With the UK government committing to net-zero carbon by 2050, Barings undertook a radical transformation in its approach to its environmental policy.
By making public its commitments across nearly all areas of its business, the international investment company said that it holds ‘a responsibility to lead by example’.
It made an open commitment to accurately record the environmental impact of its global business operations, including consumption of all resources, waste, and emissions.
Barings also made an open commitment to reduce the environmental impact of its operations through measures such as reducing its carbon footprint, improving the efficiency of its resource consumption and factoring environmental issues into its business decisions.
Through a wide-ranging series of initiatives and regular reporting on key metrics, Barings is seeking to implement what it describes as an ‘aggressive framework’ for environmental management.
- Barings encouraged the landlord at its head office, 20 Old Bailey in London, to switch to a renewable energy source for electricity in October 2019. It is on track to meet its target to switch to fully-renewable energy by January 2021. Rainwater is harvested at 20 Old Bailey for toilet use.
- Barings has reduced the number of deliveries it receives from its catering and other service providers, also ensuring that its suppliers use only electric delivery vehicles.
- Barings’ contract caterer provides locally sourced, fair trade products. Its cleaning services provider, Principle Cleaning, has switched to chemical-free solutions, recycled paper and recyclable plastic bags. Barings has also ensured that it sends no waste to landfill.
- Barings has changed its printing policy to reduce paper use; around 100 printing devices were removed and users must now be present at the printer to release a print job. These behavioural changes resulted in a 40% reduction in paper usage, saving nearly 2 million sides of printing.
- The impact of each environmental initiative is recorded and tracked on a monthly basis. Barings ensures that monthly reports on energy, waste and carbon emissions are displayed in an educational format for the business’ senior management team, ensuring that everyone across the business is familiar with the long-term environmental strategy.