Setting Science-Based Targets and a carbon neutral strategy
About the Client
Moody’s is an integrated global risk assessment firm focused on empowering organizations to make better decisions. With over 30 years of ESG experience, having produced over 1 million climate risk scores, and 5,000 ESG assessments, Moody’s believes that greater transparency leads to informed decisions and shared progress. Moody’s has over a century of experience in financial markets delivered by 11,400 employees spanning over 40 countries.
The challenges: Aligning operations with climate science and UN SDGs
Moody’s recognized the need for concerted action on climate change by setting ambitious emissions reduction targets in line with its global climate goals. CFO Mark Kaye places the achievement of a low carbon future and contributing to the UN SDGs as a key priority for the organization.
In order to set emissions reduction targets across Moody’s, a compressive and accurate breakdown of their global greenhouse gas inventory covering scopes 1, 2 and 3 was required. Agendi’s challenge was to quantify a full Scope 3 emissions inventory for Moody’s, including employee commuting surveys and sourcing data spanning thousands of suppliers.
The Solution: An ambitious climate action plan
Agendi led the process for Moody’s to develop its ambition into best-in-class action on climate change. Data quality was ensured by leveraging site-specific primary sources to cover Moody’s full operational footprint across scopes 1, 2, and 3 emissions. Moody’s ambitious carbon neutral target was delivered by providing a strategic roadmap which integrated 100% global renewable energy action plan, a supplier engagement program to reduce value chain emissions and quality offsets for residual emissions in its operations, business travel and employee commuting.
Based on the devised strategic roadmap, Moody’s set bold Science-Based Targets consistent with the Business Ambition for 1.5°C and achieved carbon neutrality by supporting climate projects that contribute to the UN SDGs. Moody’s also established itself as an industry leader pledging to offset their historical greenhouse gas emissions from its operations, business travel and employee commuting since becoming a public company.
Moody’s progress on these targets unlocked opportunities across disclosure frameworks such as the CDP and TCFD. Understanding that progress on ESG ambitions is a journey, Agendi continues to work with Moody’s to maintain their leadership position and push the boundaries on climate action.