Carbon footprint analysis for Cembra Money Bank
At Simply Sustainable, we recognise that as companies begin to decarbonise, they must leave no one behind, and ensure that the social impacts and benefits of the transition to a low-carbon economy are considered.
Impacts and benefits
- Accurate measurement of carbon footprint, including all relevant scope 1, 2 and 3 emission categories, in line with internationally recognised standards.
- Preparation of the Environmental Stewardship chapter of Cembra’s 2022 Annual Report, including support for obtaining external limited assurance.
- Engaging employees and upskilling departments within Cembra, increasing their confidence and knowledge about carbon accounting and reporting.
We were very happy with Simply Sustainable’s work, its expert insights and guidance, which has set us off on a good start in our journey towards reducing our emissions.Marcus Händel Head of Investor Relations and Sustainability, Cembra Money Bank AG
The story
Cembra Money Bank AG (Cembra) — a Swiss-registered bank that provides financial solutions and services to around 1.1 million customers — sought support to enhance its approach to identifying and assessing its greenhouse gas (GHG) emissions. Simply Sustainable was delighted to support Cembra in this endeavour, with the aim of ensuring its GHG emissions are measured and reported in line with international best practice.
Project overview
The finance sector plays a critical role in decarbonising to help limit global warming to well below 2°C (preferably to 1.5°C) in line with the Paris Agreement. Due to their direct control over what they invest in, which subsequently influences what other businesses and individuals can buy or build, banks and other financial institutions are instrumental in driving emission reductions across supply chains worldwide.
In 2022, Simply Sustainable calculated Cembra’s carbon footprints for their 2021 and 2022 reporting periods. Working closely with key stakeholders, Cembra’s GHG emissions were calculated in line with international best practice, including the GHG Protocol: Corporate Standard (2004:2015), the Partnership for Carbon Accounting Financials (PCAF) Financed Emissions (Part A, 2022), and the Science Based Targets initiative’s (SBTi) Financial Institutions (2022).
Following a comprehensive GHG screening and inventory analysis, we ensured that all material scope 1, 2 and 3 emissions from Cembra’s business activities were accounted for in the carbon footprint. With the refinement of the carbon accounting methodology, Cembra’s previous 2021 carbon footprint was recalculated to include all materially relevant emission categories. In response to new guidance issued by the PCAF in December 2022, Cembra calculated the emissions associated with its vehicle investment portfolio for the first time.
The analysis explored all aspects of Cembra’s emissions footprint, including those arising from the value chain (commonly referred to as ‘scope 3 emissions’) and revealed the areas of the business that contributed the largest proportion of emissions (i.e., emission hotspots). Taken together, the findings from the 2021 and 2022 carbon footprints informed the Environmental Stewardship chapter of Cembra’s 2022 Annual Report, which obtained external limited assurance.
To find out how Simply Sustainable can help you on your carbon journey, request a call-back from one of our team of experts.