Octopus Group serves over 2.5 million customers across eight businesses, including Octopus Energy and Octopus Investments.
Octopus set a target of becoming a Net Zero business by 2030 – requiring a significant emission reduction across both direct and indirect operations. The Octopus team sought to understand their direct and indirect emissions, and set a long-term reduction strategy of emissions caused through its supply chain and investment portfolio.
To help achieve their Net Zero goal, Minimum’s software solution has empowered Octopus to aggregate data from multiple sources and organisations, and create a full carbon footprint across their whole value chain.
"Minimum has really understood our complex business model. The solution calculates and tracks our footprint, shows our progress, and highlights where we can have the most material impact. It's been crucial in developing our reduction strategy.”
Octopus needed a way to accurately calculate a baseline carbon footprint for its own operations, and that of its financed emissions. This meant gathering emissions data from across their complex business model and portfolio companies, to calculate their carbon footprint, and track progress over time.
Minimum gathered Octopus Group’s activity data from multiple stakeholders through an online portal system – establishing internal processes, assigning data collection responsibilities and tracking which data was outstanding within the platform. Through Minimum’s web platform, we also collected emissions across all of Octopus’s venture investments.
Minimum’s software platform automated the calculation and tracking of Octopus’ own operational emissions, and the emissions of their financed emissions. As part of this process, Minimum offered Octopus insight into how their footprint compares to the market and a granular look at the carbon emission hotspots across the direct and indirect operations.
Minimum set up a results and reporting dashboard allowing Octopus to analyse their footprint on a regular basis and develop a strategic carbon reduction roadmap, enabling commitment to their Net Zero initiative, and the sharing of progress with investors, shareholders and internal stakeholders.
By implementing Minimum’s software solutions, Octopus Group is able to effectively track their decarbonization progress, with deep insight into emission hotspots. The insights and visibility empower Octopus Group to focus reduction initiatives on the areas of the business model that will lead to the greatest material impacts, and has created a strategic roadmap to achieving their Net Zero target by 2030.
Companies like Octopus are increasingly setting ambitious Net Zero targets to address the climate crisis, future-proof their businesses and respond to investor and consumer demand. And as companies set these ambitious Net Zero targets, the challenges of accurately and efficiently calculating a carbon footprint become apparent.
To see how Minimum can help your organization’s decarbonization journey, reach out to speak to one of our experts to discuss your needs and see the product in action.
To see how Minimum's Emissions Data Platform can streamline carbon accounting and management for your organization, speak to a Minimum sustainability expert.