Louisa Cass l Palladium - Mar 10 2021
Palladium Joins Business Ambition for a 1.5 Degree Future

Credit: Matt Palmer

As momentum builds in the lead-up to the 26th UN Climate Change Conference of the Parties (COP26) in Glasgow in November, Palladium has signed up to the Business Ambition for a 1.5 degree future, a global call to action on climate change under the Science Based Targets initiative.

Palladium joins a coalition of UN agencies, businesses and industry leaders committing to set science-based emissions reductions targets in line with the most ambitious aim of the Paris Agreement (to limit global temperature rise to 1.5 degrees above pre-industrial levels) and to achieve net zero emissions no later than 2050.

“Now is the time for creative effort, and that requires all organisations to take action in contributing to limiting the impact of climate change,” says Palladium CEO Christopher Hirst. “This year, we are accelerating our efforts to reduce our carbon footprint.”

According to the Science Based Targets initiative, business has a vital role to play in driving down greenhouse gas emissions and building the resilient, zero-emissions economy we urgently need. The initiative helps companies do so in a way that’s grounded in the latest climate science.

“The climate emergency has led CEOs to act urgently and decisively to set science-based emissions reduction targets for their companies in line with a 1.5°C pathway,” says Sanda Ojiambo, CEO & Executive Director of the UN Global Compact, one of the SBTi partners. “The movement to transition to a net-zero economy by 2050 is also growing rapidly, and we call on all business leaders to adopt concrete plans to realize this goal.”

The commitment is a natural one for Palladium, as Hirst says the company has been focused on improving sustainability across its global portfolio of projects. This includes working with governments, the private sector, and civil society to prevent deforestation, protect forests and other ecosystems, and promote sustainable land use in new business models that have the potential to dramatically transform our landscapes and contribute significantly to decarbonisation.

Palladium has also embraced greener practices in humanitarian aid, with the UK’s Humanitarian and Stabilisation Operations Team (HSOT) implementing a range of initiatives, including working with suppliers to reduce the amount of packaging used for non-food items (such as tents and water filters), while offsetting emissions from humanitarian courier and freight movements.

In 2020, Palladium designed and financed a forest regeneration project in the Peruvian Amazon to offset the company’s emissions from 2019. Working with local NGO Acaté Amazon Conservation, Palladium’s grant is regenerating 40 hectares while training the local indigenous community in sustainable agroforestry practices, improving their livelihoods and providing them with income-generating opportunities to preserve their culture.

In the UK, Palladium is partnering with a leading land manager and project developer to develop nature-based solutions for carbon sequestration and storage through projects that protect and restore diverse landscapes, such as upland peat and broadleaf forest. These projects will be funded through a facility that will channel much needed public, private and philanthropic investment.

“There is significant opportunity for creativity and innovation that delivers co-benefits for the environment and communities – particularly those living in poverty – while stimulating commercial returns and sustainable economic growth,” Hirst explains.

“As a world leader in environmental project management, we’re keen to demonstrate proof of concept for more ambitious solutions that achieve positive impact. As CEO, I’m grateful for the opportunity to do more, internally and in partnership with our clients, suppliers and the communities in which we work.”

To learn more about Palladium’s commitment and work to fight climate change, contact info@thepalladiumgroup.com.