IMPACT - Taking Action Beyond the Value Chain

Welcome to IMPACT, our quarterly Environmental, Social and Governance (ESG) newsletter! We are excited to share our progress with you as we strive to power a sustainable future. Our vision is to become a sustainability staffing leader with our people, clients, and candidates at the heart of all that we do. Join us on our journey to do the right thing for the communities and environment in which we live and work.

In this edition, we highlight our partnerships ; Both with Furthr, provider of ESG consultancy and with Women of Renewable Industries and Sustainable Energy (WRISE); We shine a spotlight on Spencer Ogden's efforts to offset our carbon footprint and host an exclusive interview with our Associate Director, Georgia Nixon to discuss talk all things WRISE and the importance of diversity in renewables.

Six Steps To Choosing Carbon Offsets:??

As we progress towards achieving net zero by 2035, we understand that our operations continue to impact the environment. Therefore, each year we invest in carbon offsetting projects to compensate for the emissions we haven’t yet reduced.

To ensure we are making a positive impact, we follow Furthr's step-by-step guide to selecting high quality projects:

Number 1 - We follow the ‘Mitigation Hierarchy’?

Offsets play a part in the process but should not be the most important part of a sustainability strategy. Companies should prioritise resources and investments in the following order:??

1. Avoid emissions by taking steps to prevent emissions ‘at source’?
2. Reduce emissions by switching operations away from fossil fuels?
3. Compensate for the remaining emissions with offsets?

Number Two - Select the Reason for your Offsets?

Before selecting, clearly define why you want to invest in offsetting. The most common reasons are:?

• Neutralising ‘residual’ emissions to achieve global Net Zero targets?

• Purchasing offsets to compensate for operational emissions?

• Assigning a price to CO2e outputs to engage staff and finance offsets?

• Delivering additional benefits to nature and people from projects?

Number 3 - Look at Project Types?

Various project types exist globally, so it’s important to understand how projects are categorised.?

• Carbon Removal: These projects pull CO2 from the atmosphere, temporarily or permanently. Examples include reforestation (short-term removal), or direct air capture (DAC) (long-term removal). These projects are directly aligned with global Net Zero targets, as they must be responsible for removing the ‘residual’ emissions that we can’t, as humanity, feasibly reduce by 2050.?

• Carbon Reduction or ‘Avoidance’: These prevent emissions that would otherwise have occurred. Examples include small-scale hydro power projects and avoided deforestation. Whilst reducing the rate of future emissions, these projects do not directly reduce the stock of greenhouse gas emissions in the atmosphere.?

Number 4 - Assess Project Quality?

Not all projects provide the same level of impact or integrity. Be vigilant in assessing their benefits, using the ICVCM’s Core Carbon Principles. These include:?

1. Additionality: Is the project’s existence reliant on funding from offsets, or could the project have just happened anyway??

1. Robust Quantification: ?Are the offset’s emissions reductions or removals quantified via rigorous and transparent methodologies???

1. Permanence: How long will the impact of the project last, and if there are risks of reversal, how are these insured against??

Number 5 - Review Accreditations and Ratings Systems?

Understanding the systems that support and accredit project quality will help you to make better decisions. Research the origination, independence, and purpose of the organisations sanctioning the quality of a project.?

1. Offset Registries: Do the offsets exist on registries such as Gold Standard, who ensure that they’re properly issued, tracked, and retired after use??

1. Ratings Agencies: Check independent ratings agencies to evaluate project risks and impact. Specifically, BeZero Carbon, Sylvera, and Calyx Global are leading project ratings platforms.?

1. Independent Quality Frameworks: the Integrity Council for the Voluntary Carbon Markets (the ICVCM) is the leading independent governance body in the voluntary offset space. They developed the most ‘standard’ principles for quality offsetting - the Core Carbon Principles - and they are currently building a general labelling system that approves certain general methodologies on certain offset registries as Core Carbon Principles-approved.??

1. Claims Framework: Use the Voluntary Carbon Markets Integrity Initiative (VCMI)’s code of practice to ensure offset claims are legitimate?

Number 6 - Report Transparently?

Whatever you fund, we would suggest having a spot on your core ESG reporting for the ‘paper trail’ of your offset. This can include elements such as:?

• Project Registry??

• Vintage (i.e. year) that the offset took place?

• Registry ID (ideally, with a link)?

• Type of Project?

Spencer Ogden’s Carbon Offsetting??

Guided by our partners, Furthr, we firstly focused on reducing our value chain emissions as much as possible. Between 2022 and 2023, scope 2 heating and location-based electricity emissions fell by 11% and 8% respectively following the introduction of energy controls in our offices.??

Then, taking guidance from the Core Carbon Principles and the Voluntary Carbon Markets Integrity initiative, we chose to offset 50% of our total recorded emissions.??

Our portfolio contained a mixture of carbon removal and emissions reduction projects. They represent the progress we are making to create lasting impact to reduce emissions, whilst applying an offsetting budget which reflects our industry position. The strategy recognises our limitations to procuring 100% carbon removal offsets and enables us simultaneously to invest in initiatives to reduce our scope 1-3 emissions as a priority.????

Mangrove Afforestation (109tCO2e)

This nature-based carbon removal project restores degraded mangrove habitats in Pakistan, based across the Indus Delta. It is accredited by the Verified Carbon Standard, along with a supplementary accreditation under the Climate, Community & Biodiversity Alliance. The quantification methodology for the removals existing on the project, is one of the first methodologies to have received CCP approval under the ICVCM.??

Biomass Power (655 tCO2e)

This tech-based carbon avoidance project reduces emissions through using waste rice husks to generate steam, instead of coal, in India. The steam itself is then used in the production of products. The revenue generated by the offset funding contributes to the installation and maintenance of the biomass boilers themselves.??

Improved Cookstove Distribution (328 tCO2e)

This project distributes institutional improved cookstoves (IICS) in schools of Burundi to replace currently used old masonry stoves and open fire three three-stone systems. The improved cookstoves use renewable fuels instead of firewood, thus reducing emissions.??

If you would like to get in touch about carbon offsetting, please reach out to [email protected]

WRISE - An interview with Georgia Nixon

We caught up with Georgia Nixon, Associate Director in our New York office who recently hosted a networking event in collaboration with Women of Renewable Industries and Sustainable Energy (WRISE).

What is WRISE??

WRISE stands for ‘Women of Renewable Industries and Sustainable Energy’ (https://wrisenergy.org/) We have historically partnered with WRISE out of our Denver office on several different events, but this was our first collaboration with them in New York! We hosted a networking evening with a panel of talented inspirational Energy Finance women, drank wine and ate canapes with a view of the New York skyline.

How is SO leading on equality within the industry??

We wanted to target this event specifically around Energy Financing in New York which can be an extremely male dominated industry. Many of our clients are dedicated to driving diversity into their teams and this is an area we excel in. We specifically ensure that any shortlist we present, represents the best of all ethnicities and genders.?

What did you learn from the recent event??

The panel was fascinating, hosted by the talented Danielle Hughes. One of the highlights for me was the topic of the new administration and how that will impact the clean energy industry in the US. Our panel spoke specifically about how most of the impact on renewable energy projects is at the state level vs. the federal level and how there is still a huge commitment to develop clean energy projects in the US. It was really reassuring for the audience, particularly a few of our candidates at offer stage about to make a move to a new organisation.??

What can women do to excel in a male dominated industry??

One of the highlights for me from Katie Treuer was around finding both a mentor and a sponsor within your current organisation. A mentor is someone you go to for advice, to bounce ideas off of and to develop you. A sponsor is someone who will champion you and advocate for you. They don't have to be your direct leader but could be someone who speaks up for you and helps to nominate you for promotions. I hope to continue to be both a mentor and a sponsor for leaders in our business!??

A special thank you to Mindy Prefling , Alicia Orr and Emily Kuhn for coordinating this event with me and for our wonderful panelists Yancan Lydia Li, Katherine Treuer, Trixie (Ligon) Blair and Carole Mariani.?

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