By the end of this year, Boerse Stuttgart Group and its subsidiaries will be carbon-neutral in areas of direct influence by avoidance and reduction of CO2 emissions along with carbon offsets.
By the end of 2023 Boerse Stuttgart Group will initiate further steps to achieve net-zero emissions, which will also cover indirect emissions in related areas. Boerse Stuttgart Group announced this plan today at the traditional annual reception, which was attended by around 200 representatives from business, politics and society. “A consistent internal focus on sustainability regarding environmental, social and governance criteria is an important part of our corporate strategy, as this ESG orientation strengthens our future viability,” said Dr Michael Völter, Chairperson of the Management Board of Vereinigung Baden-Württembergische Wertpapierboerse e.V.
“Carbon neutrality in areas of direct influence is an important first step. Next, we want to reach net-zero emissions and so make an effective contribution to global climate targets,” said Dr Katja Bodenhöfer-Alte, Managing Director at Baden-Württembergische Wertpapierbörse GmbH, who is in charge of Boerse Stuttgart Group’s sustainability initiative. Speaking at the annual reception, Dr Bodenhöfer-Alte added that it was another key objective to develop sustainable finance services for retail investors: “We want to play a leading role in the market for sustainable investment and ensure that the increasing demand from retail investors and the growing ESG product range come together.”
To achieve net-zero emissions, Boerse Stuttgart Group is following the approach of the Science Based Targets initiative (SBTi). Emissions are allocated to different scopes, based on the standards developed by the Greenhouse Gas Protocol. Scope 1 emissions are those from sources owned by an organisation, such as the company car fleet. Scope 2 covers emissions from energy purchased by the organisation. For these two scopes in its area of direct influence, Boerse Stuttgart Group has identified emissions of around 1.700 tonnes of CO2 for the year 2019. Of these emissions, around 75 percent will be avoided by the end of 2021, mainly by switching to green electricity. Emissions will also be reduced through a change in company car policy and improved energy efficiency in building technology. To completely offset the remaining CO2 emissions, Boerse Stuttgart Group uses the services of the climate action foundation Klimaschutzstiftung Baden-Württemberg. The foundation offers certified carbon offset projects, which are guaranteed to be implemented additionally and thus actually result in a reduction of CO2 emissions.
To reach net-zero emissions, in the coming year Boerse Stuttgart Group will also create transparency with regard to its Scope 3 carbon emissions, which include indirect emissions from business travel, employee commuting and purchased goods and services. Dr Bodenhöfer-Alte said: ‘We will also set ourselves emission reduction targets for Scope 3, have them validated through the SBTi initiative and take appropriate steps by the end of 2023.’ Boerse Stuttgart Group also plans to work hand-in-hand with partners to initiate improvements in CO2 emissions in related areas of the value chain. This applies to both strategic pillars – the classical exchange business and the digital assets business.