Digital business financial platform Tide has achieved the removal of 100 per cent of its emissions with durable carbon removal.
Tide claims that it has become the first fintech in the world to remove all of its emissions through durable carbon removal. The fintech achieved the goal by purchasing 3,711 tonnes of durable biochar removal. The Intergovernmental Panel on Climate Change (IPCC) has reported that biochar is one of the safest, fastest and most durable ways to both draw down and store carbon.
The purchases can be viewed on CDR.fyi, an open registry on high-permanence carbon removal. According to the registry, Tide’s biochar purchase makes it one of the top 20 carbon removal buyers in the world and the first fintech globally to do this.
Kevin Niparko, co-founder of CDR.fyi, said: “The delivery of 3,711 tonnes of removed CO2 is one of the largest deliveries of carbon removal in history. Tide is leading the way for other financial technologies to take responsibility for 100 per cent of their emissions and invest in CDR.”
The news sees Tide successfully complete one of three pledges it set out to ensure it is part of the global solution to deal with the impacts of climate change.
Tide Removal Net Zero: A commitment to remove 100 per cent of its emissions with durable carbon removal from 2022 onwards.
Tide Reduction Net Zero: Reduce 90 per cent of its 2021 emissions per employee by 2030. Tide plans to reduce emissions by 97 per cent on a revenue basis.
Tide Member Net Zero: Aims to make net zero simpler for its members by developing support for them to achieve it.
Turning the tide on carbon emissions
Once Tide also fully achieves its second pledge (alongside the first), it will achieve its net zero by 2030 ambitions. This would also ensure it meets the standards of the Science Based Targets Initiative (SBTi), an international coalition including the United Nations and the WWF.
Ian Sutherland, CFO and head of net zero at Tide said: “Businesses need to take action now, not tomorrow on climate change. At Tide, we are taking decisive action to curtail the spiralling effects of greenhouse gases on the Earth’s atmosphere. With this, Tide commits today to balance the books on CO2 for good.
“While we at Tide may not make much of a difference on our own, by also supporting our growing international network of SME members, we will. We’re also proud to be the first fintech in the world to remove 100 per cent of our emissions, and will become a fully net zero business by 2030 through a major and ongoing investment in decarbonisation and durable carbon removal.”
In its effort to follow its commitment to its second pledge, Tide has already implemented policies to reduce the carbon footprint of its 1,250 employees worldwide. These include a travel policy that limits long-haul business travel to two weeks.
Tide’s third pledge precedes plans to roll out an initiative later in 2023 to help it’s over 500,000 members begin their journey to net zero. The fintech aims to introduce products, features, as well as content to help them.
The fintech also believes it can achieve a further one million tonnes of durable carbon removal (CO2e) from the atmosphere by 2030 by activating its powerful network of member businesses in the UK and growing the number of SMEs that use Tide in India.
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