The Economist Group is the leading source of analysis on international business and world affairs.
The Group is weaving sustainability into the fabric of its growth strategy and operations. Alongside The Economist’s editorial coverage of the climate issue and the impact it delivers through initiatives with clients and partners, the company is committed to holistically managing and reducing its own carbon footprint. Planetly is happy to support The Economist Group in its ambitions.
When it comes to climate action, The Economist Group’s biggest impact as a business can be made through the strength of its independent editorial coverage and its team of subject-matter experts.
As the need to tackle climate change grows ever more pressing, The Economist Group is committed to addressing its own impactand taking urgent climate action in line with United Nations Sustainable Development Goal 13 (Climate Action).
With the help of its internal sustainability champions across the Group, The Economist Group developed a strategy that weaves sustainability into everything it does, while setting out an action plan for swiftly reducing the Group’s emissions.
The Economist Group’s approach to emissions management is rigorous and transparent. With Planetly, The Economist Group is taking its emission management to the next level.
Planetly calculated The Economist Group’s global carbon footprint for the reporting year 2020/21. In line with the Group’s commitment to rigorously and transparently manage emissions, the calculation accounts for all emissions (Scopes 1-3), including core business activities (e.g. buildings, employees) to the print production of The Economist, logistics and travel.
The Group’s GHG emissions inventory is calculated in accordance with the international reporting standards of the Greenhouse Gas Protocol, and the data includes the disclosures required under the UK Streamlined Energy Carbon Reporting (SECR) regulations.
The Economist Group’s emissions for 2020-21 have been calculated to be 17,803 tonnes, which is a 49% reduction on the previous reporting period. Over 90% of the Group’s footprint is scope 3 emissions, with the majority of those emissions coming from the paper, production and distribution of The Economist Group’s print publications and marketing materials (13,585 t CO2e).
Planetly supported The Economist Group in committing to ambitious, scientific reduction targets aligned with the Science-Based Targets Initiative (SBTi). For that purpose, Planetly re-calculated the Group’s carbon footprint for the financial year 2019-2020 to enable the submission of this footprint as a base year to the SBTi.
The Economist Group has committed to cutting its carbon emissions by at least 25% by 2025 - a target that is more ambitious than the reductions required under the Paris Agreement. It has also committed to the Business Ambition for 1.5°C degrees, and Race to Zero.
Planetly also supported The Economist Group in implementing a reporting and monitoring process and in identifying effective reduction measures to achieve emission reductions across the Group.
The Economist Group prioritises reduction over offsets, and investment in renewable energy. To reach the science-based reduction target, the Group is building on a variety of strategic actions, such as a stronger focus on digital product formats and significant reductions in travel.
The Economist Group plans to reduce commercial business travel by approximately 40% from pre-covid levels, eliminate bulk circulation, ensure print copies reach readers in a more environmentally efficient way and encourage more digital consumption of its products.
Alongside these changes, the Group is investing in renewable-energy certificates to reduce carbon emissions for all its offices and for the print production of The Economist.
Leveraging innovative sustainability technologies, including Planetly’s automated carbon management software and Climeworks’ direct air carbon capture technology, is also an integral part of the Group’s strategy.
The progress towards its reduction target will be tracked and managed in Planetly’s Climate Impact Manager via custom dashboards for supply chain analytics, target setting and specific KPIs. Planetly will also support the Economist Group with more analyses to further improve sustainability aspects of the Group’s products.