Carbon Footprint estimation of leading local bank

En-Sure was engaged by a leading local bank to estimate its carbon footprint and offset its carbon emissions.  Based on data provided by the bank, En-Sure was able to estimate the carbon footprint by primarily converting electricity consumption to tonnes of CO₂.

The energy supply in Malta is largely dependent on imports, either in the form of fuels used at the power stations, or as electricity through an interconnector with mainland Europe.  Data on the fuel mix used for the provision of electricity in Malta is available for 2022.  Fuel mix is basically the ratio of different fuels or energy sources Enemalta plc uses to provide electricity to its customers.  The fuel mix for the energy distributed by Enemalta plc to Maltese customers for the year 2022 comprises 67.65% natural gas, 7.19% renewables, 2.01% petroleum products, and 23.15% from the interconnector. The CO₂ emission factor corresponding to this fuel mix is 391 gCO₂/kWh.  This was used to estimate the emissions from the Bank.

In addition, prior to offsetting its estimated emissions, En-Sure evaluated three potential and reputable offsetting platforms.  Offsetting emissions is a way of reducing a company’s carbon footprint.  A carbon credit, sometimes called a carbon offset, represents the certified reduction or removal of one tonne of carbon dioxide equivalent (tCO₂e) from the atmosphere.  Recognised international standards, such as Gold Standard exist to monitor and verify the quality and validity of the carbon credits that are traded in the voluntary market.