Paving the way for a greener tomorrow: One Belvedere’s commitment to a net zero strategy
- Sustainable Living
Care for the Earth, Care for the People, Care for the Future. These are the core values on which OneBelvedere was founded. Therefore, our journey toward sustainability and environmental stewardship is ongoing, and we continuously strive to make a positive impact.
We are thrilled to announce our latest commitment to a Net Zero strategy. Together with our Sustainability Partner, Azzera, we are poised to further reduce our environmental footprint and contribute to the global effort to combat climate change.
This article will outline the steps we are taking to achieve our Net Zero commitment, including Scope 1, 2, and 3 emission measurement, developing a reduction strategy based on science-based targets and how we have committed to them, and compensating our unavoidable emissions with high-quality carbon offsets. In addition, we will review the importance of co-benefits and the positive social impacts of carbon offsets in our climate mitigation.
We will also explain the concepts of carbon footprint, emission measurement protocol, the role of SBTi emission reduction, and carbon offsetting in our Net Zero commitment. Finally, we will highlight how this strategy will bolster our brand’s existing actions and commitments.
Measuring our emissions is crucial to understanding our current carbon footprint and identifying opportunities for reducing our carbon footprint in our Net Zero strategy. Our partnership with Azzera will facilitate the development of a robust reduction strategy based on science-based targets (SBTs).
SBTs provide a clear, evidence-based framework for reducing greenhouse gas (GHG) emissions in line with the Paris Agreement’s goals, which aim to limit global temperature rise to well below 2°C above pre-industrial levels and pursue efforts to limit it to 1.5°C.
As we work towards our SBTs, we will also procure high-quality carbon offsets to neutralize any remaining emissions. These offsets will be carefully selected for their co-benefits, such as supporting biodiversity, improving air and water quality, and contributing to the United Nations Sustainable Development Goals. Furthermore, we will prioritize projects with positive social impacts, benefiting local communities by creating jobs, enhancing livelihoods, and promoting social equity.
OneBelvedere's Net Zero Strategy: An Overview
We have Azzera as our Sustainability Partner to achieve our Net Zero commitment. Azzera will help us with every step of our footprint assessment and carbon mitigation strategy. Principally, the footprint assessment consists of measuring all three Scopes of emissions following the “Green House Gas Protocol” (GHGP).
The scopes of emissions are a part of the Greenhouse Gas (GHG) Protocol, which provides a standardized framework for classifying and reporting CO2 equivalent emissions produced by One Belvedere. The protocol defines three distinct scopes of emissions:
These emissions directly result from our organization’s operation. Scope 1 emissions include all emissions from sources that are owned or controlled by One Belvedere. For instance, all emissions from our vehicle are considered our Scope 1 emissions.
Second Scope of emissions includes the generated emissions from the production of energy that One Belvedere purchases and consumes. The purchased emissions include electricity, heating, cooling or steam.
Although the emissions have already occurred in a different physical location (e.g. a power plant), they are attributed to our brand as we consume this energy for our operations.
The final scope of emissions counts all activities that are not directly owned or controlled by One Belvedere but are still a part of our value chain. Scope 3 emissions encompass a wide range of sources, such as those generated by suppliers, transportation and distribution of products, employee commuting, business travel, and waste disposal.
Understanding Carbon Footprint, Emission Measurement, and the GHG Protocol
A carbon footprint is the total amount of GHG emissions caused by an organization, event, product, or individual, usually expressed in terms of carbon dioxide equivalent (CO2e). CO2e is a standard unit for measuring carbon footprints, which encompasses the different greenhouse gasses and their relative global warming potentials.
Emission measurement is crucial for understanding and managing our carbon footprint. The Greenhouse Gas Protocol (GHG Protocol) is the most widely used international accounting tool for government and business leaders to quantify and manage greenhouse gas emissions. Developed by the World Resources Institute (WRI) and the World Business Council for Sustainable Development (WBCSD), the GHG Protocol provides a consistent and transparent framework for measuring, reporting, and verifying emissions.
(1). The Science-Based Targets Initiative (SBTi) and Emission Reduction
The Science-Based Targets Initiative (SBTi) is a collaboration between CDP, the United Nations Global Compact, the World Resources Institute (WRI), and the Worldwide Fund for Nature (WWF). The SBTi aims to drive ambitious climate action by encouraging companies to set emissions reduction targets based on the latest climate science.
(2). By aligning their targets with the Paris Agreement’s goals, businesses can ensure they are contributing to the global effort to prevent the worst impacts of climate change.
Companies participating in the SBTi commit to setting targets for reducing their Scope 1, 2, and 3 GHG emissions. These targets are validated by the SBTi to ensure they meet stringent criteria, providing confidence that the targets are ambitious, meaningful, and based on the latest climate science.
Carbon Offsets in Achieving Net Zero Commitment
While reducing emissions should always be the primary focus, carbon offsetting plays a vital role in achieving a Net Zero commitment. Carbon offsets represent the reduction, removal, or avoidance of GHG emissions from a specific project that can be used to compensate for emissions elsewhere. High-quality carbon offsets ensure that the projects are credible, and verifiable, and result in real, additional, and permanent emissions reductions.
By investing in carbon offset projects, companies can support renewable energy development, improve energy efficiency, protect and restore forests, and promote sustainable agriculture. These projects often bring additional co-benefits, such as conserving biodiversity, enhancing local air and water quality, and supporting social and economic development in local communities.
Strengthening One Belvedere's Existing Actions and Commitments
Our Net Zero commitment builds upon our existing sustainability initiatives and aligns with One Belvedere’s values of care for the Earth, care for people, and care for the future. By embracing a Net Zero strategy, we reinforce our dedication to environmental stewardship and position ourselves as a leader in corporate sustainability.
This commitment will also enhance our brand’s reputation and increase customer loyalty, as consumers increasingly prioritize companies that demonstrate a genuine commitment to the environment and social responsibility. By embedding sustainability into our business strategy, we are safeguarding our planet for future generations and ensuring the long-term success and resilience of One Belvedere.
Conclusion
One Belvedere’s commitment to a Net Zero strategy represents a significant milestone in our journey towards sustainability. By measuring and reducing our emissions, setting science-based targets, and investing in high-quality carbon offsets, we are taking meaningful action to address climate change and contribute to a more sustainable future. As we embark on this ambitious journey, we remain steadfast in our commitment to our core values and will continue to strive for excellence in environmental stewardship and social responsibility.
We are excited to share our progress with our customers, partners, and stakeholders and look forward to working together to make a lasting positive impact on the world.
The SBTi aims to drive ambitious climate action by encouraging companies to set emissions reduction targets based on the latest climate science. Businesses participating in the Sustainable Business Initiative (SBTi) commit to setting targets for reducing their Scope 1, 2, and 3 GHG emissions. Carbon offsets play a vital role in achieving a Net Zero commitment, as they can support renewable energy development, improve energy efficiency, protect and restore forests, and promote sustainable agriculture. One Belvedere’s commitment to a Net Zero strategy is a significant milestone in their journey towards sustainability. By measuring and reducing emissions, setting science-based targets, and investing in high-quality carbon offsets, One Belvedere is taking meaningful action to address climate change and contribute to a more sustainable future.
Summary
One Belvedere is committed to a Net Zero strategy with Azzera, a Sustainability Partner, to reduce their environmental footprint and contribute to the global effort to combat climate change. This includes measuring all three Scopes of emissions, developing a reduction strategy based on science-based targets, and compensating unavoidable emissions with high-quality carbon offsets. The footprint assessment consists of measuring all three Scopes of emissions following the “Green House Gas Protocol” (GHGP). Azzera will help One Belvedere with every step of their footprint assessment and carbon mitigation strategy. One Belvedere is partnering with Azzera to develop a reduction strategy based on science-based targets (SBTs) to reduce greenhouse gas (GHG) emissions in line with the Paris Agreement’s goals. The SBTi is a collaboration between CDP, the United Nations Global Compact, the World Resources Institute (WRI), and the World Wide Fund for Nature (WWF).
