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Carbon reduction plan

Last updated on 1 October 2024.

Supplier name: Magnetic

Commitment to achieving Net Zero

Magnetic is committed to achieving Net Zero emissions by 2050.

Baseline Emissions Footprint

Baseline Year: September 2023 - August 2024

Additional Details relating to the Baseline Emissions calculations.
Baseline emissions were calculated using a combination of internal operating estimates, expense data, and employee reporting, with conversion factors primarily sourced from the GHG Protocol. In accordance with the GHG Protocol’s Corporate Standard, Magnetic’s carbon footprint operational boundary has been set using our financial controls. At the time of recording, the Magnetic headcount was 65.

Emission tracking at Magnetic took place between April 2021 and April 2023, prior to the established baseline year. During this period, emissions were recorded as 149.7 tCO2e and 180.5 tCO2e, respectively. However, these calculations focused only on one of our two offices, limiting the scope of emissions reporting. Furthermore, the COVID-19 pandemic significantly disrupted work patterns, leading to increased remote work and reduced office travel, which distorted earlier data and possibly skewed it away from typical behaviours.

To ensure a more accurate representation of our emissions in line with current working patterns, we have chosen to report the baseline from September 2023 to August 2024.

Baseline year emissions

265.56 Tonnes CO2e (4.09 Tonnes CO2e per Consultant)

Emissions

Scope 1 - Negligible

Magnetic is a professional services company that rents its premises and does not own any vehicles. Thus, we have no direct emissions associated with our operations.

Scope 2 - 10.34 Tonnes CO2e

Purchased electricity, heating, cooling

Scope 3 (included sources) - 255.22 Tonnes CO2e

Category: 4. Upstream transportation and distribution
Emissions (Tonnes CO2e): N/A - as a professional services company our upstream emissions are negligible

Category: 5. Waste Generated in Operations
Sub-Category: London and Manchester Office Operations
Emissions (Tonnes CO2e): 62.50

Category: 6. Business Travel
Sub-Category: Consultant and Designer Travel
Emissions (Tonnes CO2e): Air - 124.94, Rail - 18.49

Category: 6. Business Travel
Sub-Category: Accommodation
Emissions (Tonnes CO2e): UK - 2.25, International - 0.81

Category: 7. Employee Commuting
Sub-Category: Commute to London and Manchester Offices
Emissions (Tonnes CO2e): 18.08

Category: Employee Commuting
Sub-Category: Remote Working
Emissions (Tonnes CO2e): 22.15

Category: 9. Downstream Transportation & Distribution
Sub-Category: Publishing & Distribution
Emissions (Tonnes CO2e): 6.00 - As a professional services company we don’t produce or transport a significant amount of products other than a small number of book copies published every year.

Emissions reduction targets

Until now, our efforts to reduce carbon emissions have been largely informal, focusing on initiatives like recycling programs and sustainability-focused preferred supplier lists. While these actions have helped lower our environmental impact, we recognise the need for a more structured approach.

With no previous emissions reduction commitments in place, we have established carbon reduction targets aligned with the latest scientific guidelines from the Race to Zero and SBTi alliances. Our goals include reducing our carbon footprint by over 50% by 2030, using a baseline of 265.56 tCO2e, and achieving net zero absolute emissions before 2050. We anticipate that this strategy will reduce our emissions to 132.78 tCO2e over the next three to five years.

Carbon Reduction Projects

Completed Carbon Reduction Initiatives:

Since we began tracking our emissions in 2021, we have implemented several environmental management measures and projects to reduce our carbon footprint. Although the size of our business means we are not required to undertake formal carbon emissions reporting, we remain committed to sustainability and have taken proactive steps in this direction.

Cycle to Work Scheme

For instance, we’ve encouraged our team to commute by bike through our Cycle to Work scheme and specifically selected an insurance package that rewards physical activity with points. Our hybrid work policy further helps us minimise unnecessary travel between offices.

Recycling Responsibly

Additionally, we’ve designed and placed educational posters and recycling bins around the office to promote positive recycling behaviour and reduce our general waste emissions. We also collaborate with suppliers that support the growing demand for circular economy solutions, such as Backmarket, and those focused on waste reduction, like Ocado.

Preferred Suppliers List

We have incorporated our Environmentally Preferable Procurement Policy (EPP) into our business practices, highlighting suppliers designated as "preferred" for major purchases. Preferred suppliers are selected based on the strength of their environmental, social, and governance commitments, as well as their Net Zero pledges.

B Corp Certification

Magnetic became a B Corp in 2023. B Corp certification signifies a strong commitment to environmental responsibility by requiring businesses to meet rigorous standards for social and environmental performance, accountability, and transparency. To obtain certification, companies must complete an assessment that evaluates their impact on various factors, including energy usage, waste management, carbon footprint, and resource conservation.

B Corps are dedicated to continuously improving their environmental practices, which often encompass sustainable sourcing, emissions reductions, and efficient water and energy use. Moreover, they are legally obligated to consider the environmental impact of their decisions and must publicly report on their performance, ensuring accountability and fostering ongoing environmental stewardship.

Looking ahead, we are eager to adopt a more structured approach to achieve our sustainability goals. This will involve setting reduction targets every five years based on our existing benchmark, consulting with peer organisations to identify best practices, and sharing our progress and insights with external stakeholders.

Future Carbon Reduction Initiatives:

In the future, we hope to implement further measures such as:

Create a Carbon Reduction Plan

As aforementioned, while we take action to make decisions with minimal emissions, we do not currently have an official company policy to ensure consistency and guaranteed progress towards achieving net zero by 2050. The proposed measure going forward is to develop a comprehensive carbon reduction plan and explore the implementation of an Environmental Management System.

We don’t anticipate participating in any Carbon Offsetting initiatives until we’ve reached our desired 50% reduction goal by 2030 and exhausted all options for carbon reduction in our operations.

Update Preferred Supplier List

We procure a variety of resources to support our employees, ensuring they can work efficiently and comfortably. However, there is an opportunity to be more mindful of where we source these supplies and the types of products we choose. As part of our proposed measures, we will review and update our supplier list annually to prioritise those with lower emissions in areas such as transportation, production, and material recycling, aligning our purchasing decisions with our commitment to sustainability.

Explore switching to an energy tariff from 100% renewable sources

Within the next 3-5 years, we will explore supplier options derived from 100% renewable energy sources to power our offices, which would allow us to dramatically slash Scope 2 emissions.

Restart Green Movement

Magnetic's in-house Green Movement team is an employee-led group empowered by the full backing of our leadership team. It is dedicated to ensuring the business stays accountable to our carbon reduction plans. This team will play a critical role in reviewing projects to ensure that the clients we work with align with our sustainability principles, helping us drive meaningful progress toward our environmental goals.

Declaration and Sign Off

This Carbon Reduction Plan has been completed in accordance with PPN 06/21 and associated guidance and reporting standard for Carbon Reduction Plans.

Emissions have been reported and recorded in accordance with the published reporting standard for Carbon Reduction Plans and the GHG Reporting Protocol corporate standard and uses the appropriate Government emission conversion factors for greenhouse gas company reporting.

Scope 1 and Scope 2 emissions have been reported in accordance with SECR requirements, and the required subset of Scope 3 emissions have been reported in accordance with the published reporting standard for Carbon Reduction Plans and the Corporate Value Chain (Scope 3) Standard.

This Carbon Reduction Plan has been reviewed and signed off by Jenny Burns, CEO Magnetic.