GlobalData offers a comprehensive analysis of Parsons, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of Net Zero and associated ESG keywords, GlobalData delivers valuable information on Parsons‘ ESG performance. GlobalData’s company profile on Parsons offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
Parsons, a leading technology-driven engineering services firm, has set a target of reducing its absolute Scope 1 and 2 emissions by 20% by 2025 compared to a 2019 baseline. Parsons' latest filings mentioned the keywords 'Emissions' and 'Renewable' most number of times in relation to 'Net Zero'.
The company intends to submit targets to SBTi for validation, these include absolute 45% reduction for both Scope 1 and Scope 2 and target for Scope 3, from a 2021 baseline to 2031, and net-zero GHG emissions by 2045. The Scope 1, Scope 2, and material Scope 3 absolute emissions and emissions intensity are reported in its 2023 Environmental, Social & Governance Highlights report. In 2022, Parsons set an internal price of carbon at $51/metric ton, which is the social cost of carbon established by the United States government. It tracks and reports the square footage of its leased home-office facilities, which is the main driver of its Scope 1 and Scope 2 emissions. Parsons operates in accordance with best practices to deliver solutions while addressing environmental risk and minimizing its carbon footprint.
Parsons has taken steps to reduce its emissions, including setting annual internal targets for reduction in its leased office space as a proxy for emissions reduction, as its Scope 1 and 2 GHG emissions are primarily tied to the square footage of leased space. The GHG emissions for 2022 are reported at 4,371 MT CO2e, 9,562 MT CO2e, and 25,382 MT CO2e for scope 1, Scope 2 (Market-based) and Scope 3 (Material) respectively. The company also continuously considers and evaluates a wide range of emerging risks to the enterprise, like climate change, for appropriate actions and inclusion in its standard risk portfolio. Parsons publishes GHG emissions, energy usage, and leased space using the operational control method defined by the Greenhouse Gas Protocol.
Parsons offers a range of services related to improving climate action, providing good health and well-being, and achieving zero hunger. These include ecological restoration and preservation, electrification and zero-emission vehicle initiatives, energy evaluations, modeling, and design (including renewables), hazardous, toxic, and radioactive waste remediation, infrastructure risk assessments, life-cycle analysis (LCA)/greenhouse gas and carbon impact calculations, life-cycle cost analysis (LCCA), PFAS, sediment, and groundwater remediation, resilience assessment and mitigation planning (e.g., sea level rise analysis), stormwater best management practices (BMPs) and low-impact development, sustainability program management, third-party certification administration (e.g., Envision®, INVEST, LEED®), and water storage, treatment, conveyance, and reuse.
Parsons has performed a detailed analysis of the risks and opportunities presented by climate change. In conclusion, the company expects robust investment in the energy transition, adoption of electric vehicles (EVs), increased adoption of GHG reporting, and greater adoption of sustainable infrastructure. While climate change may present risks to Parsons, it may also present opportunities for the business, such as increased demand for sustainable and low-carbon infrastructure solutions. The energy transition may also create more opportunities to provide services in the markets of EV infrastructure, fleet electrification and zero-emission vehicles, energy conservation, and renewable energy.