Finance Reports

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You are reading the Ecologi finance update for January to March 2021. 
As part of our drive to be transparent about our finances and operations, we publish finance updates once per quarter, to try and lift the lid on what we do here at Ecologi.

Between January and March, our subscribers funded 4,279,818 trees and 87,222 tonnes of verified carbon offsets. Our community&#8217;s tree total for this quarter is up 41% from the 3,034,685 trees funded in Q4 2020, and our volume of carbon credits funded is marginally lower than last quarter&#8217;s 96,959.7 tonnes.
In February and March we purchased slightly more carbon credits than our monthly run rate, just to keep our carbon balance down to around 1x month&#8217;s worth of funding. You can read the full explanation of the carbon balance <a href="https://docs.google.com/spreadsheets/d/1dACvzjE5nBE1cKZBAhYzsUa7rIiLJqCWXVgY4bNS8_Q/edit#gid=652087649&amp;range=W7:X26" target="_blank" rel="noopener">here</a>.
You can see our full impact in the newly-updated public impact ledger <a href="https://lookerstudio.google.com/reporting/adfb141d-4153-4c22-b6b4-976f7f3930b2" target="_blank" rel="noopener">here</a>, and find out more detail about the projects we have funded <a href="https://ecologi.com/projects" target="_blank" rel="noopener">here</a>.
The latest graphs of our trees and carbon funding received against our tree and carbon purchases are below:

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Individual subscriptions represented a gross income of £270,084.81 this quarter, and Climate Positive Workforce subscriptions represented a gross income of £193,692.31. Our total income from all subscribers and marketplace was £810,218.71.
The area graph of our monthly income by revenue stream for this quarter is below. This illustrates how our income streams have grown over the time period.

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Our commitment to funding climate solutions for our individual subscribers is 85%, and for our Climate Positive Workforce customers is 77.5%.
Across this quarter, the necessary commitment to funding climate solutions, based on the weighted average commitment required across all subscriber income this month, was 82.29%. This is calculated by multiplying the commitment required for each income stream by the amount of revenue generated by that income stream across the time period, adding those figures together, and then dividing this by the total income.
Our total cost of sales (which includes our <a href="https://ecologi.com/">tree planting</a>, carbon offsetting and transaction costs) was £674,158.98.
 This means that in this quarter, whilst we had committed to spend 82.29% of our income on climate solutions, we actually spent 83.2% of our income on climate solutions.

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Screenshot 2021-04-15 at 12.36.32

The waterfall chart below shows the different things we spent money on during this quarter, and this quarter&#8217;s resulting surplus or deficit.
You can also see a visualisation of the amount we spent on climate solutions in this quarter against our total income, to verify the above workings out.

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Screenshot 2021-04-15 at 12.38.59

You can find out more about our finances and operations in our quarterly financial reports located in our <a href="https://lookerstudio.google.com/reporting/adfb141d-4153-4c22-b6b4-976f7f3930b2" target="_blank" rel="noopener">Public Impact Ledger</a>.

Blog

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Ecologi acquires Net Zero Now

In a landmark move set to reshape corporate climate action, we’re excited to announce that Ecologi, the UK&#8217;s most trusted climate action platform, has acquired <a href="https://netzeronow.org/" target="_blank" rel="noopener">Net Zero Now</a>, the sector-specific carbon measurement and reduction platform for businesses.
The combined entity operating under the Ecologi brand will create a single solution for industry climate leadership towards net zero. The integration combines sector-specific carbon measurement and reduction with world class verified climate projects that supports businesses wherever they are on their net zero journey.

<h2>The game-changing impact of this acquisition</h2>
The strategic acquisition solves two fundamental challenges in corporate climate action: businesses have been forced to choose between fragmented solutions and generic ‘one size fits all’ approaches that ignore crucial sector-specific needs. By combining Net Zero Now&#8217;s sector-specific protocol expertise with Ecologi&#8217;s platform funding top-tier climate projects, we&#8217;re creating a tailored and complete solution helping businesses lead their industries towards net zero.

Reduce emissions.
<ul>
<li style="font-weight: 400;" aria-level="1">Measure Scope 1, 2 &amp; 3 emissions with sector-specific industry GHG protocols</li>
<li style="font-weight: 400;" aria-level="1">Set short term and long term reduction target emissions aligned to SBTi</li>
<li style="font-weight: 400;" aria-level="1">Tailored reduction plans for sector-specific emissions pathways</li>
</ul>
Restore our planet.
<ul>
<li style="font-weight: 400;" aria-level="1">Compensate for unavoidable emissions as you reduce them through 
funding verified, high-quality carbon avoidance and removal credits</li>
<li style="font-weight: 400;" aria-level="1">Contribute to global climate goals by funding climate Impact Funds for 
beyond value chain mitigation and/or as part of your products &amp; services</li>
</ul>
Report on progress.
<ul>
<li style="font-weight: 400;" aria-level="1">Corporate sustainability standards e.g. CSRD, SECR, SBTi, CDP, B Corp</li>
<li style="font-weight: 400;" aria-level="1">Sector specific standards e.g. Accountancy, Hospitality, Public Sector</li>
<li style="font-weight: 400;" aria-level="1">Custom climate impact reports and embeddable dashboards</li>
<li style="font-weight: 400;" aria-level="1">Communications toolkit for board and stakeholder engagement</li>
</ul>

Climate leadership starts here

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Neil Ross Russell, Managing Director of Net Zero Now, said:
<blockquote>Businesses want to take climate action, but they want to know they’re doing it right and what’s right for a restaurant business is not the same as what’s right for an accounting firm.  They need industry-specific guidance and clear pathways to climate leadership. By joining forces with Ecologi, we&#8217;re creating a platform that allows us to provide credible, simple and affordable, sector-specific, end-to-end climate solutions for businesses in our existing sectors and collaborate with industry partners on new sector-led solutions.</blockquote>

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Adobe Express - file

The acquisition aligns with Ecologi&#8217;s mission to accelerate business climate action and grow our 24,000 strong customer base. Established sector protocols including hospitality and professional services will be the initial focus with plans to expand across additional industries throughout 2025.
With organisations under increasingly complex stakeholder and industry compliance demands for environmental accountability, this end-to-end solution also ensures streamlined reporting, monitoring progress, supply chain transparency, and voluntary disclosures. This transforms business leaders into climate leaders with the confidence to tackle their climate commitments head-on, communicating and meeting critical regulatory requirements like SECR, CSRD and SBTi.

<h2>More about Net Zero Now</h2>
Founded in 2021, Net Zero Now has developed a proprietary sector-led approach, which combines climate expertise alongside the sector knowledge and experience of relevant industry bodies, industry influencers and larger businesses to reach a consensus around what Net Zero means in practice for businesses in each sector. To date, the company has measured and validated 1.8 MtCO2e lifetime emissions supporting more than 50+ leading brands including Coca Cola Europacific Partners, L&#8217;Orèal, Heineken, Pernod Ricard, Subway, Hard Rock Cafe, Adnams, Edgbaston and James Cowper Kreston.

FAQs

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Case studies

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4 hospitality companies leading the way on climate action

Sustainability is no longer a nice-to-have in the hospitality industry — it&#8217;s a business necessity. With increasing regulatory pressure, shifting customer expectations, and the growing impact of climate change, hospitality businesses are finding that taking action isn&#8217;t just about responsibility—it&#8217;s about resilience. This is particularly evident as 70% of Brits are now actively trying to live a more sustainable lifestyle (Nutritics, 2024), and 44% say sustainability is important in their choice of venue to visit (Morning Advertiser, 2023). From tackling food waste to cutting carbon emissions, the sector is facing both challenges and opportunities to drive meaningful change.
At the heart of this transformation is the food system. The hospitality industry relies on farming—a sector responsible for nearly 20% of global greenhouse gas emissions and one that is increasingly vulnerable to climate disruption. Rising temperatures, unpredictable weather, and supply chain instability are already affecting food availability and costs, making sustainability not just an ethical priority but a commercial imperative. This is reflected in consumer behavior, with 47% of consumers wanting more information about carbon footprints on menus, and 41% saying this information would influence their order (CGA Strategy, 2023).
Fortunately, forward-thinking hospitality businesses are stepping up, driven by clear market demand—34% of UK pub and restaurant goers are prepared to spend more in venues with strong sustainability credentials, increasing to 47% for Gen Z and Millennials (Sustainability Beat, 2023). This generational shift is significant, with consumers aged 18-34 being nearly twice as likely to pay more for sustainability than those aged 55+ (WaterAid, 2023).
As the food and beverage industry awakens to its environmental responsibilities, and with climate change threatening to fundamentally disrupt global food security, restaurants and food service enterprises are stepping up to take meaningful climate action. These pioneering businesses are demonstrating how sustainability can enhance business performance while making a positive environmental impact, even as they navigate the unique challenges of being both a contributor to and victim of climate change.
Read about four hospitality companies that are championing climate action, and explore how they are turning environmental challenges into business opportunities.
Whether it&#8217;s engaging employees, measuring carbon footprints, or developing new sustainable service offerings, these venues are setting the standard for a greener future in hospitality.
<ol>
<li>Hawksmoor: Leading Sustainability in Fine Dining</li>
<li>Freemans Event Partners: Pioneering Sustainable Event Catering</li>
<li>Lisini Pub Co: Family Legacy Meets Sustainable Innovation</li>
<li>The Assemblies: Pioneering Sustainable Hospitality in Bristol</li>
</ol>

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<h2>Hawksmoor: leading sustainability in fine dining</h2>
Key Improvements:
<ul>
<li> Achieved B Corp certification in September 2022</li>
<li>Comprehensive review of operational sustainability across all locations</li>
<li>Implementation of energy reduction initiatives</li>
<li>Enhanced waste management systems</li>
<li>Water conservation measures</li>
<li>Integration of sustainability into staff training programs</li>
</ul>
Hawksmoor&#8217;s journey exemplifies how restaurant groups can lead in sustainability within the hospitality sector. Their comprehensive approach includes setting ambitious net-zero targets for 2030 while focusing on immediate operational improvements. The restaurant group&#8217;s commitment is evidenced by their systematic review of day-to-day operations across their locations in London, Manchester, Edinburgh, and New York. What sets them apart is their holistic approach to sustainability: examining energy usage, waste management, and water consumption while maintaining their reputation for quality dining. Their structured approach to employee engagement includes a two-day intensive induction program that emphasises sustainability, making it a core part of their culture.
Ellie Besley-Gould, Head of Purpose at Hawksmoor, said:
<blockquote>We&#8217;ve been heavily involved with the Sustainable Restaurant Association since about 12 years ago&#8230; It&#8217;s a really important area for us to be stepping up the work in, looking at how we can inspire change.</blockquote>

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<h2>Freemans Event Partners: pioneering sustainable event catering</h2>
Key Improvements:
<ul>
<li>Achieved 38.4% reduction in emissions compared to projections</li>
<li>Implemented innovative &#8220;Zero Zone&#8221; testing area</li>
<li>Introduced shuttle buggies for reduced transport emissions</li>
<li>Deployed hybrid power generators</li>
<li>Established carbon menu labelling</li>
<li>Enhanced waste management through compostable solutions</li>
</ul>
Freemans Event Partners&#8217; journey demonstrates how large-scale event catering can embrace sustainability without compromising service quality. Their innovative approach at the British Grand Prix showcases their commitment to reducing environmental impact in high-pressure environments. The company&#8217;s dedication is evidenced by exceeding their initial 5% emissions reduction target and implementing a groundbreaking &#8220;Zero Zone&#8221; area for testing new sustainability initiatives. What sets them apart is their data-driven approach to sustainability: measuring and analysing emissions across all aspects of their operation, from food stalls to logistics and waste management.
Richard West, Sustainability Manager at Freemans Event Partners, said:
<blockquote>Through partnering we&#8217;ve realised that collaboration is key to making lasting and impactful environmental changes in the events catering industry. The process has been much more straightforward than we thought it would be and we look forward to setting even bigger reductions targets as we go forward.</blockquote>

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<h2>Lisini Pub Co: family legacy meets sustainable innovation</h2>
Key Improvements:
<ul>
<li>Reduced scope 1 and 2 emissions by 48% through renewable electricity</li>
<li>Won the Flor de Cana Rum Sustainability Award</li>
<li>Achieved lowest electricity demand in 10 years</li>
<li>Implemented LED lighting and sensor systems</li>
<li>Launched biodiversity project at Dalziel Park</li>
<li>Developed sustainable kitchen practices and menu innovation</li>
<li>Created venue-specific green teams</li>
</ul>
Lisini Pub Co&#8217;s journey demonstrates how family-owned hospitality businesses can transform their environmental impact while preserving their heritage. Their comprehensive approach combines traditional Scottish hospitality with modern sustainability practices across their venues, including the historic Angels hotel in Uddingston. What sets them apart is their innovative approach to sustainability: implementing competitive green teams across venues, achieving dramatic emissions reductions, and maintaining their commitment to quality service. Their structured approach includes both operational improvements and employee engagement, making sustainability a core part of their 45-year family legacy.
Siobhan Edwards, Director Lisini Pub Group, said:
<blockquote>It&#8217;s not until we&#8217;ve been working in the last year that we&#8217;ve really truly understood our carbon footprint. It&#8217;s the right thing to do, it&#8217;s the right thing for our customers, for our planet, for the environment, and actually it saves us money at the same time.</blockquote>

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<h2>The Assemblies: Pioneering Sustainable Hospitality in Bristol</h2>
Key Improvements:
<ul>
<li>Established 100-mile radius local sourcing policy</li>
<li>Implemented full venue LED lighting systems</li>
<li>Introduced reusable cups for music events</li>
<li>Developed nose-to-tail food waste reduction policy</li>
<li>Created vegetarian menu options to reduce emissions</li>
<li>Enhanced supplier partnerships for sustainability</li>
<li>Achieved an impressive 3-star rating in the Food Made Good Standard, scoring 92% overall and 91% specifically in environmental practices</li>
</ul>
The Assemblies&#8217; journey showcases how urban hospitality venues can lead in sustainability while building strong community connections. Since their inception in 2009, they&#8217;ve demonstrated that local sourcing and environmental responsibility can coexist with business success. What sets them apart is their data-driven approach to sustainability: analysing carbon ratings, implementing local sourcing policies, and creating innovative menu solutions. Their comprehensive strategy includes everything from sound system upgrades to waste reduction initiatives, making sustainability integral to their operation.
Anna Blightman, Brand Marketing Manager, said:
<blockquote>Something that our partnership has allowed us to do, is lay all the data out on the table so that we can actually look at it, and stand to analyse it and understand where we can make changes. If we don&#8217;t start now, when will we start?</blockquote>

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As these leading hospitality companies show, meaningful climate action can drive significant business benefits—from stronger customer and employee engagement to enhanced brand reputation and risk mitigation. By taking a thoughtful, transparent, and impactful approach, businesses can pave the way for a sustainable future.
Ready to take the lead in climate action? Book in a 30 minute discovery call with our Hospitality sector experts and find out more about partnering with Ecologi to measure your emissions, set reduction goals and fund high-quality climate action on the road to net-zero.

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4 accountancy firms leading the way on climate action

Accounting is part of the broader Professional Services industry, one of the largest sectors of employment in the UK. As of 2018 the sector accounted for 8.5% of UK employment combining full time and part time working; with an increase of 82,100 employees compared to the previous year. Within the professional services sector, almost all categories of employment increased within the same time period.
For decades, the professional services sector, particularly accounting, watched from the sidelines as global climate initiatives took shape &#8211; from the establishment of the IPCC in 1988 to the landmark Paris Climate Agreement in 2015. It wasn&#8217;t until recently that the industry began to wake up to its environmental responsibilities. A revealing 2019 Deloitte European CFO survey of 1,168 CFOs painted a stark picture: businesses largely lacked thorough climate risk understanding, had few governance mechanisms for climate strategies, and rarely aligned their emissions reduction targets with global climate agreements. 
However, the tide is turning dramatically, driven by a powerful wave of stakeholder pressure and a remarkable shift in investor sentiment. As the professional services sector awakens to its environmental responsibilities, and businesses with over 250 employees and £36m in revenue being required <a href="https://ecologi.com/articles/blog/does-your-business-need-to-disclose-its-carbon-emissions">by law</a> to report their emissions,  accountancy firms are stepping up to take meaningful climate action. These pioneering firms are demonstrating how sustainability can enhance business performance while making a positive environmental impact.
Read about four accountancy firms that are championing climate action, and explore how they are turning environmental challenges into business opportunities.
<ol>
<li><a href="#grunberg">Grunberg &amp; Co: Leading Innovation in Sustainable Accountancy</a></li>
<li><a href="#bishop-fleming">Bishop Fleming: Driving Employee Engagement Through Climate Action</a></li>
<li><a href="#duncan-toplis">Duncan &amp; Toplis: Rallying Teams Around Sustainability Goals</a></li>
<li><a href="#kreston-reeves">Kreston Reeves: Driving Growth by Pioneering Sustainable Advisory Services</a></li>
</ol>
Whether it&#8217;s engaging employees, measuring carbon footprints, or developing new service offerings, these firms are setting the standard for sustainability in accountancy.

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<h2>Grunberg &amp; Co: Leading innovation and gaining competitive advantage in sustainable accountancy</h2>
Key Improvements: 
• Achieved complete transition to paperless operations 
• Installed energy-efficient LED lighting throughout offices 
• Implemented renewable energy transition plan 
• Established clear net zero target for 2030 
• Created transparent carbon footprint reporting system
Grunberg &amp; Co stands out as a smaller practice making bold sustainability commitments, proving that size doesn&#8217;t limit environmental impact. Under Managing Partner Robert Bean&#8217;s leadership, they&#8217;ve implemented a comprehensive sustainability strategy focusing on practical, achievable goals. Their transition to paperless operations and installation of energy-efficient LED lighting demonstrates how technological innovation can drive environmental improvements. What makes their approach particularly interesting is their market positioning &#8211; they&#8217;ve recognised that demonstrating carbon consciousness gives them a competitive edge in client acquisition. Their commitment to achieving net zero by 2030 is backed by concrete actions and transparent reporting through the Ecologi platform.
Robert Bean, Managing Partner, said:
<blockquote>The climate crisis is an important issue, not just for me, not just for our firm, but for the world&#8230; It shouldn&#8217;t just be about the big four; it should be about all firms taking small steps to get to net-zero. Once you get down to it, it&#8217;s much more simple than you think it&#8217;s going to be. So don&#8217;t be fearful of it, and just plunge in and go for it.</blockquote>

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<h2>Bishop Fleming: driving employee engagement through climate action</h2>
Key Improvements: 
• Established three-pillar sustainability framework 
• Implemented sustainable procurement policy with local suppliers 
• Reduced business travel through smart policies 
• Launched employee engagement initiatives including beach cleanups 
• Integrated sustainability into recruitment strategy, attracting 70 new apprentices annually
Bishop Fleming has distinguished itself by embedding sustainability into its core business strategy through their three pillars: Healthy Business, Healthy Communities, and Healthy Environment. Their approach is particularly noteworthy for its focus on talent attraction and retention &#8211; they&#8217;ve recognised that their annual intake of 70 new apprentices prioritizes employers with strong environmental credentials. The firm&#8217;s practical implementation combines high-level strategy with grassroots engagement: they&#8217;ve focused on sustainable sourcing from local suppliers, implemented smart business travel policies, and launched innovative employee engagement initiatives like beach cleanups with Surfers Against Sewage. Their climate action work has enabled them to measure their carbon footprint accurately and communicate progress effectively through internal webinars.
Ewan McClymont, Head of Responsible Business, said:
<blockquote>It is very clear that this generation of school leavers and graduates want to work for an organisation that is being proactive on sustainability and the environment. Our focus in this area has certainly helped in our recent re-accreditation as a Great Place to Work®.</blockquote>

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<h2>Duncan &amp; Toplis: rallying teams around sustainability goals</h2>
Key Improvements: 
• Generated 73,000+ units of renewable electricity through solar panels across four locations 
• Implemented comprehensive Green Initiative Policy across all offices 
• Created dedicated Sustainability Champion role with expansion plans 
• Delivered educational ESG webinar series for staff and clients 
• Set clear target to achieve net zero within 5-8 years
Duncan &amp; Toplis&#8217;s journey exemplifies how regional accountancy firms can lead in sustainability. Their comprehensive approach includes eight specific ESG targets integrated into their corporate strategy, from achieving net zero status to implementing sustainable stationery across all locations by December 2024. The firm&#8217;s commitment is evidenced by tangible actions &#8211; their solar panel installation across four offices has generated over 73,000 units of renewable electricity, demonstrating immediate environmental impact. Their Green Initiative Policy extends beyond energy to include green space transformation and waste minimization. What sets them apart is their structured approach to engagement: they&#8217;ve created a dedicated Sustainability Champion role and delivered a series of three webinars focusing on Environmental, Social, and Governance aspects. Working with Net Zero Now, they&#8217;ve not only measured their carbon footprint but identified that utilities, transport, IT, and goods/services are their primary emission sources, allowing for targeted reduction strategies.
The Duncan &amp; Toplis Leadership Team, stated that:
<blockquote>The purpose of our firm is to positively impact people, our communities and the world around us. We believe that by calculating our carbon footprint and setting ambitious Net Zero targets, not only will we ensure that we are authentic, but it also helps us to create an organisation that is fit for the future.</blockquote>

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<h2>Kreston Reeves: driving growth by pioneering sustainable advisory services</h2>
Key Improvements: 
• Achieved B Corp certification in December 2022 
• Achieved carbon neutral status after calculating their carbon footprint with Ecologi in 2021 
• Established comprehensive ESG reporting framework 
• Created Sustainable Development Goal (SDG) leads 
• Launched Kreston Reeves Foundation for community impact 
• Implemented tree planting initiative for every client in 2024, achieving over 66k trees funded for planting 
Kreston Reeves demonstrates how accountancy firms can embed sustainability into their core business strategy while achieving significant growth. Their achievement of B Corp certification and commitment to continuous improvement showcases their comprehensive approach to environmental and social responsibility.
How Kreston Reeves drives sustainability: 
The firm has implemented a comprehensive ESG strategy that combines environmental action with social impact. Their approach focuses on measurable outcomes and transparent reporting, while maintaining their position as industry leaders in sustainable advisory services.

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<a href="https://www.krestonreeves.com/people/james-peach/" target="_blank" rel="noopener">James Peach, Audit and Assurance Partner</a> and SDG 13 ‘Climate action’ lead commented: 
<blockquote>As a firm, we recognise the part we must play in acting against the climate crisis, which is why our dedication to the United Nations Sustainable Development Goal ‘Climate action’ is so important to us. We’re proud to see the positive, tangible impact these projects are having on the planet, and we’re excited to continue working with Ecologi to reach more milestones!</blockquote>

As these leading accountancy firms show, meaningful climate action can drive significant business benefits—from stronger customer and employee engagement to enhanced brand reputation and risk mitigation. By taking a thoughtful, transparent, and impactful approach, businesses can pave the way for a sustainable future through climate leadership.
Ready to take the lead in climate action? Book in a 30 minute discovery call with our Accountancy sector experts and find out more about partnering with Ecologi to measure your emissions, set reduction goals and fund high-quality climate action on the road to net-zero.

Finance Report: January to March 2021

Climate Impact

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Ecologi acquires Net Zero Now

4 hospitality companies leading the way on climate action

4 accountancy firms leading the way on climate action

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