RECs, VPPAs, GoOs and on-site solar to address Scope 2 emissions Broadridge currently generates 1,109 MWh of renewable electricity via on-site solar panels at its El Dorado Hills, CA facility. For market-based Scope 2, Broadridge's data center provider purchases RECs from wind VPPAs and Green-e wind RECs (US, Canada), REGOs/GoOs (UK, Germany), I-RECs (China wind/solar/hydro), local hydro Green product (Sweden), and LGCs (Australia) on Broadridge's behalf. Looking ahead, Broadridge plans to begin purchasing Renewable Energy Credits (RECs) directly in FY2025 to further address Scope 2 emissions, as part of its SBTi-aligned near-term target to reduce Scope 1+2 by 54.6% by FY2033.
▾ expand
Permanent carbon removals planned to neutralize residual emissions at net-zero end date Broadridge plans to use permanent carbon removal and storage to counterbalance the final 10% or more of residual emissions that cannot be eliminated after achieving its long-term net-zero target by FY2050. The firm explicitly states it will leverage permanent carbon removal and storage after cutting emissions by more than 90%, and may explore carbon offsets to finance additional reductions beyond the SBT. No removals have been contracted yet; the plan is currently in the roadmap stage submitted to SBTi in May 2024.
▾ expand
Primary: Scope 1 reduction via energy audits and equipment electrification Broadridge will explore Scope 1 reduction levers including energy audits, upgrade or electrification of equipment, and carbon removal. In FY2024, initiatives implemented include HVAC high-efficiency unit replacements at Edgewood, NY and Kansas City, MO facilities (11 units replaced, ~21.7 tCO2e annual savings, $402,378 investment) and continued solar operation at El Dorado Hills, CA (~263 tCO2e annual savings). Broadridge continues to increase primary data collection to reduce estimated data in Scope 1 calculations.
▾ expand
Primary: Energy efficiency in buildings: LED lighting upgrades at production facilities Broadridge has begun installing LED retrofit lighting at major U.S. production sites. At the Coppell, TX facility, 794 fluorescent fixtures were replaced with LED fixtures bringing the facility to nearly 100% LED lighting, eliminating mercury waste from fluorescent bulbs and reducing estimated 204 tCO2e annually. Annual monetary savings are approximately $30,088. The LED light bulbs were purchased by the landlord so no capital investment was required from Broadridge. Broadridge intends to continue expanding this program.
▾ expand
Dependent: Supplier engagement: require 75% of suppliers by emissions to set SBTs by FY2029 Broadridge will build a proactive vendor engagement strategy targeting its largest suppliers in Category 1 (Purchased goods and services) and Category 4 (Upstream transportation and distribution), which together represent the dominant portion of its Scope 3 footprint (~80%+ of total). The firm commits that 75% of its suppliers by spend-weighted emissions will have science-based Scope 1 and 2 targets by FY2029, and 82% by FY2050. This supplier engagement target was submitted to SBTi for validation in May 2024 and is designed to flow supplier emissions reductions into Broadridge's own Scope 3 reduction process.
▾ expand
Primary: Digitization and eco-friendly services to reduce upstream and downstream footprint Broadridge focuses on digitization and providing eco-friendly services and products as a core element of its environmental strategy, with direct relevance to reducing its upstream transportation and distribution emissions (Cat 4, ~272,430 tCO2e in FY2024), end-of-life treatment (Cat 12) and purchased goods. The firm also engages vendors through its Vendor Code of Conduct to be accountable to environmental management principles and mitigate environmental footprint throughout the supply chain. Customers are informed about Broadridge's emissions reduction actions and the carbon savings from digital vs. physical communications.
▾ expand
SBTi near-term and net-zero targets submitted In May 2024, Broadridge submitted near-term and net-zero targets to SBTi for validation. Near-term: 54.6% absolute reduction in Scope 1+2 by 2033 vs FY2023 baseline. Net-zero by 2050 with 90% reductions across S1, S2, and key S3 categories.
▾ expand
FY2023 base year emissions restated due to errors exceeding 5% threshold Broadridge recalculated its FY2023 base year emissions after switching to a new carbon accounting software. Errors were discovered that exceeded the 5% recalculation threshold defined in their Base Year Emissions Recalculation Policy. Previously Scope 3 was calculated using the GHG Protocol/Quantis Scope 3 screening tool. All scopes (1, 2 location-based, 2 market-based, 3) were restated.
▾ expand
Expanded primary data collection for Scope 2 (data centers) In FY2024 Broadridge significantly improved primary data collection for Scope 2. Electricity was fully estimated for 32% of sites in the prior year, falling to 22% in FY2024. Primary energy usage data was gathered for over 30 data centers that were previously fully estimated. This caused a ~6.54% increase in reported Scope 1+2 emissions.
▾ expand
Near-term SBTi absolute Scope 1+2 reduction target: 54.6% by FY2033 Broadridge committed to reduce absolute Scope 1 and 2 GHG emissions 54.60% by FY2033 from a FY2023 base year. Target set 07/01/2022, submitted to SBTi for validation in May 2024. Aligned to 1.5°C. Covers 100% of Scope 1 and Scope 2 (market-based).
▾ expand
see 10 more events →