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Lazard, the world’s leading financial advisory and asset management firm, has achieved Planet Mark certification.
This is Lazard’s first year of business carbon footprint reporting and certification to The Planet Mark. Lazard’s total carbon footprint in the year ending December 2019 was 2,175.5 tCO2e and the relative carbon footprint was 5.4 tCO2e per employee.
It first calculated the carbon footprint of its London head office operations for the year ending December 2019 and set a target to reduce emissions by 5% annually. This year’s footprint includes emissions from purchased electricity, transmission and distribution losses, natural gas, water, waste, business travel and printing paper.
If Lazard achieves its target of a 5% reduction in carbon, it will save the equivalent of 91 return flights from London to New York.
“I’m so pleased to have Lazard joining Planet Mark. Major investors across the world need to show the same level of leadership as Lazard to take action on climate change. Measuring, reporting and reducing our impact on the planet is a vital step not only in the office at Lazard, but in assuring all of its clients that it is a responsible, forward-thinking company. I look forward to working with them for a long time.”
Lazard’s first year of certification is based on the commitment to continuous improvement in sustainability in its business operations by measuring and reducing its carbon footprint and engaging its stakeholders.
Air travel accounts for 47% of the total carbon emissions, electricity accounts for 33% and natural gas for 15%. Other Scope 3 (waste, water, rail travel, paper and transmission & distribution losses) accounts for 5% of total emissions.
Lazard believes that understanding the environmental impact of a company’s operations, the standards by which it is governed, and the way its activities intersect with society is essential to good practice for its clients. Lazard’s investment professionals integrate ESG analysis into their research and decision-making processes.
There has been a drive within the asset management industry toward sustainable investment in recent years, with sustainable investment strategies doubling in popularity between 2012 and 2018. It is becoming increasingly important for asset management companies to demonstrate their environmental credentials to a socially aware consumer base, both in their investment options and in their own operations. With an ever-scrutinising eye on wealth management, companies in the industry must learn to walk the walk on environmental responsibility.
As part of the Planet Mark certification, LAZARD has committed to make a year-on-year reduction.