Tide Eliminates All Emissions
The SME bank will be net negative by 2030. Last year, UK SME bank Tide eliminated all emissions.
Tide is the first fintech to eliminate its emissions using lasting carbon removal and pledge to reaching net zero by 2030.
The digital business financing platform will also help its UK members—about 9% of UK SMEs—and its expanding network of Indian SMEs reach net zero.
“Businesses need to take action now, not tomorrow, on climate change,” Tide CFO and net zero head Ian Sutherland stated.
“At Tide, we are taking decisive action to curtail the spiralling effects of greenhouse gases on the Earth’s atmosphere. With this, Tide commits today to balance the books on CO2 for good.”
Tide has three climate change goals, the first two of which will make the firm net zero by 2030: to remove 100% of emissions using lasting carbon removal from 2022 onwards and to eliminate 90% of 2021 emissions per employee by 2023.
Its final promise is to help members reach net zero by providing assistance.
“While we at Tide may not make much of a difference on our own, by also supporting our growing international network of SME members, we will,” Sutherland continued.
“Especially in the UK, where confronted with cost-of-doing business difficulties and the need for better energy security, we feel there’s a significant potential for smaller enterprises to migrate to renewables and achieve higher energy and resource efficiency,” he said.
Later this year, the firm will launch a product, feature, and content campaign to enable its more than 500,000 members start their net zero journey.
It expects its member firms can remove one million tonnes of durable carbon from the environment by 2030.
CDR.fyi, the greatest high-permanence carbon removal registry, lists Tide’s acquisitions.
“Durable carbon removal — alongside deep decarbonization efforts — is key to counteracting climate change. But the carbon removal market is still in its infancy,” CDR.fyi co-founder Kevin Niparko said.
“We need more companies to commit to purchasing durable carbon removal to help our planet avoid the most devastating effects of climate change.”
The Niparko said Tide’s 3,711 tonnes of CO2 removal is one of the greatest.
“Tide is leading the way for other financial technologies to take responsibility for 100 per cent of their emissions and invest in carbon dioxide removal,” he added.
