deepening the scope of its initial targets, becoming a more sustainable business longer term.

Strengthening commitment to global sustainability goals

With Earth Day being celebrated on April 22, Refinitiv announced the next step in its environmental commitments.

The company is setting science-based carbon emissions reductions targets, as part of its commitment to continuously lighten its environmental footprint.

The Science Based Targets initiative is a globally recognised collaboration that guides companies on how far and how fast they need to reduce emissions and then independently verifies that reduction.

As such, Refinitiv will be signing the Business Ambition For 1.5C commitment, backed by a global coalition of UN agencies, business organisations and NGOs.

Refinitiv supports and will align its reporting to Task Force on Climate-related Financial Disclosures(TCFD)for more effective and standardised disclosure of financially material climate-related risks and opportunities.

Additionally, Refinitiv is joining RE100, a network of global companies committed to sourcing 100% of electricity from renewable sources. RE100 is led by The Climate Group in partnership with CDP.

These combined initiatives further strengthen Refinitiv’s commitment to its global sustainability goals, adding a further layer of robust accountability and measurement to track our environmental progress.

Attacking COVID-19 and climate change challenges simultaneously

“The pandemic is clearly providing humanity with a re-set moment: a stark reminder about our fragility as a species and a sharp lesson about what happens when we mess with nature. It is also a moment when the old rules about the role of the state no longer apply. We can therefore attack the twin challenges of COVID-19 and climate change simultaneously, not sequentially. After all, when again will we be at a moment when governments are injecting such unprecedented sums into the economy just as the world needs up to $7 trillion a year of renewable investments to hit 2030 development and climate targets,” David Craig, CEO at Refinitiv, says.

“By joining RE100, Refinitiv are using their data and insight to drive forward the clean energy transition. We applaud their commitment to source 100% renewable electricity, and their ability to keep an eye on the long term even during challenging times. We hope to see many more companies follow their lead,” Sam Kimmins, Head of RE100, notes.

Refinitiv recently launched The Future of Sustainable Data Alliance to accelerate the mobilization of capital into sustainable finance.

“If we want to truly progress the climate agenda we need to help everyone understand that tackling it is in all our personal and financial self-interest. It’s not just about the impact we are having on the environment, but the impact the environment is having on us.” Luke Manning, Global Head of Sustainability and Enterprise Risk at Refinitiv, says.