Achieving climate commitments is always better when done in a team environment. That’s why global consultancy and investment firm Bain & Company partners with businesses to help them achieve their environmental, social, and governance goals.
The latest strategic partnership is with Schneider Electric, a leading global supplier of industrial, building, engineering, power, IT, grid, and integrated systems to various industries. The company has committed to becoming a net-zero carbon emitter across its end-to-end value chain.
The Science Based Targets initiative has validated Schneider’s net-zero targets. The goal is to become carbon neutral in its operations by 2025 and achieve a 25% absolute reduction of Scope 1, 2, and 3 emissions by 2030. The company plans to be carbon neutral across its entire value chain by 2040 and become net-zero CO2 emissions by 2050.
Scope 1 emissions come from sources directly controlled by the company, such as its operations, vehicles, and buildings. Scope 2 emissions are indirectly generated from the firm’s power purchases. Scope 3 emissions come from sources outside the company’s control, such as purchased goods and services, waste, employee commuting, and investments.
The new partnership with Bain is expected to accelerate its transition to decarbonization. It strives to improve Schneider’s supply chain, performance, and operational delivery.
“The global demand for corporate decarbonization has accelerated rapidly, driving new pressures for companies to make meaningful progress on energy efficiency, renewable energy procurement, and electrification,” said Steve Wilhite, president of Schneider Electric’s global sustainability business. “Our partnership with Bain & Company will advance decarbonization and the energy transition for our clients, driving greater resilience and faster results.”
Bain committed to science-based target emissions reductions last April. The company has also been carbon neutral since 2011 with the help of carbon credits offsetting emissions it cannot eliminate. Bain has also pledged to be net carbon-negative every year going forward.
Bain launched its ESG practice over ten years ago. Over the past five years, its ESG area has grown by over 65% per year, with over 1,200 ESG projects completed. Bain’s ESG business has more than doubled per year over the past two years.
“At Bain & Company, we are constantly enhancing the breadth and depth of our capabilities and expertise to help our clients accomplish their ESG goals and secure the greatest potential and value from their decarbonization and energy efficiency journeys,” said Hernan Saenz, partner, and leader of Bain’s global performance improvement practice.
The consultancy firm aims to have an ESG component in 100% of its projects and discuss ESG goals with all of its clients. In addition, it strives to prioritize clients and industries with high potential sustainability impact.
“We use defined ESG standards to guide our decisions about the clients and work we take on. Sometimes, we decline engagements because our high standards cannot be met,” the company says on its website. “We refuse, however, to shy away from working with any industry based on their environmental footprint alone. Our focus is finding the right partner – one with ambitions aligned with ours and a high potential for ESG impact.”