Lowell operational emissions down 78%, smashing 2025 target

The more emissions we cut, the more we’re helping to combat climate change, and the less we’ll pay to offset the remainder to achieve carbon neutrality for our own operations from 2025.

We’ve been tracking emissions since 2019

In 2023, we became the first credit management company to set climate goals aligned to the Science Based Targets initiative. What does this look like? Net zero by 2040.

We also aim to hit a series of milestone targets along the way, the first of which was to cut operational emissions – those associated with our offices, company car, and business travel activities – by 65% by the end of 2025.

We’ve smashed our target

Not only have we slashed operational emissions by 78% (from our 2019 baseline), but we’ve also done it a year sooner than we expected by:

• Switching 99% of our office space to renewable electricity tariffs.
• Cutting emissions from business travel by 44% since 2023 thanks to fewer journeys, shorter distances, and taking more trains instead of low-cost flights.
• Reducing our office footprint by over 10,000 square metres by closing offices in Ratingen, Hamburg, and Lahti. 

Full disclosure: we closed these offices for different business reasons rather than for sustainability. But the reduction in office space has played a part in bringing down our emissions.

What lies behind the numbers?

Behind the simple headline lies a great deal of complexity, as Carol Ord, Group Head of Sustainability, explains:

“Our Facilities Managers Henrik Borg (Nordics), Frank Sieverding (DACH), and Lisa Wragg (UK) have worked incredibly hard to reduce emissions from our offices – managing complex negotiations with landlords and energy providers and navigating several changes to our office space during the year.

Colleagues have also risen to the challenge, embracing the new business travel policy by either travelling less or using lower carbon methods.”