We are one of the first organisations to adopt The Oxford Principles for Net Zero Aligned Carbon Offsetting, published in September 2020. The principles set out best practice approaches to carbon offsetting and sequestration. As well as adopting these principles to support our business, they will also be built into our carbon emissions offset venture with OxCarbon (a University of Oxford spin-out), Kumi Analytics and The Global Mangrove Trust.
As part of our carbon ambitions, we look to this project to enhance our climate goals, while also providing additional liquidity to the venture. We are also committed to looking at reducing energy, how we will procure renewable energy and changing travel necessity, making investments and changing policies as needed.
We are committed to becoming carbon neutral as a business by 2022, in line with the UK’s target to be ‘Net Zero’ by 2050.
Our collaboration with the Smith School of Enterprise and the Environment, Oxford University (where we sponsor a research program on Environmental Sustainability), to support the launch of a spin-out entity, OxCarbon, to offer commercial services in the carbon offset market.
This is a component of a broader initiative to create an innovative way to lower the cost of verifying carbon credits using satellite data and AI, with OxCarbon publishing the information about the credit to ensure transparency. Marex provided the connectivity between the satellite data provider, the analytics component and OxCarbon. Marex will seed a number of projects to create carbon credits by maintaining or adding new mangrove swamps in South East Asia through the support of Global Mangrove Trust, a Singapore-based NGO. Advanced AI/ML-techniques to estimate carbon sequestration from high-resolution satellite data will be validated through the scrutiny of the academic peer-review community, facilitated by OxCarbon. This is part of our ambition to become carbon neutral by 2022.