One of the world’s largest FinTech companies Tide has made a critical step towards eliminating its carbon footprint. Tide announced it has removed 100% of its emissions by purchasing 3,711 metric tons of biochar carbon removal credits.
Tide is a UK financial technology company that provides mobile-first banking services for small and medium-sized enterprises. The company is the first FinTech in the world to eliminate its emissions via durable carbon removal and leads an example for all the other corporations in its sector.
According to Tide’s announcement, it makes three pledges to ensure it’s part of the global action mitigating the impacts of climate change:
- Pledge 1: Tide Removal Net Zero – it involves removing 100% of the company’s emissions with durable carbon removal credits from 2022 onwards.
- Pledge 2: Tide Reduction Net Zero – the company will reduce 90% of its 2021 emissions per employee by 2030. That translates into reducing emissions by 97% on a revenue basis. Pledges 1 and 2 will make the company fully net zero by 2030.
- Pledge 3: Tide Member Net Zero – Tide commits to developing support for its members and a growing network of Indian SMEs totaling 500,000 to achieve net zero.
The FinTech has already implemented policies to reduce the carbon footprint of its 1,250 employees globally, including measures like limiting long-haul business travel to two weeks.
As for the company’s third pledge, it plans to introduce products, features, and content to its members worldwide later in 2023 to help them with their own journey to reaching net zero emissions. Tide says it can achieve a further one million metric tons of durable carbon removal (CO2e) from the atmosphere by 2030 through this initiative.
Its climate action involves utilizing its powerful network of member businesses in the UK and growing numbers of SMEs that use Tide in India, a strategy that spreads engagement on climate change mitigation.
“We’re also excited about working with our members to deliver meaningful change. Especially in the UK, where faced with cost-of-doing business challenges and the need for greater energy security, we believe there’s a huge opportunity for smaller companies to transition to renewables and achieve greater energy and resource efficiency,” said Tide CFO and head of Net Zero Ian Sutherland.