The International Stock Exchange has embarked on the next phase of its corporate sustainability strategy with the release of its carbon emissions targets and commitments.
The International Stock Exchange (TISE) has set a target of being Net Zero on Scope 1 and 2 (operational) emissions by 2050. It has also committed to take practical steps to minimise its Scope 3 (value chain) emissions, while offsetting any remaining Scope 3 emissions from 2022 onwards.
Cees Vermaas (pictured), CEO of TISE, said: “I am delighted to announce our corporate sustainability targets and commitments. We all have a responsibility to secure the future of our planet and at TISE, we are committed to playing our role by operating the business in a manner which is sustainable over the longer term. I look forward to working collaboratively with both our internal and external stakeholders to deliver on the targets and commitments which we have set out today.”
At the beginning of 2023, TISE enrolled on ESI Monitor’s FutureTracker service. It is a recognised platform, providing a framework for organisations to measure, manage, minimise and benchmark the impact of their operations on the environment.
TISE established an emissions benchmark using data for 2022. This has provided the foundation for the development of its corporate sustainability pathway, which includes the announcement of targets and commitments across Scopes 1, 2 and 3.
- Scope 1: Includes all emissions that come directly from a company’s operational sites e.g. gas / oil boilers, back-up generators, refrigerant gases from air-conditioners.
- Scope 2: An organisation’s indirect emissions from energy usage e.g. purchasing of electricity from a third-party supplier.
- Scope 3: All indirect emissions that an organisation creates throughout its value chain, including employee commuting, business travel, waste generation and purchased goods and services.
TISE’s commitment to being Net Zero for all direct and indirect operational emissions by 2050 is in line with the UN Paris Agreement to limit global temperature rises to 1.5 degrees Celsius by 2100 (and by which scientists have said that Net Zero carbon emissions should be reached by 2050).
To minimise value chain emissions, including business travel, commuting, working from home and waste generation, TISE is introducing a series of new policies and updating existing policies, continuing to support wider initiatives, such as alternative transport week, and seeking further feedback from staff on other practical ideas to further improve emissions’ performance.
Allied to minimisation, TISE has committed to offset its remaining value chain emissions for 2022 and beyond. In addition, TISE has also committed to offset the emissions produced from its own events in the future.
It has offset Scope 3 emissions for 2022 by supporting the gold standard offset project, The Nicaforest High Impact Reforestation Program. Certified by Gold Standard and the Forestry Stewardship Council (FSC), the Nicaforest Program facilitates not only climate action but also educational opportunities and shared economic growth among the local community.
TISE has committed to ongoing annual measurement of its emissions footprint and regular internal and external reporting on the progress being made on its corporate sustainability strategy, including the delivery against its targets and commitments.