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Offsetting Unavoidable Emissions
Some carbon emissions associated with our operations will be unavoidable. To address these inescapable emissions, we will purchase carbon offsets.A carbon offset is a financial tool designed to support projects that prevent carbon from being released into the atmosphere. Done right, we believe that offsets will widen the implementation of carbon-saving technologies and practices, and provide an incentive to create new solutions.
The market for voluntary carbon offsets that exist outside the regulatory framework established by the Kyoto Protocol is new and growing rapidly. We will use our purchases to both learn from and help shape this market.
We only consider offsets from projects that demonstrate a real reduction in greenhouse gas emissions which would not have occurred on a "business-as-usual" basis (i.e. they are "additional"), and that have been verified by an independent, accredited, third party. Our company has a global footprint so as long as a project genuinely, permanently, and measurably reduces emissions, without causing any negative social, cultural, or environmental impacts, we are impartial as to the technology employed or the geographic location.
We permanently retire (remove from circulation in the market) carbon offsets when we apply them to our businesses' carbon footprints. We only purchase carbon offsets that are listed on recognized registries to ensure they are tracked, handled, and listed without being double-counted. In the last three years we purchased carbon from projects that were certified under the Voluntary Carbon Standard (developed by the Climate Group, the International Emissions Trading Association, and the World Business Council for Sustainable Development), or under the Gold Standard (developed by the World Wildlife Fund).
Our Initial Carbon Purchase
For our first purchase - to offset a portion of our 2007 footprint -
we considered a wide range of project types in a variety of locations,
and conducted a competitive bid. We agreed to purchase offsets from
Cheyne Capital, an asset management firm with expertise in the voluntary
carbon market, and 3Degrees, a wholesaler of renewable energy and other
energy- and climate-related products. Together, these purchases totaled
61,000 metric tons of carbon dioxide equivalents and came from a
portfolio of wind energy projects in the state of Maharashtra, India and
in Manawatu, New Zealand.
To address our 2008 footprint, we again purchased VCS-certified offsets
generated by the wind energy projects in Maharashtra, India. Offsets
equivalent to a total of 37,000 metric tons of carbon dioxide were
purchased through Glacier Environmental Fund Limited.
For 2009, we aimed to source offsets from a wider variety of project
types. After reviewing a number of possibilities, we purchased offsets
generated by three different projects: A wastewater treatment project at
a pulp and paper mill in Brazil; a wastewater treatment project at a
cassava processing facility in Thailand; and an aforestation project in
Canada. A total of 93,207 metric tons of carbon dioxide equivalent
offsets were purchased through EcoSecurities and Emergent Ventures, two
leading vendors. These offsets have all been certified to recognized
international standards and retired in News Corporation’s account on the
Markit Environmental Registry.
As we continue to learn from our experiences and involvement in the
carbon markets, we will seek to build a diversified portfolio of offset
assets and to increase our offset purchases as we move toward our
commitment to become carbon neutral.
We retire our carbon offset purchases via accounts with Bank of New York Mellon and the Markit Environmental Registry, approved registries for VCS carbon. In June of 2010, 93,207 metric tons of carbon offsets were transferred to News Corporation and immediately retired against the footprints of the following News Corporation businesses:
• News International – 73,049 metric tons (full fiscal 2009 footprint)
• HarperCollins UK – 10,867 metric tons (full fiscal 2009 footprint)
• News Limited – 2,377 metric tons (News Digital Media and REA Group fiscal 2009 footprint)
The remainder was used to offset projects and events that do not fall completely within the defined organizational boundaries of News Corporation's carbon footprint – like the full eighth season production of the television show 24 and several FOX Broadcasting Company events. These projects fit into our broader strategy to mitigate and manage the climate impact of our operations.