15 January 2020: Low Carbon has announced today its certification as a registered B Corporation joining a select group of renewable energy and asset managers with B-Corp status.
B Corporations (or B Corps) are a growing group of companies who are reinventing business, by legally committing to consider social and environmental impact as well as financial return.
To be eligible for B Corp status, companies must achieve an ‘impact score’ of over 80 – in line with B Lab’s rigorous certification process. The higher the score the higher the positive impact on employees, community, customers and environment. Low Carbon scored 97 compared to an average score of 53.5 for similar businesses**.
Roy Bedlow, Chief Executive, Low Carbon commented: “Low Carbon was founded with the specific goal to make a significant and lasting impact on the causes of climate change and we are delighted to receive B Corp status for our work. We believe that by investing in, owning and operating renewable energy projects at scale, investors will be able to combat climate change while earning returns on their investments. With more than 1GW of renewable energy assets under management and around £500M capital deployed across solar, wind, waste to energy, battery storage and energy efficiency investments, we are committed to building efficient, cost-effective renewable capacity to power the green transition across the UK and globally.”
Kate Sandle, Director of Programmes and Engagement of B Lab UK, says “Being able to welcome Low Carbon to the B Corp community is hugely exciting. Their commitment to doing business differently will be an inspiration to others and really help spread the idea that we can redefine success in business to be as much about people and planet as it is about profit”.
Low Carbon is now part of a community of 259 certified B Corps in the UK and just over 3,200 businesses worldwide. The B Corp community is reflective of the UK economy with businesses from a cross-section of industries and sizes. These include well-known brands like innocent, Patagonia, Pukka Herbs, Abel & Cole, Divine, and JoJo Maman Bebe.
About Low Carbon
Low Carbon is a privately-owned investment and asset management company committed to the development and operation of renewable energy power production at scale. Low Carbon invests into both renewable energy developers and projects across a range of renewable energy technologies including solar PV, wind, energy storage, waste to energy and energy efficiency. Low Carbon has a strong management team with a proven track record in the development, construction, financing and management of renewable energy assets. Low Carbon remains involved in the projects for the long term with a dedicated asset management team that manages assets on balance sheet and for third parties (unlisted and listed).
About B Lab UK
B Lab UK is a non-profit established in 2015 to serve a growing community of 259 UK-based companies using business as a force for good. B Lab measures and verify companies’ environmental and social performance using the B Impact Assessment, and ensure rigorous standards are met by all UK B Corps. Together with B Lab teams from around the world, they link a global network of socially and environmentally responsible businesses and promote positive, action-led change towards a new approach to business.
The B Corp certification covers five key impact areas of Governance, Workers, Community, Environment and Customers. The certification process is rigorous, you have to score over 80 and provide evidence of socially and environmentally responsible practices – including energy supplies, waste and water use, worker compensation, diversity and corporate transparency. To complete the certification, the company will legally embed their commitment to put purpose beyond profit in their company articles.
Notes to Editor
** Low Carbon’s score is compared against 733 Ordinary Businesses that also have 50-249 employees. B Lab refer to it as the ‘Median Score for Ordinary Businesses’.