Greenhouse gas (GHG) emissions are the prime cause of global warming. Global warming causes danger to the life on earth, posing a threat to fresh water, food, and energy supplies. Carbon dioxide (CO2), methane (CH4), and nitrogen oxides (NOx) are GHGs produced by the combustion of oil, fossil fuels, and other sources.
Approximately 2% to 3% of worldwide greenhouse gas emissions is generated by the technology and communication industry. GHG emissions are produced by industry operations such as energy consumption, product manufacture, and product use. According to the International Telecommunication Union, digital technology has the potential to reduce world carbon emissions by roughly 17%. Technology companies can help other industries improve their operational efficiency by cutting GHG emissions.
PayPal Holdings Inc (PayPal) is a technology platform and digital payments company. It provides technology and payment solutions that facilitate mobile, in-app, and online payments for merchants and consumers. In 2021, the technology company reported total GHG emissions of around 26.89 thousand tonnes CO2 equivalents (Thousand tCO2eq), down 37% from 2020.
Scope 1, 2, and 3 emissions are the three categories of GHG emissions. Scope 1 emissions result from sources that the firm owns or controls, such as fuel burnt by the company's vehicles. Indirect GHG emissions from the generation of purchased energy, such as the electricity needed to power the company's facilities, are referred to as Scope 2. Scope 3 emissions refer to the company's other indirect emissions beyond the company’s direct operations and occur in the company’s value chain, such as business travel, fuel and energy related activities.
Scope 2 emissions account for most of PayPal's overall GHG emissions, accounting for 48.0% of total GHG emissions (12.90 thousand tCO2eq) in 2021. In 2021, the company's Scope 1 emissions fell by 13%, and Scope 3 emissions fell by 26%.
In 2021, PayPal reached the goal of procuring 100% renewable energy for the data centers two years ahead of schedule. The company is committed to reduce absolute operational GHG emissions by 25% by 2025 (with 2019 as a base year).
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