Mercedes races towards net zero finish line

By Finance News On Jul 19, 2024

The Mercedes Formula One (F1) team has achieved significant reductions in emissions with ambitious targets for the future, according to its sustainability report.

Their sustainability report details a 10% overall reduction in 2023, as compared to 2022.

According to the report, they achieved 6,695t CO2e reduction in business travel and a 67% reduction in emissions through the use of HVO100 (Hydrotreated Vegetable Oil) fuel.

They have also maintained 100% renewable electricity through the purchase of REGOs.

Alice Ashpitel, Head of Sustainability said: ‘Being sustainable doesn’t have to mean compromise; sustainability and performance are inextricably linked and Formula One is the perfect test lab for innovations needed to address some of the biggest environmental challenges facing the world today.’

The company also encourages its employees to car share to and from their Brackley Campus, located in West Northamptonshire. In the last year, 5,650 journeys were shared between employees.

Toto Wolff, Team Principal and CEO said: ‘Our ambition is to become one of the most sustainable global professional sports teams.

‘It’s a long-term goal but an important one; we set ourselves big challenges and recognise that it will take all of us to get there.’

They have also made improvements in the social and governance aspects of their business including hiring from under-represented groups and reducing the gender gap.