We recognise our responsibility to minimise our impact on the planet and are taking real action.
Whilst we are not a large emitter of greenhouse gases, we are responding to our stakeholder demands as a responsible business to reduce our impact and have set long-term targets to do this.
Our Sustainable Studios programme, aimed at supporting our studios in their efforts to minimise greenhouse gas emissions and reduce environmental impact, has started to roll out a number of initiatives focused on implementing the Group's Environmental Policy guidelines on energy consumption and waste reduction. Amongst these, based on the information gathered in our first Group-wide environmental assessment of all studios, which showed a good level of adherence to best practices across many studios, the highest priority has been given to switching to renewable energy sources wherever possible.
In several countries, including Spain, Japan, Australia, the UK and Italy, most studios are now on 100% renewable electricity, and the USA and Canada also are increasing the percentage of energy conversions.
We recognise that significantly reducing our carbon emissions will take time and that the plans will need to evolve and adapt in the future in response to both challenges as well as new opportunities. Therefore, in the path to reaching our goal of achieving net zero carbon emissions ahead of 2050, we have built a transition plan with near-term actions to 2025 aligned with the longer-term target of reducing by 50% our carbon emission intensity ratio by 2030 (tonnes of CO2e per revenue €m).
While our business travel footprint has increased after the hiatus during the COVID-19 pandemic emergency, thanks to our increased usage of collaborative tools such as video conferencing and remote work, it has been kept proportionally low, in line with our stated objectives.
Keywords has been offsetting any reported emissions where it is not operationally possible to eliminate them completely. In 2023, Keywords continued to offset our operational carbon impact through purchasing credits in respect of its 2022 emissions, from the Ntakata REDD+ project in Tanzania, chosen by our employees, which helps to limit deforestation.
Developments in our Sustainable Studios initiative have focused on driving our environmental commitment forward and helped to ensure we have maintained the levels of emissions efficiency established during the pandemic. These initiatives will continue to develop the Group’s sustainability by identifying practical changes that we can implement and measure against targets.