GHG Emissions, Commercial, Sourcing Renewables  -  February 8, 2021

Goldman Sachs to offer employees clean home energy

Goldman Sachs announced on Feb. 5 that it will offer all of its U.S.-based employees access to 100% clean energy in their homes. The company will accomplish this through Arcadia, a monthly subscription service that connects renters and homeowners to clean energy through their existing utility. Goldman Sachs can also use this information to manage their Scope 3 emissions reporting.

"Our firm has been carbon neutral since 2015, but with COVID and our teams working from home, we realized we needed to do more to help our employees improve their own carbon footprints and Arcadia has been a great solution,” Dina Powell McCormick, global head of sustainability and inclusive growth at Goldman Sachs, said in a statement.

For workplaces, millions of American employees are using more electricity at home rather than in the office. Arcadia residential energy data shows an average 2% increase in energy usage and a 6% bill increase for households in 2020, with home electricity use becoming an individual's greatest contributor to climate change due to lessened travel during the pandemic. Arcadia connects workplaces in any state with 100% clean energy for their employee's homes, and companies can choose to subsidize monthly bills for their team through the platform. As home energy consumption increases, Arcadia is working with businesses like Goldman Sachs to get their employees easy access to clean energy to reduce their environmental impact. 

"It's never been a more important time to prioritize a renewable energy future and take action on climate change," said Kiran Bhatraju, CEO and founder of Arcadia, said in the statement. "Companies are paying more attention to their corporate sustainability goals, and in making climate-conscious decisions Goldman Sachs demonstrates how businesses can leverage Arcadia's platform to do good for their employees and the planet."

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