Toward carbon neutrality: Our approach to carbon offsets

Jenny Xie, Venture Associate, Private Climate Investing
Jim Bowers, Principal, Infrastructure Platform
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Wellington has committed to being carbon neutral in our operations by the end of 2022. To achieve that goal, we are taking a multifaceted approach that includes:

  • Prioritizing direct reduction of our activities that generate greenhouse gas (GHG) emissions (Scopes 1, 2, and 3)1
  • Sourcing renewables for our purchased electricity needs (Scope 2)
  • Purchasing high-quality carbon offsets for our remaining emissions (primarily Scopes 1 and 3)

Since establishing a baseline carbon-footprint measurement from 2014 covering our Scopes 1, 2, and 3 emissions, we have continued to seek ways of reducing our carbon footprint. Going forward, we will work with existing technologies and methodologies to select high-quality offsets aligned with our broader sustainability goals. As available tools and technologies improve and become economical at scale, we expect to evolve our approach. We will actively support the development of the carbon offset market, incorporating The Oxford Principles for Net Zero Aligned Carbon Offsetting, including selecting high-quality offsets, modeling best practices, supporting transparency, and aligning with our clients and industry peers.

Prioritize direct emissions reductions

As a first step in decarbonizing our operations, we aim to reduce or eliminate as many sources of operational Scopes 1, 2, and 3 emissions as possible without compromising our capacity to serve our clients, deliver investment excellence, and support our global employees. These efforts include:

  • Reducing overall electricity usage
  • Enhancing recycling and composting
  • Traveling smarter and more purposefully
  • Replacing existing technology with energy-efficient alternatives
  • Minimizing paper consumption
  • Adhering to green building standards and infrastructure reliability

Source renewables for our purchased electricity needs

In addition to direct emissions reductions, we will cover a portion of our global electricity usage with renewables, with plans to expand this coverage. In a normal (non-COVID) year, purchased electricity accounts for approximately…

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1Targeted reductions and offsets do not, at this time, include Scope 3 Category 15 emissions, or those associated with investments we make on behalf of clients. This category is the focus of our commitment to the Net Zero Asset Managers initiative (NZAMI).
Authored by
Jenny Xie
Jenny Xie
Venture Associate, Private Climate Investing
Jim Bowers
Principal, Infrastructure Platform