Setting the Standard in Sustainability

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.

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.

Net Zero in our operations by 2025.

Net Zero across our value chain by 2035, 15 years ahead of the global goal.

To put the world on course for a 1.5°C future in the long term, we need to monitor and reduce the greenhouse gas emissions across our operations and entire value chain as well as introducing systemic behavioural changes that will reduce our impact on the environment and develop sustainability at scale.  At the heart of Version 1’s Climate Action Plan is the continued reduction of our emissions in a way that achieves a just and equitable transition to Net Zero in line with climate science.

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 first time in 2022 and we are proud to say that we achieved a “B” 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, we are in the process of setting our near-term and Net Zero Science based targets and will submit our supply chain engagement targets for validation during the second half of 2023 according to SBTi’s guidance and advise on best practice for reaching our Net Zero goal.

We are currently conducting a Purchased Goods & Services screening as part of setting the SBTi and plan to develop a responsible sourcing programme over the next five years.

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.