TAM reduces carbon footprint with offsetting initiatives
The group has partnered with Carbon Footprint, the Quality Assurance Standard approved provider of carbon footprint calculators, to allow its General Investment Account (GIA) and ISA investors to offset their personal carbon footprint for each year they are invested with TAM with the launch of the Client Carbon Footprint Commitment.
The average carbon footprint for an individual in the UK is currently 6.5 tonnes per year, which to offset currently costs around £58.50, according to Carbon Footprint. Therefore, on a client’s behalf, TAM will purchase the credits to offset their average annual footprint through the Verified Carbon Standard (VCS) Global Portfolio project. This invests in a mix of high-quality VCS projects from across the globe, with a particular focus on supporting developing nations.
Clients will receive a personalised certificate each year to illustrate the positive impact their commitment has made to the environment.
Furthermore, TAM has become a certified Carbon Neutral Plus Organisation, offsetting an additional 25% of their carbon footprint. Carbon Footprint independently audited the investment manager’s annual carbon emissions, and offset these by supporting the Verified Carbon Standard (VCS) approved tree planting projects in the UK and reforestation projects in South America. For every tree planted, a tonne of carbon will also be saved in the Brazilian Amazon, TAM said in a statement.
Lester Petch, chief executive officer at TAM Asset Management, commented: “We understand the importance of tackling climate change and sustaining our environment for future generations – a key concern we share with our client base. As investors, it is critical we become part of the solution, and achieving carbon neutrality is pivotal to accomplishing this mission. While we are honoured to be one of the first discretionary fund managers to be awarded Carbon Neutral Plus status, we hope this sets a precedent and encourages other key players in our industry to follow suit.
“As for our new client-facing carbon offsetting initiative, we are hugely excited to empower clients to contribute meaningfully towards mitigating global warming. They have shown a growing appetite to reduce the impact of their investments on the environment.”