Today, we release our first Impact Report as part of our commitment to report on our impact progress as a business. Along with sharing what we have achieved during the reporting year we have also taken the decision, as a Partnership, to declare a Climate Emergency.
This follows on from our earlier support for the letter published in The Times (23 April 2019) where we, with 20 other businesses, declared our support for the Extinction Rebellion agenda focused on tackling the growing climate crisis. We believe as a business that we have a responsibility to do whatever we can to safeguard our common future.
As a private wealth manager, we have a unique opportunity to demonstrate that investing through the lens of positive, sustainable impact is not only achievable, it is ultimately beneficial for all involved. It is clear that more of this thinking and approach to investment is needed. That is why we have chosen to highlight our carbon equivalent footprint looking across the assets we manage alongside our financial performance in our impact report. We don’t yet have complete data coverage. With the current data available we are able to cover 56% of all assets under management. Data coverage is an ongoing challenge many of us in finance face. However, whilst there is no uniformly accepted methodology for assessing alignment with the Paris Climate Accord, there are ways in which the financial community can better understand not just the financial risks associated with climate breakdown but the absolute nature of the greenhouse gases (reported as carbon equivalency) we all have embedded in our investment activities. From this we can then better understand how we help or hinder our ability to deliver the Paris Agreement and beyond. We know our methodology outlined in the Report is overly simple which is why we have recently signed up to the Science Based Targets initiative. This commitment ensures that we can work with and inform a universal methodology for the financial services industry on the measurement of carbon and other greenhouse gases. Meanwhile, our story is positive. We draw your attention to pages 9 and 10 of the Report. Given the assumptions and the caveats outlined in the report, we want to share the news that the Tribe is supporting the delivery of the Paris Climate Accord at a 1.5 degree scenario. It’s a powerful showcase of what is possible when you challenge the status quo and lead with mission. But this is not enough. We must go below the 1.5 degree scenario. We are committed to doing this.
In declaring our Climate Emergency and releasing our Impact Report, we are holding ourselves to be Net Zero across Scope 1, 2 and 3 emissions by 2025. This is significant for a wealth manager, even one such as ourselves, but we are resolutely committed to running our business responsibly and delivering our mission as an impact wealth manager. As we grow as a business we will continue to reduce, manage and offset all measurable carbon emissions at Tribe. We are calling on other asset and wealth managers to follow our lead.