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Eaton Vance steps into carbon neutrality

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By Reed MontagueESG Research Analyst, Calvert Research and Management

Washington - For the first time in its history, Eaton Vance made commitments this year to offset its 2019 carbon emissions - an indicator of an ongoing commitment to the environment and corporate responsibility.

Eaton Vance examined its greenhouse gas (GHG) emissions across the firm and for each of its locations. Carbon emissions totaled 11,243 metric tons across its office electricity use, business travel and employee commuting. The breakdown was 52% for its global office energy footprint, 39% for business travel and 9% for employee commuting.

Also evaluated were three types of carbon emissions tracked by the EPA, based on Scope 1 (direct emissions from fossil fuel combustion), Scope 2 (indirect emissions from electricity purchased and used in offices) and Scope 3 (emissions from business travel and employee commuting).

When combined, the company's total emissions amount is equivalent to GHG emissions from 2,429 passenger vehicles driven for one year, 1,297 energy homes for one year, 149 tankers filled with gasoline or 1,433,844,774 smartphones charged for a year.1

At Calvert Research and Management, a subsidiary of Eaton Vance, we led efforts to support Eaton Vance in this process. It had already achieved carbon neutral status for its office energy use, business travel and employee commutes for 2018 and 2019.

Once the totals were identified, Eaton Vance chose to partner with Carbonfund.org to neutralize its carbon emissions. As part of this effort, it is offsetting its GHG emissions by supporting the Envira Amazonia Tropical Rainforest Conservation Project, which covers approximately 490,000 acres of pristine rainforest in Brazil and the Amazon River Basin, an area long referred to as the "Earth's lungs." The project intends to mitigate more than 12.5 million tons of carbon dioxide-equivalent emissions, while preserving local habitat, as it seeks to create a more sustainable future.

Bottom line: Eaton Vance is committed to carbon neutrality and is pleased to be able to demonstrate its commitment to the environment, sustainability and corporate social responsibility. Furthermore, it plans to continue to evaluate its current business practices and policies to reduce its annual GHG emissions. The company also encourages other firms to step up their own environmental practices by offsetting carbon emissions and taking other actions to support the environment and sustainability.