Iron Mountain

Carbon per million dollars of revenue. The legacy industry-standard reference (CDP, MSCI). Useful for cross-sector context, but distorted by margin — high-margin firms appear artificially efficient. Read alongside the operational and asset intensities for the full picture.

OpEx (operating expenditure) is the running cost of the business — staff, services, energy, materials. This shows how carbon-intensive operations are per million dollars of spend. Removes the margin distortion that revenue-based ratios introduce.

EVIC (Enterprise Value Including Cash) is the firm's total capital footprint — equity + debt + cash + minority interest. The EU's standard intensity measure (SFDR PAI 3) — answers: how much carbon does each million of capital deployed in this business produce?

PP&E (Property, Plant & Equipment) plus leased real-estate assets is the firm's physical infrastructure on the balance sheet. This shows the carbon intensity of that physical footprint — uses Scope 1+2+3 for consistency with the other headline intensities. Surfaces stranded-asset risk for asset-heavy firms.

Over 85% of global portfolio is powered by renewable energy in 2022, and Iron Mountain procured the equivalent of 100% of electricity used in data centers with renewable energy. The firm is going beyond its RE100 commitment by adopting the Google methodology for matching site-by-site electricity use with local clean power generation every hour of every day to achieve 24/7 carbon-free energy by 2040. Hourly tracking improved at over 100 US facilities in 2022, with electricity procurement transactions announced to deliver 24/7 CFE across the portfolio. Long-term renewable energy contracts (PPAs) are positioned as the key hedge against fossil-fuel cost volatility.

No narrative on durable removals approach in the firm's most recent reports.

• Fleet electrification (cars + vans)

  Committed to electrifying 100% of company cars and 50% of vans by 2030, with an interim milestone of 10% worldwide fleet conversion by 2025. As of 2022, 91 EVs are in service or on order across 13 countries, including 37 EVs added in 2022. Transportation route optimisation is also pursued to reduce distribution emissions.

• Facility energy efficiency (LED + controls)

  Installed programmable thermostats at 11 sites and retrofitted 12 sites with over 8,600 LED fixtures globally in 2022. Energy efficiency projects across the facility portfolio are part of a broader operations strategy including on-site renewables and green power procurement.

• Data center decarbonisation + BREEAM certification

  By 2030, all Iron Mountain data centers worldwide will be climate neutral under the EU Climate Neutral Data Centre Pact. By 2025, all new construction multi-tenant data center facilities will be certified to the BREEAM Green Building Standard. Data centers already match 100% of electricity use with renewables.

• Customer asset lifecycle management / circular IT

  Through the asset lifecycle management business (including ITRenew, acquired 2022), Iron Mountain enables circular IT services for customers — processing 437,948 metric tons of customer waste in 2022 of which 426,510 t (97%) was recycled. Working toward zero waste in operations and closed-loop products/services by 2040.

• Supply chain engagement + circular materials

  Engaging suppliers to mitigate climate risk and reduce Scope 3 emissions, with investment in circular materials and localisation of supply chains to reduce transportation emissions. Conducted a comprehensive Scope 3 review in 2022 informing future reporting; boundary expanded to cover categories 3, 5, 6, 8, and 13.