Progressive Investment Management Carbon Offset Program
Progressive Investment Management, a leader in environmental and social investing, voted to extend their commitment through a Carbon Offset Program. The company’s innovative solution to mitigating CO2 emissions from their travel won a BEST Award for transportation alternatives.
A Conscientious Company
Since 1982, Progressive Investment Management has helped clients invest in “clean,” conscious companies, including Portfolio 21, a global mutual fund investing in sustainability. But it wanted to do even more for the environment. Staff agreed to target the company’s two largest environmental impacts: paper (to support sustainable forestry and the recycling industry), and travel and related emissions (to reduce climate change and global warming).
Saving Paper, Saving Trees
Due to federal reporting laws, the company must use more paper than it would like. However, staff have redesigned reports and bought new machines that facilitate double-sided and “used paper” printing.
Focus on Travel
Travel impacts required a different approach. Staff recognizes that some travel — to clients and conferences — is essential. But also they know they can travel less and “cleaner.” Already, they’ve taken some of the usual routes: increasing the use of phone- and video-conferencing, and incenting less polluting travel forms. Certainly, those are effective.
The Breakthrough
But their real innovation is the Carbon Offset Program. The ten full-time employees decided to charge themselves to pay for carbon offsets — measures that mitigate the carbon emissions caused by their own commuting and work-related travel, and electricity used in the company’s offices in Portland, Eugene, Seattle, and Wisconsin. One employee actually includes his own personal travel. Their funding source? Deductions from their annual bonuses.
Analysis Yields Info — and Surprises
Research Analyst Indigo Teiwes-Cain calculated the volume and environmental costs of the greenhouse gases each person’s work-related activities produce per year. The total cost of purchasing offsets was much less than anticipated. So, the staff decided to increase that tenfold, and even included voluntary personal mitigation. The total expense was $7,500 in 2000.
Where the Money Goes
They decided to use the money to support local projects that reduce CO2 emissions and increase public awareness.
They bought $5,000 shares worth of offsets in The Climate Trust’s Northwest Wind Project, which funds wind energy developments. Employees also donated $2,500 to PGE’s Solar for Schools program to install a solar electric system at North Clackamas High School. The company is the program’s leading corporate donor.
Doing Even More
This is just a start. The company will review and adapt the Carbon Offset Program each year; already, they plan to continue to reduce travel and to offset greenhouse gas emissions associated with their natural-gas HVAC systems. In addition, staff recommends the program to other, like-minded businesses, and they work with The Climate Trust to develop options for other small companies. Finally, they will buy more “green” power when it becomes available.
“By no means do we claim to be a completely sustainable company,
