More and more companies are committing to ambitious carbon reduction goals. This year, the number of global companies setting Science Based Targets in-line with the Paris Agreement grew to over 3000. This reflects the convergence of investor, stakeholder, and regulatory pressure to measure, report, and reduce emissions that have been building in recent years.
While commitments to these ambitious targets are exciting, organizations struggle to reduce emissions in-line with their ambitions, particularly those ambitious science-based targets that keep organizations in-line with the Paris Agreement. According to a BCG survey, as few as 11% of surveyed companies are on track to meet their decarbonization goals. Respondents of the study cited their inability to track their emissions as the primary bottleneck.
To help companies track their progress and improve decision-making toward their decarbonization goals, we are excited to announce the release of Persefoni’s Reduce Footprint, a new feature within our core Climate Management and Accounting Platform. Persefoni’s Reduce Footprint will help organizations effectively tailor their decarbonization pathway to their operations by providing modeling capabilities for a granular look at both Scopes 1, 2, 3 and electrical facility emissions. Reduce Footprint allows users to model how adjusting their Scopes 1, 2, 3 and electrical facility emissions by a user-selected percentage will impact their total footprint. This enables users to focus on where their most significant footprint reduction can be made. Reduce Footprint allows users to get more out of the data they already have in the platform by modeling how adjustments of their Scopes 1, 2, 3 and electrical facility emissions will impact their total footprint.
Persefoni Reduce Footprint features include:
- Reduction Modeling by Scope allows users to model reductions to their organization's footprint based on the percent reduction of any footprint source. Users are able to model various scenarios by updating each footprint source to their targeted reduction goals.
- Energy Transition Modeling by Electrical Facility models how adjusting the amount of electricity usage and overall kWh used across facilities allows users to identify how their total emissions are impacted by switching to clean electricity and being more energy efficient.
- Track progress towards the organization's long-term decarbonization target by modeling a science-based emissions target in alignment with limiting warming to a 1.5 C temperature rise by 2050. Organizations will also be able to track their progress toward the target and visualize their target reduction pathway to help them understand what it would take year-over-year to meet their target reduction goal.
Scenario modeling can be an efficient exercise to support decision-making about how to reduce emissions in alignment with an organization's decarbonization goals. Using Reduce Footprint's modeling tool allows users to do exactly that by enabling users to identify which areas of an organization’s footprint can produce less output and be more efficient in reducing category-specific and overall emissions.
The trend for setting carbon reduction targets is gaining momentum. However, organizations at every stage of their emissions reduction journeys have the same difficulties and questions; “How do we measure and track progress towards decarbonization across Scopes 1, 2, and 3” and “Are we on track to meet our SBTi target?” Reduce Footprint can assist organizations in answering these questions, giving unique insights on what route to take on their decarbonization journey.
>> Read the key takeaways from our "Reduce Footprint" product webinar!
Organizations can also take their decarbonization journey further with Persefoni's Climate Trajectory Modeling (CTM). CTM simplifies developing custom emissions targets or Science-Based targets, helping users create, compare, and track progress towards different emissions targets and determine whether a target applies to their organization. To read more about our Climate Trajectory Model add-on and its functionality, read our CTM blog.
As more companies embark on their decarbonization journeys, Persefoni plans to continue to provide tooling to meet organizational needs. With decarbonization toolings, like Reduce Footprint and Climate Trajectory Modeling, we already help organizations make ambitious science-based reduction targets and make the right business decisions to meet them. We hope to continue to support organizations with tooling like this and more.