Lockton Companies LLP Environment Report 2021-22

The Science Based Target Initiative.

What is Net Zero? Using the United Nations Climate Action Plan definition and their words: Put simply, net zero means cutting greenhouse gas emissions to as close to zero as possible, with any remaining emissions re-absorbed from the atmosphere, by oceans and forests for instance. Why is net zero important? Again the UN words The science shows clearly that in order to avert the worst impacts of climate change and preserve a livable planet, global temperature increase needs to be limited to 1.5°C above pre industrial levels. Currently, the Earth is already about 1.1°C warmer than it was in the late 1800s, and emissions continue to rise. To keep global warming to no more than 1.5°C – as called for in the Paris Agreement – emissions need to be reduced by 45% by 2030 and reach net zero by 2050. We recognise that environment planning and reporting of businesses has continued to develop and that our decision to adopt a carbon neutral position about how we undertake our work for our clients needs to be supported by making appropriate further public commitments to reducing global warming and CO2 generation. Lockton Companies and Lockton Re have both independently therefore signed up to The Science Based Target Initiative. By making this commitment we are looking to review all our activities and those of our suppliers over the next 12 months to enable us to meet with the commitment and submit new targets for greenhouse gas reductions in what we do and what our suppliers do in supporting us. Underpinning the commitment is support of Net Zero by 2050 and the 1.5C initiative. In the immediate short term we will be continuing our carbon neutral programme in order to minimise our environment impact. Looking forward the SBTi targets will be aimed at decarbonisation of our work across all areas, with only a small residual amount of carbon being left that would remain in our offset programme. This means today we can only set a limited numbers of targets under our scope 1 and scope 2 emissions, with a further target being a complete review and inventory of our scope 3 emissions being completed to enable targets in the identified areas to be set in line with SBTi methodology. Lockton Companies LLP has signed a commitment letter to SBTi for Net Zero 2050 and support of the 1.5C targets.

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