BOSTON and OXFORD, United Kingdom, Oct. 18, 2022 /PRNewswire/ — RENEW Energy Partners (“RENEW”) and Manufacture 2030 (“M2030”) are announcing a new phase of their plan to help corporations and their suppliers measure, manage and reduce carbon emissions.
This collaboration is responding to the growing number of multinational companies committing to science-based carbon reduction targets. Hitting these targets in time requires cutting emissions across the entire value chain, particularly Scope 3 emissions from purchased goods and services, which are located within the supply chain.
RENEW and M2030 teamed up earlier in 2022 with Edison Energy, a global energy and sustainability firm, to create the Accelerate Auto project, a $50M fund for decarbonization efforts targeted specifically at automotive suppliers. This next phase builds on the success of Accelerate, broadening the scope of the collaboration to include all industry sectors and increasing the funding available up to $300M.
Central to the partnership is a commitment to accelerate supplier decarbonization via the M2030 Climate Action Program (CAP). Unlocking financial barriers with easier access to greenfunding, provided by RENEW, for approved capital expenditure projects, is a key driver of climate action, along with supplier training and capability building.
M2030’s industry-leading platform helps suppliers to identify what action to take, both at a manufacturing site and product level, to improve resource efficiency and reduce environmental impacts. Suppliers can build robust action plans and decarbonization roadmaps on the M2030 platform, and then RENEW can expedite funding for suppliers, offering these companies fully funded solutions to implement their roadmap more rapidly.
By combining these capabilities, RENEW and M2030 will ensure that suppliers are more likely to meet their customers sustainability targets on time and stay competitive.
“RENEW is excited to be supporting M2030 in their mission to reduce Scope 3 emissions,” said Charlie Lord, Principal and Co-Founder of RENEW. “M2030’s platform for tracking and reducing emissions provides the financial industry with the critical insights and information it needs to assess decarbonization projects. Our fully funded agreements can then make it financially compelling to move forward on these important projects.”
Martin Chilcott, Chairman and CEO of M2030, added, “We are delighted to be expanding our partnership with RENEW to help remove financial barriers to progress, dramatically reducing emissions across global supply chains. Having previously worked together on the Accelerate Auto program, we know how impactful our joint capabilities can be, and the benefits this will bring to the suppliers participating in our decarbonization programs.”
About RENEW Energy Partners
RENEW Energy Partners is a decarbonization firm that provides turnkey solutions for funding, installing, and managing energy-efficiency and on-site clean energy projects. The company helps building owners meet regulatory and consumer demands to reduce their carbon footprint, while saving money and making their buildings cleaner and more resilient. Upgrades and retrofits are funded by future savings. For more information, visit renewep.com.
About Manufacture 2030
Manufacture 2030 provides global brands, corporations and their small and medium-sized suppliers with the data, tools and support they need to be certain they can hit their GHG emissions reduction targets. Our unique software platform and support services help measure, manage, and reduce emissions across global supply chains. Our clients include leading brands Reckitt, Bayer, GSK, and Toyota. For more information, please visit manufacture2030.com.
SOURCE Renew Energy Partners
