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In 2024, we achieved a significant milestone - 100% of the electricity for our global operations is now generated from renewable sources, a full year ahead of our original target. Acknowledging the news, Ollie Wilson, Head of RE100, Climate Group said: “Reaching 100% renewable electricity use across a company's entire operations is a huge achievement that requires strategy and investment. We're delighted to celebrate Schroders meeting their RE100 target, and look forward to continued collaboration with them in pursuit of zero carbon grids globally”
What is RE100 and what is our commitment?
Climate Group RE100 is a global corporate renewable energy initiative bringing together large and ambitious businesses committed to sourcing 100% of their electricity from renewable sources. It provides the stringent technical criteria for procuring renewable electricity to make credible renewable electricity claims. RE100 members are also required to establish time-bound targets for transitioning to renewable electricity and publicly report their progress via the CDP climate questionnaire. This progress is validated by RE100 annually.
Schroders joined RE100 in 2019, reaffirming our commitment to our operational climate strategy. This focuses on reducing our environmental impact by setting science-based emissions reduction targets and transitioning to low-carbon sources of energy. Membership provides access to resources and supports policy engagement to improve market access to renewables.
Electricity usage by our global offices’ accounts for roughly 80% of our operational greenhouse gas emissions1. Therefore, we have formally pledged to source 100% of our electricity from renewable sources for all owned and leased offices worldwide by 2025.
How have we achieved our target?
In 2024, we achieved 100% renewable electricity for our global operations (up from 98% in 2023), this relates to Schroders’ more than 70 global owned and leased offices. This accomplishment was achieved one year before our committed target date of 2025. Most of our renewable electricity consumption came from purchasing renewable electricity directly from suppliers, where the sources are known and verified. The 2% improvement was primarily achieved by negotiating access to energy attribute certificates (EACs ) in markets where they were previously unavailable. It’s worth noting that regional challenges persist in sourcing renewable electricity in some markets, but these regions now account for only 0.7% of Schroders’ total electricity footprint, which in line with RE100 guidance, can be excluded from the reporting boundary.
Tell us more about the Horsham solar project?
To support our renewable electricity target, in 2024, we completed a landmark sustainability investment at the Schroders Campus in Horsham, UK. This included the installation of 2,606 solar photovoltaic panels, which are projected to generate approximately 1.13 GWh per year – supplying nearly 25% of the campus’ annual electricity needs. Powered by the solar panels, we also installed 58 electric vehicle charging stations to support our employees’ transition to low-carbon transport options.
We set a number of sustainability targets for the construction phase of the project, which achieved a recycling rate of over 90%, sent zero waste to landfill, and maintained ISO 14001 Environmental Management System (EMS) standards. The greenhouse gas emissions savings for the lifetime of the panels, is estimated to be about 3,900 tCO2e2. That’s equivalent to 85% of Schroders’ annual office electricity use globally.
Our Schroders Campus is close to a biodiversity sensitive area, the Warnham Site of Special Scientific Interest (SSSI). The project set a Biodiversity Net Gain (BNG) target of a 10% increase in local biodiversity following the installation of the solar panel system. The project achieved a net gain of approximately 12.8%, due to biodiversity surveys which aim to preserve native fauna and flora, as well as initiatives such as installing bat and bird boxes and creating specific habitats .
What next?
We are aiming to maintain 100% renewable electricity procurement on an annual basis, which is more difficult than it sounds. The availability of renewable electricity is not consistent across all the markets where we operate. In addition, changes to the RE100 technical criteria can present challenges. However, we remain committed to sourcing 100% renewable electricity each year and doing what we can to increase the share of electricity sourced through more direct methods, where possible. We’re committed to robust and credible renewable electricity sourcing as part of our operational climate commitments.
Read more on our progress in our climate report here: Schroders - Climate Report 2024
- This includes Scope 1 emissions (our direct GHG emissions from sources owned or controlled by the company, such as emissions from gas, oil and company vehicles) and Scope 2 emissions (our indirect GHG emissions from sources owned or controlled by the company, such as emissions from consumption of purchased electricity, heat or steam.
- This is estimated based on the carbon intensity of the UK’s 2022 national electricity grid.
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