Our key focus is on reducing the greenhouse gas emissions and group activities that will support us on our energy transition.
Sustainability is firmly built into our DNA
Across everything we do, in every assignment we undertake, we remain committed to the ethos of our founder. In 1915 Sir Harry Ricardo, one of the most innovative engineers of his time, set out on a mission to ‘maximise efficiency and eliminate waste’.
Our journey to addressing climate change
At Ricardo, we deliver commercial solutions that support our clients in achieving their sustainable strategies. We are also firmly committed to lead by example on our own Environmental, Social and Governance (ESG) commitments.
Climate change is pivotal to our thinking and to the Group’s strategy. Today, Ricardo already measures and discloses elements of its impact on the environment, by greenhouse gas emissions inventory reporting, and we have gone further this year to include scope 3 for FY 2021/22.
We operationalise principles of the UN Global Compact and in October 2021 we formally committed to the Science Based Targets Initiative (SBTi) stating our commitments to reduce absolute scope 1 and 2 greenhouse gas emissions 46.2% by FY2030/31 from a FY2019/20 base year; To increase annual sourcing of renewable electricity from 74% to 90% by FY2025/26 and to reduce absolute scope 3 greenhouse gas emissions 27.5% by FY2030/31.
Scope 3 emissions have been measured and verified for the first time in FY 2021/22 and we have already achieved a 44% reduction in scope 1 and 2.
Our work for clients
Ricardo is in a unique position of offering solutions to carbon reduction and technical expertise, as well as being at the crossroads of science, technology, regulations and implementation. Through our extensive product and project work, we are the trusted policy, strategy and technology advisor to global clients drawn from national, devolved, regional and local governments, NGOs, industry associations, and multi-national private sector corporations.
United Nations sustainable development goals
We recognise and support the United Nations Sustainable Development Goals (UN SDGs). Of the 17 goals we maintain eight which align to our core activities,. Stakeholders with whom we engage include: international governments, private sector corporate businesses, local communities, industry sectors, our employees, customers and academic institutions and organisations.
Environmental, Social and Governance (ESG)
Our sustainability framework is set against the Global Reporting Initiative (GRI) and Sustainable Accounting Standards Board (SASB) where we have aligned our ESG disclosures and identified areas for improvement . We recognise the collaborative work of International Sustainability Standards Board (ISSB) and European Financial Reporting Advisory Group (EFRAG). Read more
We focus on our people, the social value we contribute to our communities and customers and our wider supply chain.
Ensuring more aligned levels of governance to ensure that all aspects of the business contribute to our net zero journey.
Our social value
Through community support and our STEM programme, we deliver social value, which is important to our customers, our current and future employees and the global communities we serve.
Diversity equity and inclusion
We are passionate about creating a Ricardo where differences are valued and celebrated, where we feel we belong, and where we have opportunities to fulfill our potential.
We are committed to delivering regular activities and events that ensure that the mental and physical wellness of our colleagues along with their safety remains our number one priority.
We believe it is important to make a contribution towards our local and global community, not only through our advice, services and products but also through our own actions.
Our partnerships and commitments
Ricardo is a supporter of, works with, or is a signatory of the following organisations or global initiatives which reflect our commitments to ESG.