Renewable

July 29 (Renewables Now) - Moody's Corporation (NYSE:MCO), the US holding company for credit rating agency Moody's Investors Service, on Tuesday announced plans to source 100% of the power for its global operations from renewables.

As of 2019, renewable energy accounted for 11% of the company's global power usage, including 100% renewable power for its offices in London, Frankfurt and Edinburgh. Moody's plans to increase its contracts for renewable power with utilities where possible and buy unbundled renewable energy certificates in order to reach 100% renewable power for its worldwide operations, starting in 2020.

After achieving carbon neutrality for the first time in 2019, Moody's plans to retroactively offset its greenhouse gas emissions for the period between September 2000 and December 2018. The company intends to achieve this by 2040 by buying verified carbon offsets.

According to targets validated in July by the Science Based Targets initiative, Moody's plans to lower absolute scope 1 and scope 2 greenhouse gas emissions by 50% by 2030 from 2019 levels. Absolute scope 3 greenhouse gas emissions fuel and energy related activities, business travel and employee commuting will be reduced by 15% by 2025 from 2019 levels. In addition, 60% of the company's suppliers by spend are expected to have science based targets by 2025.

Overall, Moody's aims at reaching net-zero emissions by 2050.

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