Bain and Company Makes Groundbreaking Move with Carbon Integrity Platinum Claim
The Voluntary Carbon Market Integrity Initiative (VCMI) introduced the Carbon Integrity Claims framework, setting the stage for Bain and Company to become the first organization to embrace this new standard. While existing net zero commitments are crucial, this pioneering move by Bain goes above and beyond to address the mitigation of present-day emissions, a frontier beyond the scope of the traditional Science Based Targets initiative (SBTi).
Unraveling the Unabated Emissions Conundrum
In the quest for net zero status, companies face the challenge of ongoing emissions each year, an issue that often goes unaddressed by the SBTi guidelines. While SBTi encourages progress towards targets, it does not mandate action to mitigate these ongoing emissions. For many companies, the ambiguity surrounding the treatment of unabated emissions on the road to net zero has posed a significant barrier to taking decisive action.
The VCMI’s Solution: Carbon Integrity Claims
To tackle this issue, the VCMI’s Carbon Integrity Claims framework provides a structured approach to leveraging carbon credits in alignment with science-based climate goals. Companies achieving platinum-level claims under this framework will not only showcase progress towards net zero but also retire high-quality carbon credits equivalent to 100% or more of their remaining unabated emissions. The emphasis is on driving global progress towards net zero, rather than simply offsetting emissions.
Bain’s Climate Leadership Journey
Bain has been at the forefront of climate action, with a track record that includes achieving carbon neutrality in 2011, setting near-term emission reduction targets in 2021, committing to carbon net negativity in 2022, and submitting a comprehensive net zero plan to the SBTi in 2023. Embracing Carbon Integrity Claims is a natural evolution for Bain as it continues to lead the way in sustainable business practices.
The Vision Behind VCMI’s Carbon Integrity Claims
Founded in 2021, the Voluntary Carbon Market Integrity Initiative is dedicated to guiding organizations on utilizing carbon credits to accelerate global climate action in alignment with the Paris Agreement. Through its Claims Code of Practice, VCMI outlines the requirements for organizations seeking a Carbon Integrity Claim, including transparent emission disclosures, progress towards science-aligned targets, and strategic allocation of resources towards emission mitigation.
The Forward Path: A Commitment to Climate Action
In the words of Sam Israelit, Bain’s chief sustainability officer, the imperative to act on climate change is clear: “We shouldn’t just keep dumping carbon into the atmosphere. What do we do now to ensure our current actions do not exacerbate the problem?” Bain’s embrace of Carbon Integrity Claims marks a new chapter in the company’s climate journey and sets a powerful example for others in the business world.