Alfa’s climate targets validated by the SBTi
Alfa, provider of Alfa Systems, the class-leading software platform for asset finance, has announced it has received validation for its science-based targets and reaffirmed its commitment to achieve net-zero emissions by 2030.
The Science Based Targets initiative (SBTi) validated Alfa’s submission via the SME route, ensuring that targets are aligned with restricting an increase in global temperatures to 1.5ºC. Alfa has committed to:
- Reducing Scope 1 and Scope 2 emissions by 42% by 2030 compared with 2022; and
- Measuring and reducing Scope 3 emissions.
While these represent the minimum requirements for SBTi submission, Alfa intends to progress even further by committing to a long-term net-zero target. Considering both the short and the long term, Alfa will:
- Reduce all Scope 1, 2 and 3 emissions by 90% by 2050 compared with 2022; and
- Neutralize any remaining unabated emissions through permanent carbon removal and storage, once achieving the long-term target.
Duncan Magrath, Chief Financial Officer at Alfa, is delighted with this confirmation and taking this important step on the company’s net-zero journey:
"Climate change is important to us as a company, as individuals, and to our customers. We need to do as much as we possibly can to reduce emissions. Our commitment to reach net zero by 2050 will focus us all on making progress and achieving positive results in key areas. We have already made great strides with particular initiatives, such as replacing our company car scheme with a salary sacrifice alternative that offers reduced-emissions vehicles. We have introduced a new supplier onboarding process which applies ESG standards, and we are highly conscious of the impact of our business travel and choosing this only when necessary and in the most environmentally friendly ways. There is much more to do, but there is passion and energy for these things in all corners of Alfa, all around the world.”
"Today, Alfa joins the growing list of companies with science-based targets consistent with limiting global warming to 1.5°C,” said Luiz Amaral, Chief Executive Officer of the Science Based Targets initiative. “We now need more corporate actors to set ambitious targets like Alfa.”
Alfa also benefits from vibrant Employee Resource Groups, which include Environmental Impact and Social Impact teams in all regions. Colleagues bring effective carbon-reducing ideas to the company, then drive their implementation.
Using 2022 as a base year, Alfa will report regularly and transparently on the progress of its emissions targets, enhancing its greenhouse gas emissions reporting along the way.
The Alfa Systems software platform is continually enhanced to address the industry’s green challenges and opportunities. For example, Alfa has recently launched new functionality that allows providers of equipment and automotive finance to track and report on their operations’ Scope 3 greenhouse gas emissions. Meanwhile, Alfa is working closely with its clients, large and small, to support their transition to EVs, usage-based pricing and more sustainable financing business models; as well as practicing responsible development.
Find Alfa on the SBTi’s Companies Taking Action page.
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About the SBTi
The Science Based Targets initiative is a global body driving ambitious corporate climate action by enabling businesses and financial institutions globally to set science-based greenhouse gas emissions reduction targets.
Its goal is to enable companies worldwide to do what climate science requires of the global economy: to halve emissions by 2030 and achieve net-zero before 2050.
The initiative was formed as a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI), the World Wide Fund for Nature (WWF) and the We Mean Business Coalition.
About Alfa
Alfa has been delivering systems and consultancy services to the global asset and automotive finance industry since 1990.
Our best practice methodologies and specialized knowledge of asset finance mean that we deliver the largest and most complex systems transformation projects. With an excellent delivery history of more than three decades in the industry, Alfa’s track record is unrivalled.
Alfa Systems, our class-leading technology platform, is the heart and lungs of some of the world’s largest and most progressive asset finance providers. Satisfying leasing software requirements of all sizes, the cloud-native Alfa Systems represents an integrated point solution, a rapid off-the-shelf implementation, or an end-to-end platform for the complex global enterprise.
Alfa Systems supports both retail and corporate business for equipment, automotive, wholesale and dealer finance, including originations, servicing and collections. It manages both high-volume transactions and complex leases and loans, in any region, language and currency. Fully extensible and providing real-time insights, integrated workflow and business rules, alongside business decisions driven by machine learning, the opportunities that Alfa Systems presents to asset finance companies are clear and compelling.
With over 30 current clients and 38 countries served, Alfa has offices all over Europe, Australasia and the Americas. For more information, visit us at alfasystems.com or on LinkedIn.