Setting the Standard in Sustainability
Version 1 is a verified Carbon Neutral company and has set a target to Net Zero in our operations by 2025
Our Environmental Strategy
At Version 1, we are committed to actions that reduce the impact we have on the environment. We believe that biodiversity loss and the climate emergency are everyone’s responsibility and that we all have a role to play in protecting our environment. To ensure we reduce our impact and act in a considered and united way, we are proud to have created this environmental strategy which sets out our strategic objectives and the actions we will take to achieve them.
The scope of this environmental strategy includes our commitment to reducing carbon emissions, our impact on other environmental factors e.g. waste and water management, and our responsibility to encourage and enable positive behavior change amongst our employees and stakeholders. It sets out our immediate ambitions for 2025, with some more ambitious targets stretching beyond this date.
We recognize the critical importance of environmental sustainability to our business and our people. People are at the heart of our organization, and the positive impact of this strategy will be brought to life by educating and empowering our employees to be our best advocates for sustainability. We strongly believe that when everybody plays their part, significant positive change can and will happen.
Watch the video below to learn more about our strategy.
Our Climate Pledge
Measuring our Carbon Footprint
We undertake annual carbon accounting using the GHG Protocol, the global standard for measuring and managing GHG emissions, verified by a third party according to ISO 140064
We must have an accurate carbon accounting of the GHG emissions associated with all of Version 1’s business activities – from the energy we consume in our operations, our business travel & employee commuting to the goods and services we procure – in order to understand how to reduce our emissions to Net Zero.
The following table provides insight into our 2022 performance compared to our 2019 baseline and the previous year.
Climate Action Goals
In 2022, we set an internal target to Net Zero in our operations by 2025 and across our value chain by 2035, 15 years ahead of the global goal.
In 2023, our near-term science-based targets were approved by the SBTi and we are awaiting validation of our net zero science-based targets.
Our Pathway to Net Zero by 2035
Waste & Conservation
Education and Mobilisation
Pledges & Commitments
Science Based Targets initiative
Version 1 has had it's near-term emission reduction targets approved by the science based targets initiative as being consistent with levels required to meet the goals of the Paris Agreement and we are awaiting validation of our net zero targets.
Climate Disclosure Project
Version 1 has been awarded an A- score for our 2023 climate response, putting us into the Leadership category and well above the industry average of C.
UN Global Impact
Version 1 has signed the UN Global Compact, committed to embedding the Ten Principles on human rights, labour, environment, and anti-corruption into our business operations.
We’re serious about sustainability at Version 1 and have engaged a number of environmental partners who are working with us to understand, and reduce our emissions. All helping to embed Sustainability into every aspect of our culture and business.
Version 1 reported to the Carbon Disclosure Project for the second time in 2023 and we are proud to say that we achieved a “A-” score. CDP is a not-for-profit charity that runs the global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts. Over the past 20 years they have created a system that has resulted in unparalleled engagement on environmental issues worldwide.
In addition, the Science Based Target initiative (SBTi) has approved our near-term science-based emissions reduction target and we are awaiting validation of our Net Zero targets.
Finally, as a participant of the United Nations Global Compact, Version 1 is committed to aligning strategies and operations with universal principles on human rights, labour, environment and anti-corruption, and take actions that advance societal goals.
The situation is urgent, and the global community must act now to ensure that we limit global warming to 1.5C. Disclosure is the first key step in addressing current and future environmental risks through standardized, comparable data. Version 1 has shown its commitment to transparency around its environmental impacts and strategies for action by disclosing through CDP in 2023.
Regular disclosure drives climate action and so we look forward to Version 1 sharing their environmental data for years to come.
We consider our strategy a work in progress, with KPI’s to be developed and targets to be improved upon as our progress and awareness evolves. We believe sharing our plans to improve these areas keep our efforts transparent and help hold ourselves accountable. By coming together to face the biggest challenge of our lifetime, we can make a difference.
With a little input from a lot of people, we can create real & tangible change. We hope that our efforts to reduce emissions and collaborate to be a part of the climate solution will prove that Version 1 is a company that’s not just setting targets but setting the standard; we have the capacity, expertise and passion to truly set the standard in sustainability.