Avaloq, a global leader in digital banking solutions and wealth management technology, has obtained the Climate Neutral Company label by leading international climate solutions provider South Pole and achieved its aim of sourcing 100% of its energy from renewable sources. The successful sustainability programme, highlighted in the company's first Corporate Social Responsibility report, covers the 2019 calendar year. The announcement follows a successful appraisal of Avaloq's green energy programme for 2019 by South Pole.
As part of its ongoing sustainability journey, Avaloq uses a three-step, iterative process of avoiding, reducing, and offsetting emissions as it works towards its goal of net zero emissions. This includes measures such as promoting more responsible business travel and encouraging public transport for commuting. The company takes responsibility for its unavoidable emissions by compensating the equivalent amount in carbon offsetting projects. Together, these measures have earned Avaloq the coveted South Pole Climate Neutral Company label.
Avaloq has achieved its 100% renewable energy goal by buying Energy Attribute Certificates (EACs) equal to its total MWh consumption. Each EAC is proof that one MWh of renewable energy has been generated and injected into the grid. Purchasing EACs equal to its total grid consumption means that all of Avaloq's grid-sourced electricity has come from renewable sources.
To address its unavoidable emissions, Avaloq supports the operation of a natural gas-based power plant on Jurong island in Singapore by purchasing certified carbon credits that represent its emissions. The electricity generated helps to make Singapore's national grid greener and reduce the country's projected power deficit.
In addition, the company's greenhouse gas emissions in 2019 fell by 9% compared to 2018, despite an increase in the number of employees. Looking ahead, Avaloq will continue to explore ways to reduce its emissions and increase the ambition of its reduction targets over time.
Denis Jorisch, South Pole's Regional lead in the DACH region, said: "We congratulate Avaloq on achieving climate neutrality and sourcing 100% renewable energy, and are delighted to be their dedicated sustainability partner on their climate journey. Our team has been impressed with Avaloq's pace of action and commitment to supporting the transition to net zero through certified carbon credits, while undertaking important steps to reduce their emissions."
Jürg Hunziker, Chief Executive Officer of Avaloq, stated: "Avaloq seeks to put responsible, sustainable practices at the heart of our business, and we are delighted to be able to announce that we have achieved climate neutrality for 2019. We will continue to build on our sustainability efforts and other social responsibility initiatives throughout 2020, aiming to set the bar high for CSR among the tech and wider business sector. In particular, we will keep working passionately on the transition to a net zero economy for the benefit of all our stakeholders."
Avaloq's CSR report can be downloaded here
Founded in 1985, Swiss-based Avaloq is a global leader in digital banking solutions, core banking software and wealth management technology. We provide powerful cloud computing solutions for banks and wealth managers through business process as a service (BPaaS) and software as a service (SaaS). Avaloq is the only independent banking software provider to develop and also operate its own software.
Our established core banking system is complemented by three innovative platforms – Engage, Wealth and Insight – providing end-to-end digital solutions at a level of simplicity that will pave the way for the democratization of wealth management. To further spur innovation, we connect our clients with selected fintechs through the Avaloq.one Ecosystem, our open banking marketplace.
More than 150 banks and wealth managers with around CHF 4.5 trillion in assets managed worldwide trust Avaloq for its award-winning products and services. Avaloq has its headquarters in Zurich and employs more than 2,000 people around the world.