XTX Markets was one of the first companies to introduce a carbon removal programme for employees as part of our recently released climate pledges.
To meet the IPPC’s 1.5C scenario, the emerging consensus is that carbon capture and storage (CCS) needs to increase from around 40 million tonnes of CO2 in 2020 to 1 billion tonnes in 2030, then 10 billion tonnes in 2050.
The market for carbon removal needs to grow by 25 times by 2030. XTX will support this goal by purchasing CCS credits that help to accelerate the market and bring down the cost curve. XTX is focusing on projects that have scientifically valid methods to capture atmospheric CO2 and store it durably for thousands of years. There are several promising technologies, from $100-$1,000 per tonne and we will not use low-credibility offsets, which can cost as little as $5 per tonne.
XTX has now purchased carbon dioxide removal (CDR) credits equivalent to 8,374 tonnes of CO2 (see press release here). Further details of our CDR programme available here. We plan to purchase further tranches each year.
We believe XTX is one of the first trading firms to remove its CO2 emissions and, as far as we know, the first major firm in any sector to remove household carbon emissions on behalf of employees.
XTX Markets Climate Pledges:
We recognise that net zero requires both the reduction and the removal of CO2 emissions. To this end, XTX is making four pledges:
- We pledge to avoid energy use from fossil fuels:
Our research cluster uses geothermal energy (totalling 3.8MW of renewable power) and our UK office has switched to renewable energy. We will keep working to incrementally improve on this.
- We pledge to remove all the firm’s CO2 emissions:
We pledge to remove the CO2 emitted as a result of the firm’s own assets, purchased energy use and indirect emissions (Scope 1, 2, and 3 emissions respectively).
- We pledge to remove 16t of CO2 per employee:
We pledge to remove individual XTX employees’ carbon emissions at the level of 16 tonnes of C02 per employee – an amount which is more than the average UK household will emit in a year.
- We pledge to offer support to employees who want to reduce their carbon footprint:
As well as removing CO2 on behalf of employees, we will offer further support where we can. This includes initiatives like electric vehicle lease schemes and advice on buying personal carbon credits.