Emission reduction, renewable energy, carbon offsets…Choose your combination.
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Why you should take this step
There are multiple ways to achieve carbon neutrality. You need to decide the extent to which you will reduce your own emissions (Step 6), switch to renewable energy to power your business (Step 7) and offset your remaining emissions by purchasing carbon credits (Step 8). When you set your strategy, you create the principles and workstreams that will allow you to execute your carbon neutrality ambition.
Questions on your mind
Which emissions can I reduce within my business?
What’s the best way to achieve a renewable energy supply?
To what extent and which carbon credits should I invest in?
Principles to guide your strategy
Climate action
Reducing your electricity consumption is good for the planet and your pocket – lowering your CO2 emissions and your energy bills. Savings from your energy efficiency program could be re-invested in clean energy or carbon reduction projects.
Financial payback
Some emission reduction measures will have a relatively long payback period – a challenge if you rely on your company’s regular capital allocation process for funding. Identify quick wins that demonstrate the direct business value of your program.
Branding
Link your strategy to your brand. For instance, if you are an LED light bulb producer, switch to LED lighting in your facilities. If you are a car lease company, set an example for your customers by using electric vehicles in your company car fleet.
Walking the talk, using your own products, creates a powerful commercial link to your sustainability initiative, while differentiating your brand and driving employee ownership.
- Lene Mi Ran Kristiansen, Carbon Neutrality Program Leader
Carbon neutrality workstreams often work in parallel, simultaneously pursuing emission reduction, renewable electricity and carbon offset opportunities. At the same time, choices in one workstream will influence the others. Assign a program manager to ensure workstreams align and enrich each other.
Things to consider
Solely offsetting your way to carbon neutrality, rather than combining with emission reduction, comes with an annual cost, doesn’t improve your business’ performance and may be seen as greenwashing.
If you have a short timeline or limited budget, a significant portion of your emissions may need to be reduced by RECs and carbon offsets.
The lm wind power way
Efficiency comes first
Sustainability at LM Wind Power has always been about business efficiency, development and improvement. When setting the strategy behind CleanLM, we stayed true to this philosophy.
The lm wind power way
Principles guiding our strategy
Savings from our energy efficiency program need to cover the costs of all Renewable Energy Certificates (RECs) and carbon credits purchased, already within year one.
Green power should ideally come from wind turbines installed at and plugged into our factories.
RECs or carbon offsets should ideally come from wind projects and support communities in the countries where we operate.
The LM Wind power Way
CleanLM workstreams
Our four key workstreams led the way to carbon neutrality.
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