Carbon Reduction Plan
1. Commitment to Achieving Net Zero
Tour De Force Advisors, Inc. is committed to sustainability, achieving Net Zero emissions by 2030 and has been Carbon Reduction Plan neutral since 2020. As an organization, we are committed to the UN Sustainable Development Goals and the Paris Agreement to reduce greenhouse gas (“GHG”) emissions and promote global security. We approach this by ensuring we operate sustainably across everything we do, including monitoring our direct environmental impact, the communities we work in, our clients and our people. We recognize that Tour De Force Advisors has embarked on this commitment and must ensure it continues to develop its understanding as well as promote awareness through the delivery of its improvement practical activities. In addition, we work to identify, deliver and sustain opportunities in procurement, supply chain and operations for our clients.
Tour De Force Advisors aims to follow and promote good sustainability practices through our operations, as well as our innovative carbon solutions helping reduce environmental impacts of activities; we also strive to help our clients work towards Net Zero. In 2022, Tour De Force Advisors recruited a sustainability specialist who has been advising our clients across multiple sectors on sustainability best practices, and our in-house energy expert advises on energy efficiency programs and green energy procurement strategies. Tour De Force Advisors’ carbon emissions are calculated using our innovative technology, just as we do with our clients. From this analysis, we have offset our emissions to ensure we are not negatively impacting climate change. Tour De Force Advisors is committed to ensuring we continue to measure and monitor our GHG emissions and seeks opportunities to remove or reduce the creation of these in our activities. We will strive to achieve this by taking the following actions: Visit us here
- 1. Measuring 100% of the organization’s GHG emissions
- 2. Removing or reducing GHG emissions as far as possible
- 3. Ensuring that remaining emissions will continue to be offset through International Carbon Reduction and Offset Alliance approved projects.
2. Baseline and Current Emissions Footprint
Baseline emissions are a record of the GHG emissions that have been produced in the past and were produced prior to the introduction of any strategies to reduce emissions. Baseline emissions are the reference point against which emissions reduction can be measured.
Our 2023-4 Carbon Reduction Plan (CRP) includes emission figures for the calendar year 2022 compared against the baseline year is the year 2020 and the outlines initiatives for the calendar years 2023 and 2024.
2.1 Methodology
Our methodology for calculating carbon emissions looks at all scope 1, 2 and 3 emissions for the entirety of the year (January-December). The category breakdown of the emissions is displayed below.
Scope 1 emissions
No scope 1 emissions were present in Tour De Force Advisors operations as these relate to Green
House Gas (GHG) emissions that a company makes directly. We, as a business, have nothing
that directly contributes as a scope 1 emissions, they fall in Scope 3 due to it being provided by a
third party.
Scope 2 emissions
These were quantified by the consumption of electricity and gas at company facilities.
Scope 3 emissions
These were quantified by the following scope 3 categories. All scope 3 emissions by Tour De
Force Advisorsfall under one of the following three categories:
• Category 1 – Purchased goods and services
• Category 6 – Business travel
• Category 7 – Employee commuting
The following categories are not relevant for our business as we have no manufacturing or
transportation capabilities.
• Category 4 – Upstream transportation and distribution
• Category 5 – Waste generated in operations
• Category 9 – Downstream transportation and distribution
The carbon footprint of Tour De Force Advisors was quantified in line with the GHG Protocol and
the following methodologies applied in the emission calculations as outlined in the following
documents:
• GHG protocol Corporate Standard
• GHG Protocol Scope 2 Guidance
• GHG Protocol Corporate Value Chain (scope 3)
The GHG Protocol has been selected because it is one of the most recognized and frequently
applied standards to quantify the climate impact of corporations and as such is explicitly endorsed
by PAS 2060. Emissions due to electricity usage (Scope 2) were calculated using market-based
methodology. This methodology was used to incorporate the facts that all purchased electricity
was from renewable sources. Emissions due to gas usage (Scope 2) were calculated using
location-based methodology. For Scope 3 emissions, our spend-based methodology was used
for both Category 1 (purchased goods and services) and Category 6 (business travel)
calculations, with average-based methodology being used to calculate Category 7 (employee
commuting)
2.2 Data Sources
Both primary and secondary data sources were used in the quantification of carbon emissions. Secondary data, based on averages or estimates, has only been used in cases where primary data was unavailable or could not reasonably be obtained.
• Primary data: Incorporates all activity data within direct control of Tour De Force Advisors Associates. This specifically includes electricity and gas usage, quantities and costs of goods and services purchased, business travel and other minor company data.
• Secondary data: The principal form of secondary data sources utilised were emission factors. DEFRA and CenSA were the two data sources used in the emissions calculations. Other secondary data was used for calculating employee commuting using average-based methodology. The sources used were Statista which provided national average commuting statistics.
2.3 Scope 1,2 and 3 Emissions
Baseline emissions are a record of the greenhouse gases that have been produced in the past
and were produced prior to the introduction of any strategies to reduce emissions. Baseline 6 of 12
emissions are the reference point against which emissions reduction can be measured. In 2022
our carbon emissions decreased to 562.51 tCO2e, a reduction of almost 25% from 749.37 tCO2e
in 2021. This is in progress with our targets, and shows a return close to 2020 (baseline year that included the COVID-19 lockdown) figures, demonstrating Tour De Force Advisors’ commitment to
ensuring we reduce our carbon emissions and achieve net zero.
Tour De Force Advisors currently has no emissions relating to Scope 1. Scope 2 was slight and
was quantified by the consumption of electricity and gas. Scope 3 related to categories 1, 6 & 7,
with Tour De Force Advisors committed to working actively with suppliers to define Scope 3
emissions and support the reduction of their impact. This is being achieved through a phased
approach which is outlined further on in this plan.
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Baseline Year Emissions: 2020 EMISSIONS
Scope 1 0
Scope 1 0
Scope 3
Scope 3
TOTAL (tCO2e)
0
0.08
Electricity Usage Emissions: 0 mtCO2e
Gas Usage Emissions: 0.08 mtCO2e (Preoffset)
7.23
Category 1 – Purchased Goods and Services
emissions: 7.23 mtCO2e
Category 4 – Upstream transportation and
distribution: 0 mtCO2e
Category 5 – Waste generated in operations:
0 mtCO2e
Category 6 – Business Travel emissions: 2.73
mtCO2e
Category 7 – Employee Commuting
emissions: 0 mtCO2e
Category 9 – Downstream transportation and
distribution: 0 mtCO2e
40
2. Emissions Reduction Targets
To continue our progress to achieving Net Zero, Tour De Force Advisors has adopted the following carbon reduction targets that apply to all of its operations. It will implement a phased approach, through intermediate targets, to achieve the main objective. To continue our progress to remove or reduce emissions from our business activities, we have adopted the following carbon reduction targets, against a 2020 baseline:
25% (0.103 tCO2e) reduction in GHG emissions (Scope 2) per full-time employee by the end of 2025. We expect to achieve this target, through emissions reduction activities and procuring renewable energy or onsite generation.
60% (335.75 tCO2e) reduction in Scope 3 emissions per full-time employee by the end of 2027. This will be delivered through a phased supply chain approach, working with key suppliers on carbon reduction activities.
Data taken from our 2022 carbon emissions suggest we are on track to meet our targets towards Net Zero and are working towards the target tCO2 level within Figure 1 to achieve our 2027 targets.
Tour De Force Advisors is purchasing carbon offsets that deliver social value to balance carbon emissions, however science-based targets (“SBT”) do not allow carbon offsets to achieve targets. During Tour De Force Advisors’ transition to Net Zero, we will continue to compensate our emissions which Tour De Force Advisors has done since 2020. Figure 1: Forecasted view with no action vs our target plan
3.1 Science Based Targets
Tour De Force Advisors has signed up to SBTs with a commitment to be Net Zero by 2030. The SBT initiative is a collaboration between the Carbon Disclosure Project, the United Nations Global Compact, World Resources Institute and the Worldwide Fund for Nature. As part of this commitment, Tour De Force Advisors will be reporting on its carbon output annually and using data to drive initiatives internally and with key suppliers.
This is a necessary step and pledge to meet the goals of the Paris Agreement – limiting global warming and supporting efforts to limit warming to 1.5°C. These targets provide a clearly defined pathway for Tour De Force Advisors to monitor reduction in GHG. 9 of 12
3. Carbon Reduction Projects
4.1 Completed Carbon Reduction Initiatives
Tour De Force Advisors strives to continue to progress from the point the baseline was set and
implement sustainable practices as part of the working environment post-pandemic. The following
environmental management measures and projects have been completed or implemented since
the 2020 baseline. It has:
• Implemented the Cycle to work scheme: Tour De Force Advisors offers and actively
promotes a cycle to work scheme for all employees, encouraging them to use green methods of
transportation into the office
• Encouraged office best practice: Tour De Force Advisors has already taken steps to
ensure its head office is as sustainable as possible. The energy used in our head office is from a
renewable energy provider and we have taken steps in the office to reduce carbon output such
as use of energy efficient light bulbs, food waste reuse, waste recycling and so on
• Obtained B-Corp Certification: Tour De Force Advisors obtained B-Corp status in 2022.,
has also gained . B Corp Certification is a designation that a business is meeting high standards
of verified performance, accountability, and transparency on factors from employee benefits and
charitable giving to supply chain practices and input materials. Tour De Force Advisors has also
signed up for SBTi.
• Introduced an Electric Tusker car scheme for all employees to encourage the use of
greener methods of travel. Our office also has charging points to further encourage the use of
greener travel.
4.2 Travel Policy
Tour De Force Advisors’ travel policy was reviewed in 2022 to be relaunched in 2023, alongside
a new online travel booking tool with inbuilt CO2 reporting and promoted eco-hotel options.
Among other things, the policy will promote the use of green transport methods include
consideration of the following preferences in relation to modes of transport and overnight stays:
1. Flying – if a flight must be taken, Tour De Force Advisors will have a list of preferred airlines
with the youngest fleet/best carbon reduction initiatives; no connecting flights (unless
unavoidable)
2. Rental cars will be limited to EVs (if available)
3. Hotels – travel provider certified eco-hotels will be Tour De Force Advisors preferred
choice
4. Ride Share will be limited to EVs (if available)
4.3 Renewable Electricity and Energy Efficiency
Where Tour De Force Advisors has direct control of contracts, the procurement of electricity consumed is from renewable sources, resulting in very little Scope 2 emissions. Tour De Force Advisors will continue to look at ways of working with its landlord to reduce energy consumption within the head office building. This includes exploring additional initiatives such as energy lights switching off when not in use more frequently, optimizing the use of office lighting by encouraging people to sit in the same area so that light/heating can be switched off in parts of the building that are unused or under-utilized from day-to-day. Additionally, Tour De Force Advisors ensures all office equipment purchased is energy-efficient, working closely with its IT managed service provider.
4.4 Carbon Offset Initiatives
Tour De Force Advisors has purchased carbon offsets for GHG emissions to neutralize the impact of its carbon emissions whilst also ensuring we invest in offsets that focus on supporting worthwhile initiatives. By offsetting the GHG emissions, this results in no net effect on the amount of GHG emissions in the atmosphere. Tour De Force Advisors is committed to continuing to invest in initiatives such as these, as well as carbon capture technology to ensure further benefit is delivered beyond offsetting carbon emissions. Tour De Force Advisors has also undertaken a self-certification developing a Qualifying Explanatory Statement in support of PAS 2060:2014.
4.5 Supplier Initiatives
We are committed to take a long-term approach to carbon reduction and sustainability and the only way to do this is to work with key stakeholders in the supply base. This will support suppliers to reduce emissions and to work with Tour De Force Advisors to become more sustainable. There are already pledges of this kind in our Environment Policy, to encourage model behavior from our supplier base.
4.6 Future Initiatives
As part of the future ways of working strategy, Tour De Force Advisors is actively exploring opportunities to deliver a reduction in its carbon footprint. This will include internal opportunity identification and working externally with direct and indirect supply chains to deliver further reductions. Additionally, with more staff working from home Tour De Force Advisors are exploring further initiatives to support the reduction of carbon emissions and the energy used at home.
4. Declaration and Sign Off
This Carbon Reduction Plan has been completed in accordance with the government’s Procurement Policy Note 06/21 and associated guidance together with reporting standards for Carbon Reduction Plans.
Emissions have been reported and recorded in accordance with the published reporting standard for Carbon Reduction Plans and the GHG Reporting Protocol corporate standard using the appropriate Government emission conversion factors for GHG company reporting.
Scope 1 and Scope 2 emissions have been reported in accordance with Streamlined Energy and Carbon Reporting requirements, and the required subset of Scope 3 emissions have been reported in accordance with the published reporting standard for CRPs and the Corporate Value Chain (Scope 3) Standard.
This plan has been reviewed and signed off on behalf of the board of Tour De Force Advisors, registered company number 04018096, by: Tom Lu Managing Director, Tour De Force Advisors, Inc. Date:
November, 2024 Confidentiality Disclaimer