Introduction

Paynetics UK is committed to reducing its carbon footprint and aligning with the UK Financial Companies’ Reporting Standards. This Carbon Reduction Plan outlines our strategy to achieve net-zero carbon emissions by 2050, with interim targets set for 2030 and 2040. This plan encompasses all aspects of our operations, including energy use, waste management, transportation, and supply chain management.

Objectives

• Achieve Net-Zero Carbon Emissions by 2050: Align with global and national goals for carbon neutrality.
• Interim Targets: Reduce carbon emissions by 50% by 2030 and by 75% by 2040.
• Continuous Improvement: Implement and regularly update sustainable practices in all business areas.

Scope

This plan covers all Paynetics UK operations, including offices, as well as business travel.

Carbon Footprint Assessment

• Baseline Measurement: Conduct a comprehensive assessment of current carbon emissions across all operations to establish a baseline. This includes direct emissions (Scope 1), indirect emissions from purchased electricity (Scope 2), and other indirect emissions (Scope 3).
• • Scope 1: gas used for heating of London office (5 seats): 0.6t CO2 /year
  • Scope 2: electricity used in our London office (5 seats): 0.4t CO2 /year
  • Scope 3: CO2 generated by business travel : 65t CO2 / year
• Annual Reporting: Regularly report carbon emissions and reduction progress in line with the UK Financial Companies’ Reporting Standards.

Strategies for Carbon Reduction

1. Energy Efficiency

• Office Buildings: Upgrade to energy-efficient lighting, heating, ventilation, and air conditioning systems. Implement smart building technologies to optimize energy use.

2. Renewable Energy

• Renewable Energy Procurement: Transition to 100% renewable energy sources for all facilities by 2030. This includes on-site renewable energy generation and purchasing renewable energy certificates (RECs).

3. Waste Management

• Reduce, Reuse, Recycle: Implement comprehensive waste reduction programs focusing on reducing overall waste, increasing recycling rates, and promoting the reuse of materials.
• Electronic Waste: Properly dispose of electronic waste through certified e-waste recycling programs.

4. Sustainable Transportation

• Business Travel: Reduce business travel by promoting virtual meetings and providing incentives for the use of public transport, carpooling, and electric vehicles.

5. Sustainable Procurement

• Supplier Engagement: Collaborate with suppliers to reduce emissions across the supply chain. Prioritize suppliers with strong environmental credentials.
• Sustainable Materials: Use sustainable and low-carbon materials in all procurement activities.

6. Employee Engagement

• Awareness and Training: Educate and engage employees in carbon reduction initiatives. Provide training on sustainable practices and encourage participation in green programs.
• Green Teams: Establish employee-led green teams to champion sustainability initiatives within the company.

7. Carbon Offsetting

• Offset Projects: Invest in certified carbon offset projects to compensate for any remaining emissions. Prioritize projects that provide social and environmental co-benefits.

Monitoring and Reporting

• Regular Monitoring: Continuously monitor carbon emissions and reduction efforts. Use key performance indicators (KPIs) to track progress against targets.
• Transparent Reporting: Publish annual sustainability reports detailing carbon reduction progress, strategies, and achievements. Ensure compliance with UK Financial Companies’ Reporting Standards.

Governance and Accountability

• Sustainability Committee: Establish a Sustainability Committee responsible for overseeing the implementation of the Carbon Reduction Plan and reporting to the executive leadership.
• Executive Oversight: Ensure executive leadership is accountable for achieving carbon reduction targets and integrating sustainability into business strategy.

Continuous Improvement

• Innovation and Research: Invest in research and development of new technologies and practices to further reduce carbon emissions.
• Stakeholder Collaboration: Engage with stakeholders, including employees, customers, suppliers, and industry groups, to enhance and share best practices in sustainability.

Conclusion

Paynetics is committed to being a leader in sustainability within the financial services industry. This Carbon Reduction Plan is a testament to our dedication to reducing our environmental impact and contributing to a sustainable future. By implementing these strategies, we aim to achieve our carbon reduction targets and inspire others to join us in this critical endeavour.

Contact Information: For further information regarding this plan, please contact us at office@paynetics.digital