Global financial technology company Intuit has pledged to reach net-zero greenhouse gas (GHG) across its value chain by 2040.
In addition, the company — which is comprised of TurboTax, Credit Karma, QuickBooks and Mailchimp — aims to reduce its Scope 1 and 2 emissions by 40pc by fiscal year 2030, compared with a 2022 baseline, and 90pc by 2040. The company said its goals, which have been validated by the UN-backed Science Based Targets initiative, are in line with the Paris climate agreement.
Intuit said it will meet the goals by reducing emissions across all businesses, investing in renewable energy for facilities, working with suppliers, and by "neutralizing" any residual emissions.
The company did not immediately respond to a request for comment on whether its plans include buying carbon offsets.
The company achieved 100pc renewable energy use in 2020, 10 years ahead of schedule, and is now working to use zero-emissions electricity on a 24/7 basis. It is developing a plan to use around-the-clock renewable energy sourcing at its Mountain View and San Diego, California, campuses, which account for more than a third of the company's global electricity usage.
That shift could be complicated. The previous goal only required that Intuit buy power from renewables to match, rather than directly supply, its electricity needs. The company then retires a sufficient number of renewable energy certificates (RECs) to cover the company's overall electricity use. But this approach means the company's facilities sometimes draw their actual electricity from non-renewable resources, such as when wind or solar capacity is not available on the local grid.
In addition, the company wants 80pc of its suppliers to set science-based GHG targets by 2027. Intuit also plans to reduce its Scope 3 emissions intensity by 97pc in relation to gross profit by 2040.
Scope 1 emissions come from direct operations, Scope 2 from electricity usage, and Scope 3 from a company's supply chain.
