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Fincore Ltd
Carbon Reduction Plan

Introduction

This Carbon Reduction Plan conforms to the requirements of Procurement Policy Note PPN06/21; “Taking Account of Carbon Reduction Plans in the procurement of major government contracts”, published in June 2021, and the supporting “Technical standard for the Completion of Carbon Reduction Plans”.

The Fincore financial year starts on 1st January and ends on 31st December. Our carbon reporting has been aligned to this reporting cycle. The current reporting period covered by this plan is from 1st January 2020 to 31st December 2020.

Commitment to achieving Net Zero

Fincore Ltd is committed to achieving Net Zero emissions by 2035.

Because of the nature of our operations, our primary emphasis is on Scope 2 where any reduction has the biggest impact on our total carbon footprint.

However, we also recognise the importance of reducing our Scope 1 and Scope 3 emissions to ensure steady progress towards achieving our Net Zero emissions target.

Reporting Standards and Scope

Fincore’s carbon footprint calculation is in line with the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard.

 

Our current carbon footprint accounts for carbon emissions over which Fincore has direct financial control and Scope 3 emissions over which Fincore has direct influence.

 

The activities of related entities not under the direct control of Fincore Ltd are outside the scope of this report.

Baseline Emissions Footprint

Current Emissions Reporting

Emissions reduction targets

In order to continue our progress to achieving Net Zero, we have adopted the following carbon reduction targets.

We aim to reduce:

 

  • Scope 1 emissions to zero gradually in the period to 2036 but as rapidly as market options allow by incentivising the use of net-zero fuel options, i.e., the use of carbon-neutral electric energy for vehicle use on company business.

 

  • Scope 3 emissions by promoting:

 

  • Smarter commuting with better use of in-office time and incentivising modes of travel with a lower carbon footprint such as rail services, cycling, and walking.

  • Reduced business travel as a percentage of turnover and incentivised modes of travel with a lower carbon footprint such as rail services instead of air travel.

  • Enabling customers to switch to equipment with lower carbon emissions faster wherever possible.

 

Scope 2 emissions by:

  • ​Making greater use of low emissions or net-zero cloud computing services in the production of our SaaS services with the aim of eliminating at least 15-20% of carbon emissions by 2025. We aim to only commission Net-zero cloud services from 2025 onwards or earlier when AWS and other vendors are offering these services.

  • Further improving software efficiency through tuning in order to eliminate at least a further 15-20% of energy use for equivalent workloads over the next 10 years through the use of more efficient algorithms

 

 

We project that carbon emissions will decrease over the next five years to 32 tCO2e by 2025. This is a reduction of 35 % compared to the current reporting period and 50% compared to the baseline.

Carbon Reduction Projects

Completed Carbon Reduction Initiatives


The following environmental management measures and projects have been completed or implemented since the 2019 baseline.


Reduction of carbon emissions through 
1)    reduction of business travel as a % of turnover and incentivisation of travel options with a lower carbon footprint such as rail travel.
2)    Reduction of carbon emissions from commuting through a more efficient of office-bound work and greater use of working from home
3)    Performance improvements in our SaaS software to reduce energy use for equivalent workloads accounting for 5-10 % across different software products.
4)    Greater use cloud services (like AWS and Azure) that have a lower carbon footprint than older data centers which also have aggressive Net Zero Targets such as, e.g. AWS aiming for Net Zero by 2025. 

The carbon emission reduction achieved by these schemes equates to 15.3 tCO2e, a 24% reduction against the 2019 baseline and the measures will be in effect when performing the contract.
  

Declaration and Sign Off

This Carbon Reduction Plan has been completed in accordance with PPN 06/21 and associated guidance and reporting standard for Carbon Reduction Plans.

Emissions have been reported and recorded in accordance with the published reporting standard for Carbon Reduction Plans and the GHG Reporting Protocol corporate standard[1] and use the appropriate Government emission conversion factors for greenhouse gas company reporting[2].

Scope 1 and Scope 2 emissions have been reported in accordance with SECR requirements, and the required subset of Scope 3 emissions have been reported in accordance with the published reporting standard for Carbon Reduction Plans and the Corporate Value Chain (Scope 3) Standard[3].

This Carbon Reduction Plan has been reviewed and signed off by the directors.

 

[1] https://ghgprotocol.org/corporate-standard

[2]https://www.gov.uk/government/collections/government-conversion-factors-for-company-reporting

[3] https://ghgprotocol.org/standards/scope-3-standard

Revision:  2021/B  Published: 15/11/2021