UK-based digital business finance platform Tide has removed 100% of emissions, making it the first fintech globally to do so, and has made further net-zero pledges.
Tide achieved this emissions reduction milestone by purchasing 3,711 tonnes of durable biochar removal, which can be viewed on CDR.fyi, an open registry on high-permanence carbon removal.
Biochar is considered by the Intergovernmental Panel on Climate Change to be one of the “safest, fastest and most durable ways to draw down and store carbon”, according to Tide.
In addition to the commitment to remove 100% of its emissions with durable carbon removal, Tide has pledged to reduce 90% of 2021 emissions per employee by 2030, and, in doing so will also reduce emissions by 97% on a revenue basis.
In meeting both pledges, Tide intends to become fully net zero by the end of the decade.
Tide has also pledged to help its more than 500,000 SME customers to meet their net-zero targets, with an initiative due to roll out later in 2023.
Through its SME member network, both in the UK and India, it has its sights on the removal of a further one million tonnes of durable carbon (CO2e) from the atmosphere by 2030.
Ian Sutherland, chief financial officer and head of net zero at Tide, (pictured) said: “While we, at Tide, may not make much of a difference on our own, by also supporting our growing international network of SME members, we will.
“We’re proud to be the first fintech in the world to remove 100% of our emissions, and will become a fully net-zero business by 2030 through a major and ongoing investment in decarbonisation and durable carbon removal.”
He added that, in the UK especially, there’s a “huge opportunity” for smaller companies to transition to renewables and achieve greater energy and resource efficiency.
Kevin Niparko, co-founder of CDR.fyi, said: “Durable carbon removal – alongside deep decarbonisation efforts – is key to counteracting climate change. But the carbon removal market is still in its infancy.”
Tide recently acquired UK marketplace for business finance Funding Options. Listen to this episode of Open Banking Expo Unplugged to hear from Oliver Prill, chief executive officer of Tide and Funding Options’ chief executive officer Simon Cureton about the deal and what it means for the two companies.