LONDON--(BUSINESS WIRE)--Tide, the leading digital business financial platform, has called for UK businesses to kickstart a global carbon removal movement by taking full advantage of underutilised marketplaces to deliver Net Zero.
Last month, Tide became the first fintech in the world to remove 100% of its emissions with durable carbon removal. Tide believes Carbon Removal is one of the most effective ways to make an immediate impact, alongside long-term plans to reduce carbon emissions. New research shows around 1,300 times more carbon dioxide removal from new technologies is needed by 2050 to limit temperature rises to 2C.
Carbon Removal forms part of Tide’s three pledges to become fully Net Zero by 2030 and support its SME members on their own journeys.Tide removed its emissions by purchasing 3,711 tonnes of durable biochar removal through the carbon removal platform, Supercritical.
These 3,711 tonnes sequester (store) carbon dioxide and greenhouse gas emissions in a chemical reaction and store it away for the long term (100+ years). The IPCC reports that biochar is one of the safest, fastest and most durable ways to draw down and store carbon.
Tide’s purchases can be viewed on CDR.fyi, the largest open registry on high-permanence carbon removal, ensuring transparency. According to the CDR.fyi registry, Tide’s biochar purchase makes it one of the top 20 carbon removal buyers in the world and the first fintech globally to do this.
Ian Sutherland, CFO and Head of Net Zero, Tide said: “Saving the planet requires immediate collective action from all businesses. Our own Net Zero journey has highlighted durable carbon removals as an instant and effective way for businesses to manage their carbon emissions. To unlock a more sustainable future faster, we're urging all UK businesses to kickstart a global carbon removal movement by taking full advantage of the innovative, yet underutilised marketplaces.”
Tide worked with Carbon Footprint Ltd to verify its carbon footprint assessment and supporting evidence ahead of making its three pledges. To help others, Tide is a member of Bankers for Net Zero, alongside IcebreakerOne, a non-profit which is developing ‘Project Perseus’, a UK government-backed solution to create rapidly scalable, low-effort, low-friction sustainability reporting. This aims to help unlock access to capital by automating GHG reporting for SMEs and creating a common framework for operational delivery.