Commits to science-based goals by submitting near-term emissions reduction targets to Science Based Target initiative (SBTi)
New Relic (NYSE: NEWR), the all-in-one observability platform for every engineer, announced its goal to achieve net-zero greenhouse gas (GHG) emissions by 2030 and a commitment to set near-term science based GHG emissions targets. New Relic’s GHG emissions targets will be submitted to the Science Based Target initiative (SBTi), joining the more than 2,200 companies worldwide that are leading the transition to a net-zero economy through emissions targets grounded in climate science.
With this announcement, New Relic is the first observability company to set a net-zero emissions by 2030 goal and aims to inspire its peers in the industry to do their part in reducing global GHG emissions and building a resilient, zero-emissions economy. New Relic believes that by adhering to science-backed emissions targets, the business will be well-positioned for long-term growth and competitive differentiation in the market, while doing its part to slow climate change and pave the path toward decarbonisation.
“We have spent the past three years transforming our product and business model. Establishing science-based climate goals is the right decision and next step as we continue to future-proof our business,” said New Relic CEO Bill Staples. “This also allows us to evolve alongside our global customers who are making similar strides toward a net-zero future and consider it a must-have when choosing their technology providers.”
By selecting 2030 as the target, New Relic is allowing for rigorous work around achieving and maintaining its goals through operational reductions and high quality carbon removals. This target aligns with guidance from the Intergovernmental Panel on Climate Change (IPCC), who warned that global warming must not exceed 1.5 degrees Celsius above pre-industrial temperatures by 2040 to avoid the most catastrophic impacts of climate change.
Focus areas for reductions include:
● Vendor Engagement on Climate – Work with vendors across their operations to understand and reduce their emissions.
● Internal Efficiencies and Tracking – Continue to improve GHG emissions calculation with Watershed Climate to have a fine-grained understanding of the company’s footprint worldwide.
● Reduced Operational Footprint – Continually assess the operational footprint and ensure climate is part of its business criteria when it comes to operations.
● Internal Policy Setting – Introduce and update internal policies across the business to ensure climate is a shared responsibility.
Recent emissions successes include:
● Purchased reforestation credits from Trees for Global Benefits in Uganda to remove 100% of the carbon dioxide associated with New Relic global offices’ natural gas usage.
● Purchased renewable energy certificates representing 100% clean energy for New Relic global offices and employee work from home (WFH) footprints. These included US Green-E certified renewable energy certificates from the Lindahl Wind Project and international energy attribute certificates from locally-sited projects aligned with New Relic’s international footprint.
New Relic is taking additional steps as part of its broader, comprehensive climate strategy. This includes reviewing its GHG emissions inventory with Watershed Climate, developing a plan to reduce emissions for facilities and assets, setting incremental targets, and reporting on its progress.
New Relic is focused on improving the efficiency of its own cloud use and inspiring its customers, partners, and suppliers to do the same. New Relic has also contributed the Cloud Optimize app to the open source community to help organisations optimise cloud services, reduce costs, and improve the efficiency of their cloud usage.
New Relic released its inaugural ESG impact report in July 2022. The report encompassed New Relic’s approach to ESG, including making significant achievements in pay equity across race and gender, obtaining HITRUST certification to strengthen data security and privacy, measuring Scope 1, 2 and 3 greenhouse gas emissions, and providing more than $6.5 million in product and discounts to nonprofits and students to expand equitable access to technology.