We can influence action on climate change and encourage the transition to a decarbonised economy with our underwriting but we also need to lead by example by reducing our own Green House Gas (GHG) emissions.
Our carbon emissions for 2022 are as follows:
Insert carbon emissions table 5.4.2 from the TCFD report
The methodology behind our GHG emission calculations can be read in our GHG methodology document
Beazley sources renewable energy for the electricity used in our offices. In 2022 53% of the energy used in our offices came from renewable sources and we continue to work to improve this percentage. The contribution of renewable energy to our overall energy consumption is lower than the 65.55% saving achieved in 2021. This is because we were reporting energy arising from both our new and old London offices whilst in the process of relocating.
Supporting the transition to net zero is a key corporate goal for us. We are working hard on our transition plan, which is focus on three key areas of underwriting, investments and operations. The plan will enable us to align with the standards set by Net Zero Insurance Alliance (NZIA) and Science Based Targets Initiatives.
Beyond carbon emissions, our biggest area of environmental impact is from our office space. We want our offices to be collaborative and flexible and we also have a policy of activity based working (ABW), introduced in 2019, which empowers our team to work in the most productive location with energy efficient and flexible IT provided.
In 2022 our London office used 1,013m3 of drinking water. This is an increase on the 305m3 used in 2021, due to lower office occupancy rates during COVID-19.
And in 2022, Beazley's London office achieved a recycling rate of 59% as 6.58 tonnes of waste was recycled across multiple waste streams.
To help colleagues play their part in the transition, we want to build awareness of climate issues and highlight practical steps our colleagues can take. Our Environmental Working Group runs initiatives across the year to keep our team up to speed and these include:
Plastic free July which encourages a reduction in single use plastic or our Digital Waste Campaign which shows how our digital lives generate carbon emissions and provides practical tips for reductions.