Q: What are Tide’s pledges on Net Zero?

Pledge 1: Carbon Removal Tide commits to removing 100% of our scope 1, 2 and 3 emissions with durable carbon removals every year from 2022 onwards. Pledge 2: Net Zero Tide will reduce 90% of CO2e emissions per employee and 97% of emissions by revenue by 2030, vs a 2021 baseline Pledge 3: Members Tide commits to making Net Zero simpler for our Members by developing support for them to get to Net Zero. Pledges 1 and 2 will make Tide reach Net Zero across scope 1, 2 and 3 by 2030.

Question 1

What are Tide’s pledges on Net Zero?

Accepted Answer

Pledge 1: Carbon Removal

Tide commits to removing 100% of our scope 1, 2 and 3 emissions with durable carbon removals every year from 2022 onwards.

Pledge 2: Net Zero Tide will reduce 90% of CO2e emissions per employee and 97% of emissions by revenue by 2030, vs a 2021 baseline

Pledge 3: Members

Tide commits to making Net Zero simpler for our Members by developing support for them to get to Net Zero.

Pledges 1 and 2 will make Tide reach Net Zero across scope 1, 2 and 3 by 2030.

Question 2

At Tide we have removed 100% of our emissions since 2022: what does this mean?

Accepted Answer

Since 2022, we have calculated our entire carbon emissions across scope 1, 2 and 3 and purchased durable, carbon removal credits to match 100% of our annual emissions since 2022.

As of today, we have retired 8,080 tons of CO2 via high quality, durable carbon removals, with an additional 7,500 tCO2 to be delivered by December 2026.

You can find all details in the public registry CDR.fyi.

Question 3

Why is the headline reduction target 90% per employee and 97% by revenue?

Accepted Answer

The Science Based Target Initiative corporate guidance for Net Zero requires organisations to set a 97% reduction target for economic intensity (on an added value basis).

Given Tide’s emissions are predominantly determined by our employee and supply chain footprint, we have also introduced an employee-based intensity reduction target to hold ourselves to account, and to drive reduction of emissions on this basis. In doing so, while our business scales, we will ensure we will also meet the 97% target reduction on a revenue basis.

The SBTi corporate guidance is currently under consultation and so we remain flexible on our approach, as we aim to align our targets with the latest best practices and science.

Question 4

How is Tide leading the way in carbon removals?

Accepted Answer

Our investment in high quality durable carbon dioxide removals makes us one of the first fintech organisations to invest in this technology at this scale. We’re in a forward-thinking and action oriented group of businesses, which puts us in the top 50 carbon removal buyers in the world.

Visit the live cdr.fyi aggregator of registries to find out more about Tide’s carbon removals, as well as the broader market.

Question 5

Why doesn’t Tide focus only on carbon reduction?

Accepted Answer

We believe it’s vital to begin our Net Zero journey now – taking a strong early stand and signaling our commitment, thereby laying a solid foundation for what lies ahead.

By investing in carbon removals now alongside carbon reductions, we are leading from the front. We hope other fintechs, as well as our Members, will join us on this journey.

We want to do the right thing for the planet and create a more sustainable future by acting now.

Question 6

How is Tide planning to reduce our carbon emissions?

Accepted Answer

We are taking a comprehensive approach to reduce emissions across all aspects of our business. This includes purchasing renewable electricity across our offices, reducing business travel emissions, working with our supply chain and maintaining our remote working policy for employees in the UK and EU.

Question 7

What is Net Zero?

Accepted Answer

It is international scientific consensus that, in order to prevent the worst climate damages, global net human-caused emissions of carbon dioxide (CO2) need to fall by about 45% from 2010 levels by 2030, reaching Net Zero around 2050. Global warming is proportional to cumulative CO2 emissions, which means that the planet will keep heating for as long as global emissions remain more than zero. This implies environmental damage caused by global heating will continue escalating for as long as emissions continue.

Net Zero refers to a state in which the greenhouse gases going into the atmosphere are balanced by removal out of the atmosphere. The term represents an important milestone because this is the state at which global warming – that related to CO2 at least – stops.

Net Zero is the internationally agreed upon goal for mitigating global warming in the second half of the century. You can find more information on Net Zero over on this page.

Question 8

What is global warming?

Accepted Answer

The Intergovernmental Panel on Climate Change (IPCC) shows that if we fail to limit global warming to 1.5°C above pre-industrial levels, the floods and fires we have seen around the world in the last couple of years will get more frequent and more fierce. Crops will be more likely to fail and sea levels will rise, driving mass migration as millions are forced from their homes around the world.

Above 1.5°C we risk reaching climatic tipping points like the melting of arctic permafrost – releasing millennia of stored greenhouse gases – meaning we could lose control of our climate for good.

The science could not be clearer: by the middle of this century the world has to reduce emissions to as close to zero as possible, with the small amount of remaining emissions absorbed through natural carbon sinks like forests, and new technologies like carbon capture. If we can achieve this, global emissions of greenhouse gases will be Net Zero by 2050.

Question 9

How will Tide report on our Net Zero progress?

Accepted Answer

We will continue to review our Net Zero progress annually, reporting on the Tide Net Zero Plan at regular intervals.

As we scale, we will focus on key Net Zero initiatives and key impact areas in our geographical markets, targeting Net Zero progress, with milestone-based initiative-level announcements.

We endeavour to be open about Tide’s Net Zero journey. We will always make sure that we hold ourselves accountable to the latest thinking in carbon accounting.

We will continue to take guidance on carbon removals from global best practice, including endeavouring to follow standards set by the Science Based Targets Initiative (SBTi).

We will also keep measuring and publishing our carbon footprint annually in line with the Greenhouse Gas Protocol.

Still have questions? Please email us at Netzero@tide.co if you couldn’t find the answer on our website.

NET ZERO PLAN

Tide removes 100% of emissions, becoming first fintech to do so using carbon removals

Our three pledges to deliver Tide's Net Zero Plan

Pledge 1

Carbon Removal

Pledge 2

Net Zero

Pledge 3

Members

Why is Net Zero important for us?