Our story so far
Today, we release our first Impact Report as part of our commitment to report on our impact progress as a business. Along with sharing what we have achieved during the reporting year we have also taken the decision, as a Partnership, to declare a Climate Emergency.
This follows on from our earlier support for the letter published in The Times (23 April 2019) where we, with 20 other businesses, declared our support for the Extinction Rebellion agenda focused on tackling the growing climate crisisClimate crisisThe catastrophic and fast accelerating nature of global warming currently being experienced. read more. We believe as a business that we have a responsibility to do whatever we can to safeguard our common future.
As a private wealth manager, we have a unique opportunity to demonstrate that investing through the lens of positive, sustainable impact is not only achievable, it is ultimately beneficial for all involved. It is clear that more of this thinking and approach to investment is needed. That is why we have chosen to highlight our carbon equivalent footprint looking across the assets we manage alongside our financial performance in our impact report. We don’t yet have complete data coverage. With the current data available we are able to cover 56% of all assets under management. Data coverage is an ongoing challenge many of us in finance face.
However, whilst there is no uniformly accepted methodology for assessing alignment with the Paris Climate Accord, there are ways in which the financial community can better understand not just the financial risks associated with climate breakdown but the absolute nature of the greenhouse gasesGreenhouse gasThe six main greenhouse gases covered by the Kyoto Protocol: Carbon dioxide (CO2); Methane (CH4); Nitrous oxide (N2O); Hydrofluorocarbons (HFCs); Perfluorocarbons (PFCs); and Sulphur hexafluoride (SF6) read more (reported as carbon equivalencyCarbon equivalencyA carbon dioxide equivalent or CO2 equivalent, abbreviated as CO2-eq is a metric measure used to compare the emissions from various greenhouse gases on the basis of their global-warming potential (GWP), by converting amounts of other gases to the equivalent amount of carbon dioxide with the same global warming potential. read more) we all have embedded in our investment activities. From this we can then better understand how we help or hinder our ability to deliver the Paris AgreementThe Paris AgreementThe Paris Agreement is a legally binding international treaty on climate change. Its goal is to limit global warming to below 2°C, preferably to 1.5°C, compared to pre-industrial levels. read more and beyond. We know our methodology outlined in the Report is overly simple which is why we have recently signed up to the Science Based TargetsScience Based Targets (SBTs)Provide a defined pathway for companies to reduce greenhouse gas (GHG) emissions, helping prevent the worst impacts of climate change and future-proof business growth. Targets are considered ‘science-based’ if they are in line with what the latest climate science believes is necessary to meet the goals of the Paris Agreement — limiting global warming to below 2°C above pre-industrial levels and pursuing efforts to limit warming to 1.5°C. read more initiative. This commitment ensures that we can work with and inform a universal methodology for the financial services industry on the measurement of carbon and other greenhouse gasesGreenhouse gasThe six main greenhouse gases covered by the Kyoto Protocol: Carbon dioxide (CO2); Methane (CH4); Nitrous oxide (N2O); Hydrofluorocarbons (HFCs); Perfluorocarbons (PFCs); and Sulphur hexafluoride (SF6) read more.
Meanwhile, our story is positive. We draw your attention to pages 9 and 10 of the Report. Given the assumptions and the caveats outlined in the report, we want to share the news that the Tribe is supporting the delivery of the Paris Climate Accord at a 1.5 degree scenario. It’s a powerful showcase of what is possible when you challenge the status quo and lead with mission. But this is not enough. We must go below the 1.5 degree scenario. We are committed to doing this.
In declaring our Climate Emergency and releasing our Impact Report, we are holding ourselves to be Net ZeroNet ZeroReducing absolute greenhouse gas emissions to as close to zero as possible. This is done via reductions in core emissions (through process efficiencies and product adaptation) across a business’s Scope 1, Scope 2 and Scope 3 footprint. read more across Scope 1Scope 1Direct emissions from all business activities including emissions from any owned facilities and owned transport. read more, 2 and 3 emissions by 2025. This is significant for a wealth manager, even one such as ourselves, but we are resolutely committed to running our business responsibly and delivering our mission as an impact wealth manager. As we grow as a business we will continue to reduce, manage and offset all measurable carbon emissions at Tribe. We are calling on other asset and wealth managers to follow our lead.
