Sustainable progress.
The Economist Group Sustainability report 2024

The Economist Group
Sustainability report 2024

Introduction

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Introduction

Pursuing progress ina volatile world.
“It is encouraging to seethat our growth can comein tandem with positive
action on sustainability—
but we know that we still
have far to go.”	
Lara BoroGroup chief executive

Floods, wildfires, droughts, and heatwaves—and a year of the highest average
global sea-surface and air temperatures ever recorded. And alongside thisclimate upheaval, an unprecedented test of democracy—one conducted amidst
a public discourse that is increasingly tainted by doubt and disinformation.
There has never been a stronger need for the rigorous analysis, insight and expertise thatThe Economist Group exists to provide. We help organisations and individuals understand,and act upon, the challenges and opportunities of their world—from The Economist’s
independent journalism to the actionable insights delivered by the research, analysis andengagement of Economist Impact, Economist Intelligence and Economist Education.
But while our greatest contribution to progress will always come primarily from what
we produce—the content that informs and catalyses action by others—we know that
we must always be mindful of how we produce it. Our growth as a business has to be built
on a sustainable foundation—which means, among other things, building more inclusive
workplaces, reducing our own impact on the environment, and our support of communities
through The Economist Educational Foundation and The Economist Charitable Trust.
Over recent years, our successful transformation into a digital business has helped us
become a more sustainable one. We’re reaching more audiences with our content throughmore channels, more often—and with a lower environmental impact. With 65% of subscribers
to The Economist now digital-only, and 86% of new subscribers taking up digital-only
subscriptions, we were able to report a record year for subscriptions in 2024 alongside
a 30% reduction in greenhouse-gas emissions since 2020.
It is encouraging to see that our growth can come in tandem with positive action
on sustainability—but we know that we still have far to go, and that in many ways our
future gains will be harder-won. This sustainability report, which is a companion to ourannual report, aims to give stakeholders a transparent account of what we have achieved,
and where we want to go.

Contents
2
3
4
6

Introduction
About us
Overview
Our material ESG issues

7
8
10
11

Our content
The Economist
Economist Impact
Economist Intelligence

12
13
17
19
20

Colleagues and communities
Our colleagues
Affinity groups at The Economist Group
Our communities
The Economist Educational Foundation

22
23
32

Climate and environment
Our environmental sustainability framework
Results

34

Contact

Annual report

We pursue progress forindividuals, organisations
and the world.

Our strategy, business model and2024 performance are describedin our annual report2The Economist Group
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Introduction About us“The Board, like colleagues
across the business, recognisesthat The Economist Group’s
reach goes far beyond ourreaders and clients, connecting
us to communities everywhere
we work, and to civil society
as a whole. The Group’s
guiding principles set out ourcommitment to independence,
integrity and delivering highquality in everything wedo—values which govern
our relationships with allof our stakeholders, andsupport our purpose ofchampioning progress.”	Paul Deighton
Chair

With rigorous reporting, in-depth
analysis and global perspective,
we explain today’s most important
events and seek to discern the trends
that will shape tomorrow. At the coreof everything we do is our independence,
underpinned by our editorial culture
and governance structure.

We offer a unique model for clients
who want to lead on the issues
that matter most, drawing on an
unmatched portfolio of capabilities,
including policy research and insights,
multimedia content, global eventsand advertising.

We equip current and future leaderswith a fluent understanding of theshifts shaping their world and theskills to navigate them, offeringcourses led by expert practitioners
and written by The Economist’s
correspondents and editors.

Through rich data, deep analysis
and global insight, we help
clients understand their operating
environment, navigate risks
and opportunities, and movetheir organisations forward.

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Introduction Overview

Sustainable and inclusive growth is the foundation of our strategy.
The Economist Group believes in actions based on
insights—and we apply that approach to ensuring thatour growth as a business is sustainable and inclusive.

“Producing insightful, independent
editorial and information services
will always be the main way wechampion progress. But wemust also act responsibly inthe stewardship of our own
environmental and social impacts,
including our approach to humanrights, nature and the climate.”	Oscar GrutChief legal officer,
Group company secretary, head of ESG

In 2023 we conducted our first materiality assessment to understandwhich environmental, social and governance (ESG) issues are mostmaterial to the Group. This analysis underlined that the biggest
positive impact we can have on social and environmental issues
is in empowering individuals, governments and businesses
to understand and address the challenges facing the world. This
year we added artificial intelligence (AI) to our matrix of material
ESG issues, reflecting its growing importance since the previous
reporting period.
Producing insightful, independent editorial and information services
will always be the main way we champion progress. But we mustalso act responsibly in the stewardship of our own environmental
and social impacts, including our approach to human rights, natureand the climate.
In response to our analysis, we have streamlined our ESG
strategy to focus on three key priorities—content, colleagues
and communities, and climate and environment. Ambitious targets
and metrics within each area are designed to ensure our strategy
is impactful and measurable.

30%

	reduction in annual GHG emissions
since base year 2020, while
growing our business

The objective of this sustainability report, now in its second year,
is to provide our stakeholders with a transparent view of our progressand challenges. It complements the annual report—which again thisyear contains key information about our governance—and provides
detailed insights into the steps we are taking to embed sustainability
into the foundation of our growth strategy and operations.

A Group-wide commitment that draws on the passion andexpertise of colleagues
The success of our ESG strategy relies on colleagues throughout
the Group. Our goals and targets are approved and overseen by
our leadership team and Board, and are included in our Group key
performance indicators. ESG performance metrics are consideredas part of assessing rewards for the leadership team and senior
managers. Our formal network of sustainability champions,
The Economist Sustainability Group, helps harness the passion ofcolleagues to support our strategy, share ideas and give feedback.

Other information
Business partner code
Modern slavery statement
Gender pay-gap report
Annual report online summary
TCFD report
Governance

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CONTENTS

Introduction Overview

Our purpose:
Dedicated tothe pursuit ofprogress forindividuals,organisations
and the world.
Our three key ESG priorities

Content

Colleagues andcommunities

Climate and environment• The Economist• Economist Impact Partnerships• Economist Impact Events• Economist Intelligence• Economist Education• Our values• Diversity, equity and inclusion• Colleague surveys• Gender pay gap• Affinity groups• The Economist Educational Foundation• The Economist Charitable Trust• GHG inventory• SBTi, CDP• Interactive map (print emissions)• Digital footprint• Plastics footprint• Nature and biodiversity impacts• Climate contribution budget

We enable progress through the insightand analysis delivered by our editorial andinformation services—providing a guideto a changing world and empowering
informed choices about critical social andenvironmental issues.

We champion and foster diversity, equity andinclusion, and provide colleagues with resourcesand opportunities to thrive, while reaching
beyond our business to enable accessto information and critical-thinking skills,
especially for disadvantaged young people.

We take ambitious climate action and weave
environmental sustainability into the fabric of our
growth and operations.

Underpinned by robust governance and a strong culture

BACK

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Introduction Our material ESG issues

We reviewed our materiality assessment—conducted in 2023 withthe support of SLR, a sustainability consultancy—for significant
changes to the environmental, social, and governance (ESG) issues
material to The Economist Group. This year we included AI in our
matrix of material ESG issues, reflecting its growing importancesince the previous reporting period. This addition is based on
workshops and reviews with internal stakeholders.
Our most material issues remain unchanged and relate to our output.
The biggest impact we can have on social and environmental issues
is empowering people, governments and businesses to understandand address the critical challenges and changes facing the world.
To speak with authority, we must preserve our independence.
We must also be leaders when it comes to our own footprint andimpacts. This includes managing our climate and nature impacts,
supporting diversity and respecting human rights.
We apply the concept of double materiality, following the definitionsof the European Sustainability Reporting Standards 1 (ESRS)
general requirements, and report on financial materiality, which
includes issues that may drive risks and opportunities witha potential material impact on our financial situation; and impact
materiality, which identifies issues that may have the mostsignificant actual or potential impact on our stakeholders or
the environment.

The Economist Group’s material ESG issues
HIGH

A

B
C

Impact materiality

Understanding what matters

K
F
G

D
E

I

H
J

LOW

Financial materiality

HIGH

A

Independent, high-quality journalism

B

Enabling decision-making on
ESG issues

C

Diversity of thought, gender, ethnicity

D

Corporate governanceE

Corporate partnerships

F

Impact on climate and natureG

Sustainable value chains

H

Talent attraction and development

I

Data privacy

J

Cyber-security

K

AI

Issues we are watching:• Trust in institutions“Although the reporting, judgment and argument of ourhuman editors and writers will always remain paramountat The Economist, it is safe to say that generative AI has
the potential to profoundly change a great deal of what we
do as journalists: how we gather information, how we write,
how we select illustrations, how we produce films andpodcasts—and, not least, how we distribute our output.
It is difficult to predict what exactly these changes will be
and how fast they will hit us. The only way to find out is tokeep experimenting with the technology. Whether we use
AI or not, we remain responsible for what we publish.”Ludwig Siegele Senior editor, AI initiatives• Freedom of expression• Media literacy

6The Economist Group
Sustainability report 2024

Introduction

Our content

The most powerful way wechampion progress will always
be through our high-quality,
independent and values-based
content—the insights andanalysis we provide through
The Economist’s journalism
and our research, engagement
and events services. Thissection highlights just someof the ways our content
has changed perspectives
and enabled debate thisyear—starting with a reviewof the year’s journalism by
The Economist’s editorial team.

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CONTENTSThe Economist

Illuminating complexity—and resisting nihilism.
It began with bad news, which got worse. The average
global temperature for 2023 was, according to Copernicus,
Europe’s climate monitor, 1.48°C above the pre-industrial
average. That made 2023 the hottest year on record, by far.
Then Copernicus reported that average temperatures in the
12 months ending in January 2024 had reached 1.52°C, past
the totemic threshold within the Paris climate agreement.
Scientists are still trying to sort out if warming is not justproceeding, but speeding up.

“The story of climate change
has never been just a storyof climate change, but one ofdomestic politics and greatpower competition, astonishinginnovation and stubborn
incumbents. In the past year
our journalism has illuminatedthe problem’s complexity yet
resisted the nihilism that
nothing can be done.”	Charlotte Howard
Executive editor, New York bureau chief

Read the Editorial review of the year
in our annual report

The need to limit climate change could hardly be more plain.
Whether the world will do enough to avoid its worst effects remains
an open question. That’s because the story of climate change has
never been just a story of climate change, but one of domestic
politics and great-power competition, astonishing innovationand stubborn incumbents. How these forces interact—to curb
temperatures or boost them—will determine not just the effects
of global warming but the relative power of nations and the shapeof industry. In the past year our journalism has illuminated the
problem’s complexity yet resisted the nihilism that nothing canbe done.
To that end, our newsroom—independent, as ever, fromThe Economist Group’s corporate reporting—has drawn fromexpertise across science, business, technology and politics.
In 2023 our environment writers continued to present evidenceof warming that is already underway and of its impacts. Brief
explainers, such as one on average global temperatures, tackled
technical questions in ways that were easy to understand but
not dumbed down. A piece on Antarctica was a reminder of how
scientific expertise and plain prose can combine with maps,
satellite imagery and historical data to lay bare a new reality: theworld’s refrigerator is melting faster than previously understood,
with knock-on effects across the globe.

The Larsen B disintegration

Jan 2002

Feb 2002

Mar 2002

Apr 2002(Source: NASA)BACK

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CONTENTSBACKFORWARDThe Economist

Where climate change and politics intersect

Progress is slow—but real

If our science coverage demonstrated the effect of depending on
fossil fuels, our broader journalism explained the halting efforts tomove away from them. One special report illuminated the science ofremoving carbon dioxide from the atmosphere—and the urgent needto accelerate innovation. Another special report explored the newgeopolitics of oil, as some petrostates struggle to compete andothers thrive amid new volatility. Our reporting on mining explained
the bottlenecks that may slow the shift to tech that depends on
copper, lithium and other green metals.

As we prepare for big elections in 2024, climate issues have become
only more polarised. Donald Trump, the Republican presidential
nominee in America, calls renewable energy a “scam business”.
Javier Milei, the president of Argentina, has dubbed climate change
a “socialist lie”. French farmers have rumbled into Paris on theirtractors to protest against Europe’s Green Deal.

We covered the intersection of protectionism and climate change,
as politicians from Beijing to the Beltway muddled green goals
with those to boost local industry and enhance national security.
China’s state support of domestic firms has made it the world’s top
manufacturer of batteries, solar panels and electric cars—a goodthing, for Western consumers who seek cheap green tech, andthe stuff of nightmares for Western politicians and carmakers,
in particular. Our cover story in January explained why theyshouldn’t worry so much.

Yet even politicians who refuse to accept facts can only slow theenergy transition, not reverse it: clean energy is competitive with thedirty kind. Our coverage has shown how innovation continues acrossthe energy sector, for instance to curb emissions for industrial
processes that require extra-hot heat. And there was promising
news elsewhere, too. In 2023 South America razed nearly 25% lessrainforest than it had in the previous year. Our report card on climate
action, published to coincide with the 28th conference of the parties(COP) in Dubai, argued that progress had been both slow and real.
Staving off the most dangerous impacts of global warming will takemore innovation, more diplomacy and more investment, to speed
the energy transition and adapt to the rising temperatures that are
already assured. But the first step towards solving a problem isunderstanding it.

Defending press freedoms, and accessto independent journalism
We take part in a number of joint initiatives that seek to protect press
freedoms everywhere, and that defend media standards. The Economist
is a partner of The Trust Project, an international consortium of news
organisations building standards of transparency and working withtechnology platforms to affirm and amplify journalism’s commitment
to transparency, accuracy, inclusion and fairness so that the public canmake informed news choices. The Economist Group is a member of the
Responsible Media Forum, an industry-wide partnership between
leading media companies to identify and take action on the social andenvironmental challenges facing the sector.

9The Economist Group
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Our content Economist Impact

Delivering insight, enabling positive change.
Economist Impact helps companies, non-profits, foundations
and government organisations drive change on the issues
that matter most, harnessing expertise from across
The Economist Group through policy research, multimedia
content and events.
Through one-off projects or multi-year partnerships, we provide
insights and analysis that help clients take the lead in critical areas,such as sustainability, health and new globalisation, convening andengaging stakeholders from all over the world.
The Sustainability Project, the Health Inclusivity Index, Back to Blueinitiative and the World Ocean Initiative are examples of multi-year
Economist Impact programmes designed to elevate sustainability
issues and inform the discussion to enable change. Industry
acknowledgement for the importance of this work is seen
through awards. Back to Blue, an initiative of Economist Impact
and The Nippon Foundation, was announced as Bronze Winnerof the Sustainability, Environment & Climate—Research Projects/
Publications category of this year’s Anthem Awards, while the
Health Inclusivity Index, supported by Haleon, was Bronze Winnerand People’s Voice winner in the 2023 Lovie awards.

This year saw a number of new initiatives designed to makea positive impact. The Science of Obesity, supported by Novo
Nordisk, is a multimedia article series that simplifies complex
scientific information to challenge the misconceptions aroundthe causes of obesity and aims to help policymakers support
a whole-of-society response to the disease. And as part of the
Scope for Change programme, supported by Infosys, we developed
the Value Chain Navigator, a data-driven content and community
platform providing information around organisations’ scope 3
greenhouse-gas emissions. This tool is designed to help businesses
make informed decisions in the management of their value chains.

Convening change-makers: Economist Impact Events
Our events business curates high-quality content and convenes
excellent speakers and delegates in a wide range of forums
addressing environmental, social and governance issues. Perhaps
the highest profile is Sustainability Week, an annual series of events
that helps businesses, policymakers, financiers, investors, NGOs
and others achieve their sustainability goals faster—and which
has now expanded to locations in Asia, Europe, North Americaand Africa. This year, the series covered eight core topics that were
important to our private-sector audience, including decarbonisingbusiness models, financing the net-zero transition and biodiversity.
The series, now in its tenth year, continues to attract influential
international speakers, from Matt Damon to Bill Gates, andPatricia Espinosa to Mo Ibrahim.

“Bringing Economist Impact Events expertise and The Economist
editorial teams to this topic helps businesses cut through thenoise surrounding an extremely complex issue. These are eventswith a real purpose.”
Harry Chapman Head of sustainability events, Economist Impact

Read more about Economist Impact
Find out how Economist Impact
performed this year in our annual reportC A S E S T U DY

Beyond the Surface:
the rising tide of marine
protected areas“In 2021 the United Nations set a target calling for 30%
of Earth’s land and ocean areas to be protected by 2030.
Today, only 8% of the ocean is under some form of marine
protection, and just 3% is fully or highly protected.”
Little is known about the true effectiveness of these parts of
the ocean, known as marine protected areas (MPAs). To better
understand and improve them, the “Beyond the Surface” research
programme, supported by Blancpain, and launched at the World
Ocean Summit in Lisbon, features an interactive tool that assesses
ten MPAs using an innovative evaluation framework which identifies
the factors contributing to MPA effectiveness, from their inception
and design to their management and implementation and, ultimately,
their outcomes. Looking at both the achievements and opportunities,
the research identifies best-practice methods that protect theenvironment while delivering viability for local communities
and businesses.

10The Economist Group
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Our content Economist Intelligence

Building understanding, catalysing action.
Economist Intelligence brings world-class analyticalexpertise to addressing the world’s biggest challenges—
including the risks and opportunities of environmental andsocial change. Clear-eyed and independent, it provides
clients with deep insights into complex economic andpolitical developments—and its longest-standing business,
EIU, gives subscribers access to expert content on over 200
geographies in developed and emerging markets, including
a wide range of resources that fall under the umbrella ofissues described as ‘ESG’.

C A S E S T U DY

Democracy Index 2023

Age of conflict

Who’s counting?
EIU’s Democracy
Index paints theglobal picture

In February 2024 EIU launched the 18th edition of the
Democracy Index, which provides an overview of the stateof democracy across the world.
The 2024 edition painted a sobering picture, with increasing violent
conflict denting the global-democracy score, down from 5.29 to 5.23.
The good news is that the number of democracies increased by two
in 2023, with Paraguay and Papua New Guinea being upgraded from“hybrid regimes” to “flawed democracies”, while Greece became
a “full democracy”. Chile, however, was reclassified as a “flawed
democracy” and Pakistan was downgraded to an “authoritarianregime”, while Angola was upgraded to a “hybrid regime”.

EIU publishes regular content on climate change, sustainability
and the energy transition on its Viewpoint platform, which is readby clients across the public, private and non-profit sectors.
In the past year EIU has analysed the increasing impact of green
subsidies on the global economy, and studied how supply chainsare realigning as the green transition increases demand for rarecritical minerals such as cobalt and lithium. It explored the politicalramifications of COP28 and the increasing importance of climate
provisions in trade policy, particularly as the EU implements its
carbon border adjustment mechanism. EIU also produced
a series of articles on electric-vehicle adoption in different
regions, including the development of new battery types, anda guide to the development of hydrogen as a viable fuel—while
offering subscribers ten-year forecasts for carbon-dioxide
emissions, renewables adoption and electric-vehicle sales.
EIU’s sovereign ESG ratings track the environmental, social andgovernance credentials of 150 countries and help clients makeinvestment decisions through quarterly updates on ratingschange, ESG regulations and trends in sustainable finance.
And nearly 5,000 people downloaded EIU’s white papers on
climate-change and green subsidies in 2023. Sustainabilityfocused webinars proved popular, too, particularly those for
its annual Democracy Index and its energy analysis (see casestudies), while clients of both EIU and Economist Intelligence
Corporate Network are increasingly requesting bespokepresentations and meetings on how environmental and othersustainability regulations will affect their sectors. Topics covered
this year ranged from how to get Asia to net zero, to trends inelectric-vehicles and renewables markets.

C A S E S T U DY

Tracking the low-carbon
transition: EIU’s energy
forecast
EIU’s energy analysis forecasts the pace of the energy transition
across 69 markets, gathering, forecasting and analysing data on
supply and demand across all segments of the energy market togive clients a clear picture of how the energy balance will develop
over the next ten years. EIU’s forecasts suggest that by 2033 theworld will still rely on fossil fuels for around 78% of its energy
needs—but in better news, all the additional global electricity
capacity being built over the next ten years will come fromrenewable sources, particularly solar. As a result, global carbondioxide emissions from energy should peak in this decade, before
starting a slow decline.

Read more about Economist Intelligence
Find out how Economist Intelligence performed
this year in our annual report

11The Economist Group
Sustainability report 2024

Introduction

Colleagues and communities

We pursue
progress in our
workplaces–andin the communities
around us.

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Our colleagues

Equipping colleagues—and the business—for an inclusive,high-performance future.
Our colleagues are a vital part of the “red thread” ofexcellence that runs through The Economist Group. Theirexpertise and dedication to the pursuit of progress havebeen central to the transformation of the business in thepast few years—and they are crucial to our future growth.

“We’re evolving ourworkplaces to drivea transformed business.
We want to ensure ourcolleagues are supported
by a diverse, inclusive
environment wherehigh performance isenabled and rewarded.”	Kristin Anderson
Chief people officer

As a Group, we need to make sure that colleagues are supported bya diverse, inclusive environment where high performance is enabled
and rewarded. And just as we have invested in the technology andprocesses that have transformed the Group into a successful digitalbusiness, we continue to invest in colleagues and in the resources
and tools that empower them.

Enabling excellence, and supporting engagement
and learningThis year we’ve placed a particular focus on people managers—
ensuring that the leaders in the business have the capabilities andresources to support colleagues and enable high performance.
Our people-manager forum, launched in January 2024, has helped
create a community of managers, whom we have supportedwith information on topics, such as onboarding, compensation,
performance management and goal-setting. Our people managers
are also better equipped to further improve employee engagement,
which has already seen significant progress—from 2019 to 2023,
our Employee Net Promoter Score (eNPS) rose from 6 to 33,
placing us in the top quartile for our industry.

1,643 colleagues in 25 countries pursue
progress in The Economist Group, including
308 colleagues in our editorial team.

52%	of colleagues
are women

48%	of colleagues are black, Asian,multi or diverse ethnicity

At the same time, we’ve continued to strengthen the careerdevelopment resources available to colleagues, including our
career-development platform, Degreed. Degreed continues to givecolleagues learning opportunities tailored to their personal goals
and interests through access to a huge range of content and training
programmes. In total, 877 colleagues were active users in 2023.
All new hires are given access to Degreed as part of their onboarding,and in total, 9,438 modules were accessed during the year.
Diversity and inclusion remain high priorities for our colleagues,
and for the business. We continue to set clear goals to increase
equity in opportunities. Quarterly reports containing gender andethnicity metrics are provided to our business leaders, empowering
them to adapt and refine our inclusion strategy. We have madeprogress this year on our UK gender pay gap, with the lowest
disparities recorded since mandatory reporting began in 2017.
We have continued to introduce a range of initiatives to improve
how we recruit and retain a diverse workforce, especially in tech,a historically male-dominated sector.
We still have more to do, particularly at a global level. In fact,
ensuring our systems and processes are consistent and scalable
globally has been another focus this year across all aspects of ourwork in the people team, and we will continue to roll out global
improvements in the coming months.

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Our colleagues

Our values
Independence
We are not bound to any party or interest
and encourage exploration and free-thinking.
We champion freedom, both within our organisation
and around the world.
Integrity
We are bold in our efforts to uncover the truth andstand up for what we believe in. We inspire trust
through our rigour, fact-checking and transparency.
Excellence
We aspire to the highest standards in all we do.
We are ambitious and inquisitive in our pursuitof continuous progress and innovation.

Workplace cultures built for personal progress andbusiness excellence

Rewarding and supporting colleagues as they drive theGroup’s success

The world of work continues to evolve, and in the past few years
we’ve built a hybrid-working environment designed to encourage
the collaborative and social benefits of office working alongside theflexibility to work at home, or from abroad. The options vary between
roles, but most colleagues now have the option of working two days
each week in the office and three at home, with up to five weeks
each year working from overseas. Colleagues frequently highlight
how much they value their autonomy within the workplace—so ouraim is to enable colleagues to produce their best work, in ways thatsuit them and the business. This includes developing a workplaceculture with defined career pathways, and increasing opportunities
for colleagues to give feedback and share their goals and ambitions
through regular progress reviews.

We continue to evolve our total rewards structure with the aimof attracting and retaining excellent colleagues. We offer benefits
including competitive salaries, incentive schemes, health insurance
schemes, generous annual and parental-leave policies, volunteeringdays, and free access to all The Economist content.
We also provide support for colleagues’ well-being, with managers
taking a module in Managing Mental Health in The Workplace aspart of their development programmes, and Group-wide accessto resources including well-being and stress management training
sessions developed with the mental health charity, MIND.
Colleagues also support each other, through our deepening
network of affinity groups (see page 18)—helping to nurturea culture where excellence and collaboration will continue todrive success across The Economist Group.

Inclusivity
We value diversity in thought and backgroundand encourage healthy debate with a breadth ofperspectives. We treat our colleagues and customers
fairly and respectfully.
Openness
We foster a collaborative and empathetic culture
conducive to the interests, wit and initiative of ourcolleagues. New ideas are our lifeblood.

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Our colleagues

C A S E S T U DY

C A S E S T U DY

Degreed relaunch—supporting
career development and building
opportunities

Transforming diversity
in tech“Our recruitment strategy is designed
to create an equitable hiring landscapein technology and engineering. We’ve
standardised our interview process toensure fairness and integrity, collaboratingwith senior engineering managers and ourchief technology officer. This framework
includes comprehensive interviewer training,
tailored scorecards, and a balanced mix oftechnical and competency-based questions.

The Economist Group is committed to championing
diversity, equity and inclusion. As an organisation
dedicated to fostering an environment that values andrespects the unique contributions of every colleague,
one of the key areas we focus on to improve diversity,
equity and inclusion is career development.
With the support of Degreed, our learning platform,
we empower colleagues to navigate and advance theircareers. We have mapped over 700 individual roles to show
different career paths and the skills needed to progress.
Team presentations take place to show colleagues how to
self-assess, develop and receive feedback on their skills.
The advanced functionality within Degreed shares tailoredcontent such as articles, books, courses and podcasts to
help colleagues upskill. In 2023, over 870 colleagues wereactive users of Degreed and 9,000 items were viewed.

877
	colleagues wereactive users ofDegreed in 2023

“We’ve extended these standardised
practices across our Tech division andformed partnerships with organisations like
Girlcode and Cord.co, targeting a diverse
range of candidates, especially women,in technology roles.
“Key to our strategy is the 50/50 ‘diverse slate’policy, ensuring equal representation ofgender and ethnicity in our candidate poolglobally. These measures have significantly
enhanced our diversity pipeline by 30% andincreased female candidate representation
by 24%, underlining our commitment todiversity equity and inclusion (DEI)
as pivotal to our global success.”
Issey Osman
Global head of talent acquisition

15

The Economist Group
Sustainability report 2024

Ourcontent

Introduction

Colleagues andcommunities

Climate andenvironment

CONTENTSBACKFORWARD

Our colleagues
3

Employee engagement
We support our annual employment engagement survey,Your Voice, with regular pulse surveys to check in on how
our colleagues feel about our business, and their careers.
In 2023, 80% of colleagues took part in our Your Voicesurvey, with an average engagement score of 7.8, which
is above the benchmark for our sector.

42%

Gender2	of our global top pay
quartile are women*

Gender1*Annual base salaries, adjusted
for purchasing-power parity

5 6

5

1
2

Our guiding principles

Gender pay gap

The Group’s guiding principles state: “We value ourcolleagues and treat each other fairly. The Group iscommitted to equality of opportunity in all employment
practices and policies. We do not discriminate against
employees or job applicants on the grounds of age, sex,
sexual orientation, gender reassignment, marital status, race,
colour, religion, national origin, maternity, pregnancy ordisability. We support colleagues who through disability
or illness are unable to perform their duties, by adapting thework environment and hours of work to suit them as far aspracticable. We provide employee-assistance programmes
and access to mental-health facilities.”

Based on the snapshot date of April 5th 2023, we reported
significant progress in narrowing our gender pay gap.
Our UK data shows that our gender pay gap has narrowed
by 4.1 percentage points at the median (from 20.4% to16.3%) and 4.2 percentage points at the mean (from 21%
to 16.8%) compared with April 2022. These figures markthe lowest disparities recorded since mandatory reporting
began in 2017. The proportion of women in senior roles
continues to grow.
There is still more work to be done, particularly in ensuringthat this progress is sustained and reflected globally.
We publish our gender pay gap report on our website.

Flexible working

Read our
Gender pay gap
reportGender pay
gap report
2023

6

3

1

Ethnicity

4

Ethnicity

4

3 2

The Economist (editorial)

The Economist Group

Gender and ethnicity
of editorial colleagues
January 2024, % of total*

Gender and ethnicity
of non-editorial colleagues
January 2024, % of total*%

Gender

1 Female

47.0

1 Female

54.0

2 Male53.0

2 Male45.9

3 Non-binary

0.1

GenderOur hybrid-working policy is designed to give colleagues the
freedom to work at their best, with most full-time colleagues
expected to attend an office a minimum of two days a week,
and able to work from abroad for up to five weeks a year.
Editorial colleagues at The Economist have different
flexibility given the nature of their work.

21

3 Non-binarynil%

Ethnicity

Ethnicity
1 Asian

11.1

1 Asian

42.1

2 Black

2.2

2 Black

3.6

3 Multiple ethnicity

3.5

3 Multiple ethnicity

2.1

4 White, British

77.1

4 White45.6

5 Other/not disclosed

5.4

5 Other/not disclosed

5.3

6 Unknown/prefer not to say

0.7

6 Unknown/prefer not to say

1.3*Includes employees on permanent andfixed-term contracts.

16

The Economist Group
Sustainability report 2024

Introduction

Ourcontent

Colleagues andcommunities

Climate andenvironment

CONTENTSBACKFORWARD

Our colleagues



CASE STUDIES

Making progress
on inclusion—
our affinity
groupsOur affinity groups led the way during ourcompany-wide Global Inclusion Week in
October, which promoted inclusion andcollaboration through activities, eventsand resources that showcased their workin a series of month-long awarenesscampaigns on issues including attention
deficit hyperactivity disorder (ADHD),
breast cancer, Black History Month,and mental health.

Raising awareness of breast cancer
and menopause

Promoting mental healthawareness month

Awareness campaigns are an essential way in which our affinity groups makea difference to colleagues’ lives, and this year Women of TEG used a variety ofevents and interactions to build understanding of issues that affect colleagues
within and beyond the workplace.

The Minds of All Kinds (MOAK) affinity group works on programmes and events
throughout the year, and is especially active each May, when mental healthawareness month brings opportunities to collaborate with colleagues and otheraffinity groups across The Economist Group.

In our London office, a hybrid workshop led by Lesley Salem, founder of OverThe Bloody Moon, a menopause-awareness agency, helped build understandingof menopause and how to provide support to colleagues. In our Gurugram office,colleagues attended a menopause workshop led by Dr Neha Gupta, seniorconsultant in the department of Obstetrics and Gynaecology at Medanta,
the Medicity Hospital Gurugram.

This year MOAK co-produced a series of events with the DisAbility Network
affinity group, featuring breathwork sessions, panel discussions, colleague blogs
and signposting of well-being resources. In 2023 our panel discussion focusedon neurodiversity in the workplace. The speakers were Michael Barton, author
and keynote speaker at TEDxOxford, Sarah Hughes, CEO of MIND, a mentalhealth charity, and Natasha Loder, The Economist’s health editor.

To promote awareness of breast cancer, Women of TEG organised a presentation
by CoppaFeel!, a charity focused on breast-health awareness.

It brought mental-health awareness to more colleagues than ever, with MOAK
membership doubling in the year to support colleague engagement on MOAK’s
Slack channel, and activities including Summer Fridays in August, mental-healthawareness day in October, and MIND’s Time to Talk Day in February.

These campaigns ran alongside our annual celebration of International Women’s Day,
which this year included one of our regular “Coffee with...” conversations covering
career development and The Economist’s coverage of issues affecting women.
“I have been involved in International Women’s Day within the Group for many years
and am passionate about raising awareness helping create a space for women
to discuss their projects, work life and career goals at ease. It also allows me
to benefit from diverse experiences and backgrounds. Being part of the affinity
group also aligns with my values of community and advocacy.”
Michelle Wright Chair, Women of TEG“As a Minds of All Kinds committee member, I’ve been organising weekly
lunchtime walks—enabling colleagues to meet new people across the business,to exercise and have some time away from screens. The walks are informal, funand often themed to take in local historical sights and landmarks near to ouroffices. Special acknowledgement to Samuel Zernig, who helps me in curatingthese experiences. It’s an easily-accessible and inclusive activity that supports
colleague well-being and helps build a sense of community.”
Arianna Hatchett Co-chair, Minds of all Kinds

17

The Economist Group
Sustainability report 2024

Introduction

Ourcontent

Colleagues andcommunities

Climate andenvironment

CONTENTSBACKFORWARD

Our colleagues



C A S E S T U DY

Celebrating Black History
Month in America
The theme for this year’s US Black History
Month was ‘African Americans and theArts’—and TEG in Colour marked thecelebration in our New York and Washington,
DC, offices by supporting local black-led
charities and businesses and deepening
awareness of Black History Monthamong colleagues.
In New York, after a breakfast provided by
the Harlem Biscuit Company, TEG in Colour
partnered with The Brotherhood Sister Sol
to visit, donate to and help out at their local
facility designed to provide safe learningspaces and a garden for the young people
in the community. Volunteering bycolleagues was matched by a donationfrom The Economist Charitable Fund.
TEG in Colour also sponsored a guided
walking tour of Harlem, where colleagues
learned about the borough’s critical role inthe civil-rights movement.
“The success of our US Black History Monthevents is a testament to the strength andinclusivity of the TEG in Colour member
community, where allies show up andchampion the cause of racial equity. Beingin the rooms, witnessing the conversations
and the eagerness of people to learn fromothers who may have very different lived
experiences makes me incredibly proudof the work we do at TEG in Colour.”
Shreya Deora Chair, TEG in Colour

F E AT U R E

Our affinity groups
Our affinity groups
encourage colleagues
to connect with andcontribute to a morediverse and inclusive
culture.

Women of TEG supports, promotes, empowers and recognises the women of
The Economist Group. It provides a place where women can connect, inspire and learn
from one another, both professionally and personally.
TEG in Colour is a group for ethnically diverse identities across The Economist Group,
along with those who wish to support and further diversity across the organisation.
Its aim is to make The Economist Group a more diverse and inclusive place to workby championing more inclusive policies and strategies for the company overall andproviding a forum where colleagues can come together in a safe environment, share
their experiences and celebrate their culture.
WILDE stands for Workplace Inclusion of LGBTQ+ Diversity at The Economist Group.
An internal employee network, it exists to promote acceptance and support for LGBTQ+
colleagues and allies, and engage our company and the wider community in debate andactivism on LGBTQ+ issues. It aims to provide a welcoming environment for all colleagues
in the company, regardless of sexual orientation, gender identity or expression.
Minds of All Kinds has a mission to bring awareness to mental health and well-being.
The group provides a friendly and judgement-free platform to speak openly about
mental health, discuss changes colleagues would like to see in the workplace, andprovide relevant support tools.
The Family Network strives to create a community around current and prospective
parents, carers and those with other family responsibilities at The Economist Group.
It’s a place to share experiences and get support and information around any issues
related to how work and family responsibilities interact. The network represents its
perspectives and needs throughout the organisation.
VOICES focuses on making the India office a more inclusive space for people fromvarious backgrounds. Its aim is to create a culture of equitable opportunities andfoster a diverse workplace that includes representation from marginalised groups.
The DisAbility Network is committed to fostering an inclusive environment that
supports and empowers colleagues with visible and invisible disabilities, long-term
health conditions or who are caregivers. Its mission is to raise awareness, advocate foraccessibility, and celebrate diverse abilities at The Economist Group. This network is
open to all colleagues dedicated to promoting these values.

18

The Economist Group
Sustainability report 2024

Introduction

Ourcontent

Colleagues andcommunities

Climate andenvironment

CONTENTSBACKFORWARD

Our communities

Enabling critical thinking, fostering education—and
empowering the disadvantaged.
As a Group and as individual colleagues, we support
charities that create opportunity and empower
the disadvantaged through our close links withThe Economist Charitable Trust and The Economist
Educational Foundation.

The Economist Charitable Trust—pursuing humanitarian
progress around the world“I am incredibly proud to be thechair of The Economist Group’s
Charitable Trust. Over the past
year we have matched donations
raised by colleagues in memoryof their loved ones as wellas contributing to importantcampaigns. The Trust continues
to make a difference to charities
supported by colleagues.”	Michael Thomas
Head of learning and development

Since The Economist Charitable Trust was established in 1986 it
has supported charities that improve the plight of disadvantaged
groups, and which champion the values of free thinking andeducation. The Trust funds charities chosen by The Economist
Group colleagues—matching money raised by colleagues anddonating to nominated projects each year. In the year to March 31st2024, the Trust received £104,000 from the Group.
The Trust supported the following projects by awarding eacha grant following a vote by colleagues: My Sister’s Place, Talent
Beyond Boundaries, Hackney Night Shelter, Supporting Ugandan
Education, Mother’s Choice and Reach To Teach. In August 2023
the Trust also promoted a global campaign to tackle wildfire relief,
highlighting charities in Greece and Hawaii.

£104k	donated by the Group to
The Economist Charitable TrustC A S E S T U DY

THE ECONOMIST
12-MONTH REPORT

Code First Girls—
programming andproblem-solving
The Economist Group partners with Code First Girls, a provider
of free technology and coding courses for women. The missionof Code First Girls is to reduce the gender diversity gap in thetechnology sector—and in 2019 we started offering eight-week
web development courses in support.
In 2023 we continued our support by launching courses that introduced
students to Python, a programming language. The classes covered
the foundations of programming and problem-solving. By the end of
the course, participants have a working knowledge of Python andhave used it to build and deploy a web application.
It meant that 2023 was our biggest year so far in terms of course
participants, with 90 students successfully completing thecourse—which included our first ever course in Singapore,delivered in July 2023. To date, 310 students have successfullycompleted courses under The Economist Group partnership,taught by our technology teams in Birmingham, UK, Gurugram,India, and Singapore, together with Code First Girls’ instructors.

19

The Economist Group
Sustainability report 2024

Introduction

Ourcontent

Colleagues andcommunities

Climate andenvironment

CONTENTSBACKFORWARD

Our communities

The Economist Educational Foundation
The Economist Educational Foundation is an independent charity that combines theexpertise of The Economist’s journalists with that of experienced teachers.
We support children from underserved backgrounds in many countries to develop essential skills
for the modern world. We do this by enabling them to have inspiring discussions about the news,
which teach them to think critically, communicate effectively and understand global issues.

“Join in! If you would like toenable more young people
to join inspiring, high-quality
discussions about the news,
please contact me.”	Emily Evans
Chief executive, The Economist Educational Foundation
emilyevans@economist.com

Our activities

Our plans

Our programme, Topical Talk, brings about these discussions in three ways:

Since 2020 we’ve doubled the size of our teamand expanded from working in a smattering of UK
schools to reaching over 150,000 children globally
today, including on-the-ground work in the UK
and US. There is still an enormous unmet need,so we have bold plans to accelerate growth toreach a million children in 2026.

1. We create world-class teaching resources for classroom discussions about
global news stories.
Some of our most popular resources in the past year covered the Israel-Hamas
conflict, AI and the future of work, inflation, mental health and eco-anxiety.
“I love the mixture of group discussion, interactive activities, videos and posters.
The lessons are always varied and engaging.”
Teacher, Romania

2. We run Topical Talk Festival: the biggest news festival for young people.
Children from countries all over the world join discussions with each other andglobal experts, and work towards publishing their opinions in writing, podcasts
and films for the chance to win awards.
“I learnt how to present my opinion respectfully to others in such a way thatwill engage them in discussion, even if we think differently.”
Student, Pakistan

3. We train and support teachers to bring high-quality news discussions into
their classrooms, including through intensive, in-person community partnerships.
“Topical Talk’s impact on Clayton County Public Schools has been nothing shortof remarkable. We’ve unlocked new horizons of learning, igniting our students’minds and reinvigorating our educators’ passions.”
Find out more about what we do in our Impact Report oordinator of Advanced Learning and Gifted, Clayton County Public Schools, United States.
C(one of our community partners)

Even more than scale, we’re committed to having
a deep impact, ensuring we reach the children
with the most need and make a meaningful
difference to them. We see the greatest impact
when children participate on a regular basis.
So as we grow, our priority is to increase thenumber of children from underserved
backgrounds participating in Topical Talk
regularly. In 2025-26, we aim for 100,000 children
to have high-quality discussions about thenews on a regular basis for at least part of theschool year.
To support this regular, high-quality participation,
we will expand and deepen our community
partnerships and relationships with teachers,
working intensively with them to make Topical
Talk a success in their classrooms.

20

The Economist Group
Sustainability report 2024

Introduction

Ourcontent

Colleagues andcommunities

Climate andenvironment

CONTENTSBACKFORWARD

Our communities The Economist Educational Foundation

Our progressChildren who engage regularly with Topical Talk lessons make up to
7x the progress of their peers who have no skills interventions

We’re making great progress towards our goals.
So far in the 2023-24 school year, Topical Talk hasreached over 150,000 children and we’ve invested
further in the work we do to support more children
to engage regularly:

Our impact
Children who take part in Topical Talk regularly
can make seven times more progress comparedwith their peers in essential skills that support
them to thrive at school, in employment and as
citizens in a complex and uncertain world.
They learn to solve problems creatively, listenwith an open mind and speak with confidence.
We use the widely respected Skills Builder
Universal Framework to measurechildren’s progress.
Children also apply these skills to engage
with the news in times of misinformation andpolarisation, learning to form nuanced views oncomplex issues and constructively have their say.
We believe children make the most progress
when they enjoy learning, so we’re delighted
to see that students find Topical Talk inspiringand fun. For example, nearly 80% of students
say they enjoy school more because of the
Topical Talk Festival.

150k+

	children reached in 2023-24“Topical Talk Festival has reallymade me more broad minded
in terms of perceiving different
sides of a situation andunderstanding that there ismore to something other thanwhat’s the public opinion orwhat the media shows us.”Teacher

3.77

3.92

Average skill
progress for aclass with no skills
intervention =

0.57

1
0

Speaking

ListeningStudent, Uganda

Teacher, United States

Before the lesson you will need to:

Mental health:

Listening

Knowledge

doomscrolling

Step 6:

I show I am listening by how I use eye
contact and body language

Step 6:

I can explain why it's important tofind reliable news sources

Step 12:

I listen critically and think about
where differences in perspectives
come from

Step 7:

I can explain how bias affects thenews I see and hear

About this lesson
Objective: to understand how doomscrolling can affect mental health and to findsolutions for healthier news consumption
Before the lesson you will need to:• Print the Teacher instructions, or have them to hand
• Have the PowerPoint ready to share• Print, copy and cut the Cards, enough for one set between four

This lesson develops
Problem solving

For more information about the Topical Talk skills and knowledge frameworks, look here:
talk.economistfoundation.org/about/topical-talk-skills-knowledge

Sustainable Development Goals

This lesson contains sensitive content. Please read and check its suitability for your students in advance. For
tips on managing sensitive conversations with students, look here: bit.ly/sensitiveconversations

These teaching resources
are supported by:

January 15th 2024

AI: education andthe future of work

The Economist Educational Foundation
maintained full editorial control

I explore complex problems byanalysing the causes and effects

Step 9:I create solutions for complex
problems by finding a range ofsolutions to doomscrolling

In this lesson students will think creatively
about how Artificial Intelligence (AI) could
affect the future of work and education.
They'll investigate how technology mighttake and make jobs before discussing
how education might need to change fora world in which technology leads the way.
Science and technology

January 22nd 2024

This lesson provides opportunities to practise60-90 minute lesson

Creativity

Eco-anxiety

Getting started:
imagining and generating ideas
Step 0: I imagine different situations
Step 1: I imagine different situations andcan say what I imagine
Step 2: I imagine different situations andcan bring them to life in different ways
Step 3: I generate ideas when I’ve been
given a clear brief
Step 4: I generate ideas to improvesomething
Step 5: I generate ideas by combining
different concepts

For more information about the Topical Talk skills,
look here: bit.ly/TTFrameworks

Sustainable Development Goals

Want more resources?
Take a look at the Topical Talk
resource library. All resources are free
and it takes seconds to sign up.
talk.economistfoundation.org/resources

Knowledge

Step 7:

I can explain how bias affects thenews I see and hear

For more information about the Topical Talk skills and knowledge frameworks, look here: bit.ly/TTFrameworks

Sustainable Development Goals

ChameleonsEye / Shutterstock.com

60-90 minute lesson

Step 8:Creativity“I have learnt how to generate
new ideas and solutions incollaboration with others fordifferent problems.”

Objective: to reflect on the types of news people might see because of the conflict
between Israel and Palestine

September 29th 2023
• Print the Teacher
instructions, or have them to hand
• Print and the Teacher questions sheets, or have them to hand
• Have the PowerPoint ready to share on screen

Problem-solving“It’s gotten me more excited tokeep my students updated on
current and real-life events.
Most of my students only
know about local or regionalsituations. But Topical Talk
has broadened their mindsets
and they now see thatdifferent people around theworld face similar issues.”

About this lesson

This lesson develops
1-hour lesson

3.92

2

October 23rd 2023

Israel andPalestine:
news literacy

4.07

4.60

4

2. We’ve expanded our community workin America (Atlanta) and we’re establishinga new community pilot with inspiring teachersin Nigeria (Lagos).

1-hour lesson

Average skills
progress for a
Topical Talk class =5

3

1. Our 2024 Topical Talk Festival was thebiggest yet. It involved over 2,200 children
from 17 different countries, giving them regular
opportunities to join lively online discussions
with each other about topics from AI and thefuture of work to eco-anxiety, prisons in
Ecuador, immigration and the Indian election.

Student“The Festival has had
a tremendous impact on mycommunication with mystudents. I’m more open to
their suggestions and more
intentional about hearing
their views.”

Our skills data come exclusively from teachers serving highproportions of underserved children.

“Students’ communication skills have definitely increased.
They’re paying more attention in class. They’ve got to a point where
they want to talk. And if they have an opinion about something,
I’ve noticed that they have learned to approach their opinion ina more diplomatic way where they can respectfully explain what
they want to say and support their claims with evidence. Students
are also being more creative in their problem-solving. They start
to think outside the box. They’re starting to draw on what they’relearning about different contexts around the world.”
From floods and forest fires to droughts andfamines – worrying headlines about climatechange often dominate the news and this ishaving an impact on people’s mental health.
In this lesson, students will consider different
perspectives and debate about how much“climate-crisis” news is too much – before
hearing expert advice about how to copewith eco-anxiety.
Climate & enviroment

Sport & wellbeing

This lesson provides opportunities to practise

Listening

Mastery:
listening critically

Step 11: I listen critically and compare
different perspectives
Step 12: I listen critically and think
about where differences in perspectives
come from
Step 13: I listen critically and identify
potential bias in different perspectives
Step 14: I listen critically anduse questioning to evaluate
different perspectives
Step 15: I listen critically and lookbeyond the way speakers speak or act toobjectively evaluate different perspectives

For more information about the Topical Talk skills,
look here: bit.ly/TTFrameworks

Sustainable Development Goals

Teacher, United States
Want more resources?
Take a look at the Topical Talk resource library. All
resources are free and it takes seconds to sign up.
talk.economistfoundation.org/resources

21

The Economist Group
Sustainability report 2024

Introduction

Climate and environment

Climate change isan unprecedented
challenge to progress.
Our journalism andanalysis catalyseothers to take climate
action—but we arealso reducing ourown impacts.

Our
content

Colleagues andcommunities

Climate andenvironment

CONTENTSBACKFORWARD

22

The Economist Group
Sustainability report 2024

Introduction

Ourcontent

Colleagues andcommunities

Climate andenvironment

CONTENTSBACKFORWARD

Climate and environment

Digital transformation—at the heart of our sustainability journey.
Our transformation to a digital-first business meansthat The Economist Group is delivering sustainablegrowth and value—while contributing positively to social
issues, and reducing our impact on the environment.

“Our digital-first Group strategy
is delivering sustainable growthand value for all our stakeholders,
while helping to drive progresson our emissions-reduction
ambitions.”	Emily Jackson-Kessler
SVP sustainability

Our most significant contribution to climate action is through ourcontent. We provide individuals, businesses and governmentswith independent insight, analysis and engagement through ourjournalism and information services, described on pages 7-11, on theurgency of ambitious action both to curb emissions and to adapt to
the inevitable impacts of a warming climate.
At the same time, we must be leaders when it comes to our own
environmental footprint and impacts. We are achieving this throughthe digital transformation of our business—particularly in our coreproduct offering, which in four years has undergone a profound shift
from print to digital, and driven a 30% reduction in our carbon
footprint since our base year of 2020.

Climate report: Some progress,
must try harder, Nov 25th 2023,
The Economist

In 2023 we increased our ambition, and have upgraded our emissionsreduction target to 2030, in line with a 1.5°C ambition. Our new target
is validated by the Science Based Targets initiative (SBTi), a coalition
for corporate climate action. We are signatories to the Business
Ambition for 1.5°C and the United Nations Framework Convention
on Climate Change Race to Zero campaigns. Our longer-term vision
is to achieve science-based net zero by 2045 at the latest.

Our environmental sustainability framework

ManageMeasureMitigate

Progress

Weave sustainability into the fabricof our growth and operations

Build a plan and understanding
based on data

Harness the passion and be an
active leader

Results• Raise Group awareness ofclimate change• Accountability for the strategy
rests with the Board andleadership team• The Economist SustainabilityGroup is our formalisedinternal network• Measure greenhouse-gas(GHG) emissions across thefull value chain• Digital and print life-cycle
assessments• Plastics footprint• Automated carbon reporting• Climate-related risks
and opportunities• Science-based emissionsreduction target of 43% in linewith a 1.5ºC-aligned pathway
by 2030• Plan for net zero by 2045
• Invest in renewable energy• Support innovative climate
solutions and technologies• 30% emissions reduction frombase year 2020 in line withvalidated science-based target• 50% reduction in the use ofplastics in our supply chain• Accelerated digitalproduct growth23

The Economist Group
Sustainability report 2024

Introduction

Ourcontent

Colleagues andcommunities

Climate andenvironment

CONTENTSBACKClimate and environmentMore digital. Lower impacts.
While we have now surpassed our original science-based target to reduce
our emissions by 25% by 2025, we recognise that our new near-term target
to 2030 will be more challenging. The digital transformation of our business
is, and will continue to be, the key driver of emissions reductions in themedium term, but achieving our longer-term ambition will require more
effort and engagement in three areas. First, by engaging our top suppliers,
which we will be doing in 2024 as a CDP (formerly the Carbon Disclosure
Project) Supply Chain Partner. Second, through the effective use of data
to enable sustainable decision-making. Finally, by engaging our colleagues
in a programme of climate-change learning and development.

C A S E S T U DY

Climate Fresk—engaging colleagues
to achieve our 2030 ambition

At the same time, we recognise that we need to look beyond
carbon emissions to our wider environmental impacts on nature andbiodiversity. We look across our value chain for opportunities to improve
our environmental performance—often, as with our carbon-emissions
work, in collaboration with our partners and suppliers. To help us achieve
our ambitions, we continue to build on the three steps of our environmental
sustainability framework to drive progress: manage, measure, mitigate.

ManageOur commitment to climate action
We are taking important steps towards our science-based, near-termemissions-reduction target to 2030—aligned with the aim of the Paris
agreement to limit global warming from pre-industrial levels to 1.5°C—by
continuing to deliver on our commitment to reduce our carbon footprint.
Our longer-term ambition is to reach net zero by 2045.
At the same time, we need to understand how climate change is affecting
our business and adapt to its impacts. Climate-related extreme weather
conditions have already disrupted our business and supply chain in
North America, and we expect impacts to increase over time (see our
TCFD report). Managing our carbon footprint and measuring climatechange risk is critical for our business—and our efforts in this area wererecognised by CDP with a B score for our climate-change disclosurein 2023.

To act, people need to understand the problem. In 2023
The Economist Group piloted the Climate Fresk workshop,
a non-profit, climate-change education programme.
The workshop uses a collaborative, gamified approach,based on the scientific reports of the Intergovernmental
Panel on Climate Change (IPCC), to break down thecomplex science of climate into understandable parts,
while highlighting the systemic nature of its impacts.
The next objective is to prompt climate solutions
and action.
Following the success of the pilot, elements of theworkshop have been adapted to integrate The Economist
Group’s sustainability targets, and prompt colleagues toreflect on the significance of these aims within thecontext of their roles, teams and industry. By integrating
Climate Fresk into the Group’s learning and development
framework, The Economist Group is equipping
colleagues with foundational climate education andactively engaging its workforce in the sustainabletransformation of its business.
In 2024 Climate Fresk is being rolled out across theGroup, using a train-the-trainer model to deliver the
programme at scale. The Economist Group’s leadershipteam participated in our inaugural Climate Fresk.

FORWARD

24

The Economist Group
Sustainability report 2024

Introduction

Ourcontent

Colleagues andcommunities

Climate andenvironment

Climate and environment Manage
F E AT U R E

Colleagues: studying the science, and acting on climate
We know that colleagues across the Group are
passionate about climate action, and are looking
for ways to make a difference in their work andlives. We need their help in achieving oursustainability ambitions, and we want to help
them take action by raising engagement,
awareness and support.
The Economist Sustainability Group is theformalised sustainability network for colleagues
across the Group. Colleagues use the Sustainability
Hub on the Group’s intranet, and our dedicatedSlack channel, to follow our progress, take part in
activities and surveys, or use the Group’s Degreed
education and learning platform to develop theirunderstanding of climate issues. Many colleagues
are already highly-informed and engaged—andbring the analysis and insights from their roles
in The Economist, Economist Impact andEconomist Intelligence to bear in discussions
and presentations. Many want to learn more—andin 2023 we developed a new climate-education
workshop, Climate Fresk (see page 24), which
we are rolling out across the Group in 2024.
We also have a network of 16 sustainability officechampions, who exchange information and ideas
around our GHG and environmental performance,and run regular campaigns such as Earth Week.
This year Earth Week included a beach clean-up
session in London, a nature hike in Singapore,and educational competitions run by our colleagues
in India, Hong Kong, the US and Brazil.

Beach clean-up on the Thames foreshore, London

Nature hike, Singapore

Ambition for colleague engagement on environmental sustainability
Internal channels

Climate Fresk

Sustainability Hub
Climate Fresk
dedicated intranet page workshop roll-out towith monthly blogs
around 300 colleagues
in key business areas
Colleague surveys
in year one
drive strong
engagement
Internal train-thetrainer model to#teg-sustainability
scale adoption
Slack channel
Phased roll-out acrossDegreed learning
Group 2024-26
channel featuring
dedicated sustainability
sectionSustainability
champions network

Earth Week
campaign

The Economist
Sustainability Groupis our formalisedinternal group

Office champions ran
a series of eventsin our major offices,
engaging around
350 colleagues (beachclean-ups, nature hike,educational competitions,
office events)

Growing networkof 16 champions
30 colleagues fromacross the Groupsupport office GHG
data collection

Earth Week Insight Houron plastics, featuring
the founders of Plastic
Free July and Seven
Clean Seas

Eco-innovation competition, Gurugram

CONTENTSBACKFORWARD

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Sustainability report 2024

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CONTENTSBACKFORWARD

2.68

37.22

Purchased
goods andservices2024
results

Climate and environment

MeasureOur environmental impact

We measure carbon emissions across our entire value chain,including direct scope 1 emissions and indirect scopes 2 and 3
emissions. Reductions from the previous reporting period are driven,in particular, by lower print and production volumes of The Economist
newspaper, as customers increasingly choose digital over print.
This year we have also taken important steps to improve themeasurement of our footprint, which now includes around 33% ofprimary data. This includes supplier-specific data from key paper
and print production partners, and specific activity-level data, suchas detailed global logistics mapping. These improvements wereused to adjust our 2023 footprint, showing a larger reduction in our
scope 3 emissions than previously reported.
Our impact
Total Group CO2 emissions footprint: 37.22kt CO2e
Year-on-year progress: 0.1% reduction from 2023
Progress since base year 2020: 30% reduction
Renewable-energy attribute certificates (EACs): 1.80kt

GHG emissions decreased by 30% from base year 2020 kt CO2e emissions

The Economist
Group emissions by
GHG category

60.00

50.00

51.77

(14.50)

40.00

3

30.00

Emission scopes

20.00

37.27

(0.19)(0.32)(0.33)(0.41)(1.70)

2023
results

Facilities
andoperations

Other
upstream
emissions

Capital
goods

Other
downstream
emissions

Print andproduction

0.21

Total kt CO2e emissions

1 Scope 1

0.19

2 Scope 2

0.56

3 Scope 3

36.47

10.00

0

2020
base
year

Emissions
reductions
2020-2023

BusinesstravelEmissions measurement across The Economist Group’s full value chainRawmaterials

Upstreamlogistics

Production

OperationsDistribution

Productend of life

Use

MARCH 5TH–11TH 2022

I/N 9286

We have now conducted our sixth annual GHG emissions inventory
in accordance with the Corporate Standard of the Greenhouse Gas
Protocol, considered the gold standard in emissions accounting andreporting. Our carbon-footprint measurement was conducted by
CO2 AI, a carbon-management software platform developed by
Boston Consulting Group. The Economist Group’s GHG emissions
for the period 2023-24 amount to 37.22 kilotonnes of carbon dioxide
equivalent (CO2e), representing a 0.1% decrease compared with theprevious reporting period. With a 30% reduction since our FY2020
base year, we have surpassed our 25% target by 2025, taking us
a step closer to achieving our new 2030 near-term emissionsreduction target, validated by the Science Based Targets initiative(SBTi), a coalition for corporate climate action. Our target overall
is to reduce emissions by 43% by 2030. We are signatories to theBusiness Ambition for 1.5°C and UN Framework Convention on
Climate Change (UNFCCC) Race to Zero campaigns.

1220220305_ECN_NP_NAVA_001.indd 1

02/03/2022 18:22

Scopes 1 + 2 + 3
Scope 3 upstream emissions

Scope 3 emissions from business travel and purchased goods and services

Scope 3 downstream emissions

26

The Economist Group
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CONTENTSBACKFORWARD

Climate and environment Measure
C A S E S T U DY

Understanding our impacts: life-cycle
assessment for The Economist digital products

The study took a “cradle to grave” approach, including
all life-cycle stages—from raw material extraction,
manufacturing, use phase, and distribution, to use
and end-of-life—drawing on the Greenhouse Gas
Accounting Protocol Product Standard and the ICT
sector guidance. The functional unit used to compare
one digital copy with one printed copy of The Economist
newspaper was based on the total annual emissions fromthe delivery and viewing of The Economist’s website andapps, divided by the number of Economist issues per year
and digital subscribers (emissions per user per issue).

Summary of the life-cycle impact of The Economist's digital products (g CO2e)
800

Emissions (g CO2e)

In partnership with DIMPACT, a collaborative initiative
between leading media, entertainment and technology
companies and world-class researchers, we assessed
the carbon footprint of serving The Economist
newspaper’s content digitally to our readers through its
website and apps. The analysis also aimed to compare
the digital footprint to The Economist’s print productlife-cycle assessment, which we completed in 2022.

The findings identified two major emissions hotspots for our
digital products. One was the impact of ‘end-user device
embodied emissions’. Those are the emissions associatedwith making the devices people use to access The Economist’s
digital products—and are significantly higher than theemissions associated with the actual ‘use’ of, say, an article
in The Economist. The second hotspot was server use-phaseemissions, associated with serving our products globally.
The key finding of the directional comparison confirmed that theemissions attributed to our digital product is estimated to bearound 12 times lower than the global average emissions impactof the print version, estimated at 268g CO2e per print issue.

600

Embodied
Use-phase

400

670
20

200

225

0

60

Data centres

44

Internet networktransmission1

End user devices

1 Only use-phase emissions were considered to align boundaries with the physical product footprint.

Estimated average emissions per functional unit (g CO2e)
1200

Emissions (g CO2e)

The Economist Group is now a digital-first business—and digital products will be the main driver of our growthin the future. We’ve always known that there was goodevidence that moving from print to digital would be likely
to improve our carbon footprint—but we also knew thatdata use has its own consequences for emissions,throughout the value chain. Understanding the fulllife-cycle impacts of our digital products helps us takemeasures to address them—so in 2023 we set out toanalyse them in detail.

Leveraging our data to support
sustainable business
transformation

900
1206

600
300
0

466
176

UK
physical

Europe,Middle East
and Africa
physicalNorth andLatin America
physicalGlobaldigital22

In 2023 we started leveraging specific data
streams more effectively to support thesustainable transformation of our business.
Using an interactive print and distribution map,
we can visualise the journey of our printed
products, from the inbound logistics from paper
mills to print sites, to outbound logistics from printsites to recipient cities. This granular data—
including the quantity and weight of shipments,
emissions per copy, and costs per copy—provides
us with a holistic view of our print operations,
supporting strategic decision-making aligned with
our sustainability objectives. Overlaying the mapwith data on the print/digital split of subscriptions
by country, for example, helps us develop
strategies for encouraging digital subscriptions.

“Through an interactive
print and distribution
map, we track our
products meticulously
from sourcing todelivery. This data
guides strategic
decisions alignedwith our commitment
to sustainability.”	
Pranav Subramaniyam
Lead data analyst,
The Economist Group

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Sustainability report 2024

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28

Climate and environment Measure
C A S E S T U DY

The Economist:
reducing plastic
usage by 50%
since 2021
We have been reducing the use of plastics across
The Economist’s supply chain since June 2021,
when we conducted a plastics footprint andleakage analysis in partnership with Seven Clean
Seas, an ocean impact organisation.
The 2021 analysis, conducted in accordance with
the Guidelines for Corporate Plastic Accounting
developed by 3RI and VERRA, found that our total
plastics footprint was 58,000kg, and that the
majority of our plastics footprint comes fromsubscriber poly-wraps, but also includes bundle
and pallet wraps, and strapping.
In 2023 we switched from plastic-wrap topaper-wrap in the UK. This led to a 25%
reduction in plastics usage compared to theprevious reporting period. Since our assessment
in 2021, we have now cut our plastics usage by
29,000kg—a 50% total reduction. Now, 89% of ourweekly subscribers receive their print copy either
paper-wrapped or without any packaging. In somemarkets, mailing requirements make it morechallenging to remove plastic, but we continue
to explore environmentally sustainable solutions.

The
Economist

89%

3

2
1

Wrapping by market

PROMOTING CIRCUlARllY &REDUCING PlASTIC FOOTPRINT

The Challenge	of subscribers1receive
their print copy
either
The Economist Group, a renowned
global media powerhouse, ispaper-wrapped
or in its commitment tosteadfast
mitigating environmental impact.
without packaging
In 2021, The Economist embarked
on a transformative partnership with
Seven Clean Seas to meticulously
quantify their plastic footprint andpinpoint leakage points across their
entire value chain.
This comprehensive study aimed touncover critical hotspots where The
Economist could implement
effective measures to significantly
reduce its plastic footprint,
demonstrating their dedication tosustainable practices.

%

1 Non-wrapped

Canada, Germany, Switzerland and USA

66.5

2 Paper-wrapped

UK, Belgium, France, India, Netherlands,
Norway and Sweden

22.5

3 Plastic-wrapped

Australia, Hong Kong, Japan, Singapore

10.7

2 The Solution
Target Reduction Strategy
for Plastic Packaging
�Consumer Demand

Brand Alignment

A 2023 Deloitte study found that 46% ofconsumers bought sustainable goods, with 27%
willing to pay a premium for environmentallyfriendly products (Deloitte, 2023).

The Economist Group aims to address criticalsocial and environmental issues, aligningwith their values and sustainability commitments
as outlined in their Annual Report(The Economist Group, 2022).

Supply Chain Tracking

Global Mismanaged Waste

Horizontal supply chains in the printing anddistribution sectors pose significant challenges intracking and reporting packaging materials usage
across multiple suppliers and regions.

Twelve countries account for 60% of the world's
mismanaged plastic waste (EA, 2024). The
Economist seeks to understand how their productpackaging may contribute to this issue.

We collected data on sales and plastic
packaging usage from various regional printand distribution sites. This allowed us tocalculate the amount of plastic used per
magazine copy.

Our analysis at the country, polymer, andpackaging levels helped us identify critical are
where TEG can implement targeted initiatives
effectively reduce its plastic footprint.

By analyzing national data on mismanaged
waste and the release rates of different types
and sizes of plastic polymers, we estimatedthe amount of plastic likely to leak into theenvironment.
Plastic-Carbon Balance
Reducing plastic use without increasing GHG emissions
is complex. For example, replacing poly wrap withalternative materials must consider the entire lifecycle
impact, including potential increases in carbon footprint.

“Quantifying our plastics footprint and leakage points acrossthe entire value chain has enabled us to uncover criticalhotspots, and implement effective measures to significantly
reduce our plastics footprint.”	
Faye Jeacocke Director, global production and distribution operations

The Economist Group
Sustainability report 2024

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CONTENTSBACKFORWARD

Climate and environment

Mitigate
Our reduction strategy
To reduce the impact of our carbon footprint as part of ourpathway to net zero, our reduction strategy has four pillars:
1	Digital transition: pivot to a digital-first approach acrossour businesses
2	Travel: limit business travel, in particular flights
3	Energy: improve office energy efficiency and purchaserenewable-energy attribute certificates4	Value chain: engagement and innovation with key
business partners
Engaging with our value chain is critical to achieving our ambition.
Around 98% of The Economist Group’s carbon footprint is fromgoods and services provided by partners to deliver our core products
and services. There are some clear steps we can take:• Collaborate and innovate with our suppliers• Encourage key value-chain partners to set science-based
emissions-reduction targets• Improve supplier-specific emissions data collection
To support these steps, The Economist Group has become a CDP
Supply Chain Partner, joining just over 300 companies committed
to engaging their suppliers and addressing their supply chain
environmental impacts, risks and opportunities. Our business
partner code, launched in June 2023, outlines practices andstandards we expect to see demonstrated across a wide range
of issues, including climate and the environment.

Our principles of emissions reduction
Our approach to emissions management is rigorous and transparent.
We take into account all scope 3 emissions (in addition to scopes
1 and 2)—which covers all products we produce and sell, as well
as all goods and services we buy—and we will continue to explain
our emissions performance in greater detail as reporting in thisarea matures.
Although we know our actions alone will not save the planet,
we are taking voluntary action to reduce our emissions, and wewould welcome improved regulation for companies in this area.
We prioritise emissions reduction over offsets. Our targets arealigned with the Paris agreement, which aims to limit global
warming to 1.5°C above pre-industrial levels. Our science-basedtarget to 2030 has been validated by the SBTi. Our longer-term
aspiration is to reach science-based net zero by 2045.

Partnership and collaboration on climate action
Partnership and collaboration with our stakeholders, suppliers andpeers is key to making sustainable progress. We are signatories
to the Business Ambition for 1.5°C and UNFCCC Race to Zerocampaigns. Economist Impact Events is now a signatory of the
Net Zero Events Carbon Pledge, an industry-led initiative to drive
the events industry towards net zero, and across our events
portfolio, we have developed new approaches to reduce emissions
at events and source materials sustainably, to embed sustainability
across our events business and operations. We are members of the
Responsible Media Forum, an industry-wide partnership between
leading media companies to identify and take action on the socialand environmental challenges facing the sector. To understand thecarbon impact of our digital products, we have joined DIMPACT,a collaborative initiative convened by SLR, the University of Bristol
and leading media and technology companies.

30%

	reduction in annual GHG emissions
since base year 2020, while
growing our businessWe support

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The Economist Group
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CONTENTSBACKFORWARD

Climate and environment Mitigate
F E AT U R E

Following the science to find innovative mitigation approaches
The best way we know to make progress on our pathway to net zero is
to keep reducing emissions. But where we believe the science stacks
up, we’re also exploring science-based approaches that could support
mitigation—including those that aim to extract and store atmosphericcarbon and accelerate the stabilisation of the climate.
In 2023 we continued to support verified nature-based projects andpromising climate technologies through our climate contribution
budget. These are fast-evolving sectors where things are not always
what they seem—so we’ve worked both with Supercritical, a carbon
removal adviser, and directly with project developers, to makeinformed choices on projects that have the potential to makea difference. Projects we support include afforestation andreforestation programmes such as TIST, The International Small
Group and Tree Planting Programme, in Kenya, and carbon-credit
schemes such as the award-winning HACT pilot programme in the UK,
which focuses on decarbonising social housing through insulation,
retrofitting heating and windows, and a range of innovative carbonremoval projects.

Another project, Mash Makes, in India, is a biochar project thatconverts cashew shell cakes into a natural soil fertiliser, locking
in carbon for up to 100 years. Overall, our contributions in thisarea are equivalent to nearly 9.6kt CO2e. This is in line with
the Science Based Targets initiative Net Zero Standard
recommendation that companies invest in mitigation outside
their value chains to contribute towards reaching theIntergovernmental Panel on Climate Change (IPCC) targetof limiting global warming to 1.5°C above pre-industrial levels.

“Carbon-dioxide removal needs more
attention. It is vital to climate
stabilisation, remarkably challenging
and systematically ignored.”	The Economist, Nov 20th 2023

From left to right:
TIST, The International Small Group and Tree Planting Programme, Kenya
UNDO enhanced rock weathering, Scotland
Mash Makes biochar project, India

Beyond our value chain: projects we’re supportingt CO2eClimeworks carbon dioxide removal, Iceland

70

HACT social housing retrofit credits, UK

600

TIST community reforestation, Kenya

1,565

Nicaforest reforestation, Nicaragua

1,150

Mash Makes biochar, India

161

UNDO enhanced rock weathering, Scotland

54

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The Economist Group
Sustainability report 2024

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Climate and environment Mitigate
C A S E S T U DY

Retrofit credits—driving environmental
impact, from lower emissions and green
jobs to better health

Understanding our natureand biodiversity impacts

Since its pilot phase in 2023 The Economist
Group has supported the Retrofit Credits
initiative, created by the Housing
Associations’ Charitable Trust (HACT)and its partner PNZ (previously Arctica
Partners). It was founded to make British
homes warm and energy efficient, reducegreenhouse-gas emissions, fight fuelpoverty, and create green jobs. In the
UK alone, 21m properties need anenergy-efficiency upgrade, requiring
more funding.

Using the World Wide Fund For Nature (WWF) Risk Filter Suite,
we assessed direct impacts and dependencies on biodiversity andnature related to The Economist Group’s global operational sites andprint-production sites in our supply chain. The WWF tool provides
an assessment of location-specific biodiversity risks, and gives us
visibility of key hotspots.

The credits are audited by Verra, global
experts in climate and sustainability
standards. Developing high-value,
traceable credits will help build
confidence in the wider carbon-credit
system, which is vital for unlocking funding
and investment globally. It also supports
the delivery of other benefits, such as
improving people’s health and creatingskills and jobs in marginalised communities.
Retrofit credits received the Ashden 2023
Energy Innovation Award and has been
named one of The Big Issue’s 100
Changemakers of 2024 in the Climate
and Sustainability category.

This year, we set out to evaluate The Economist Group’s impacts
on the natural environment, and take first steps towards integrating
biodiversity risks in our sustainability strategy.

“Loss of biodiversity
poses as greata risk to humanity
as climate change.”	The Economist, Nov 20th 2023

Initial findings indicate that paper manufacturing in our supply chain
has the highest dependency and impact on biodiversity and nature.
Leveraging this information, we will engage with key supply-chain
partners to develop our future strategy.

Your Impact SummaryYour investment has created a real, tangible difference, allowing
you to offset your carbon footprint whilst contributing to positivesocial and environmental impact to individuals in the UK.
By investing in Retrofit Credits, you have unlocked funding forsocial housing retrofit through verification of the emission
reductions and social value of retrofit projects. This results in thefurther decarbonisation and improved energy efficiency of thehomes whilst also impacting positively on the lives of people andcommunities across the UK.

£94,500

towards decarbonising
UK homes

1200

1200
Retrofit
Credits

tonnes of carbon
reduction£696,124
social value
createdDeveloped by HACT and PNZ Carbon, RETROFIT CREDITS is based on quality, integrity, andlocality, providing you carbon credits that meet the Verified Carbon Standard, and that are locallysourced from social housing projects that not only include sustainability goals but alsomeasurable social value outcomes that impact communities across the UK.

Impact summary shows
Retrofit Credits supportedby The Economist Groupsince 2023

“The WWF Biodiversity Risk Filter reveals the several ways in which TEG has
impacts and dependencies on the natural environment. The findings emphasise
the need to expand the scope of our sustainability strategy, making biodiversity
an important pillar, in order to safeguard the business, people and nature.”	Prasoon Agrawal Analyst, Energy, Economist Intelligence

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CONTENTS

Climate and environment

Progress
Results
The Economist Group’s global greenhouse-gas emissions (GHG)

Notes on data

Base year
2020 adjusted
kt CO2e2023 adjusted
kt CO2e2024
kt CO2eYear-on-year
variance

Direct scope 1 emissions

0.22

0.36

0.19

-48.5%

Indirect scope 2 emissions

1.71

0.57

0.56

-1.6%

Location-based approach

1.80

0.58

0.57

-2.4%

Market-based approach

1.71

0.57

0.56

-1.6%

3.01 Purchased goods and services

36.99

27.93

28.91

3.5%

3.02 Capital goods

2.34

1.39

1.06

-23.6%

3.03 Fuel- and energy-related activities

0.15

0.06

0.04

-33.2%

3.04 Upstream transport and distribution

4.77

1.17

1.15

-2.0%

3.05 Waste generated in operations

0.08

0.02

0.01

-36.4%

3.06 Business travel

1.64

1.56

1.77

13.6%

3.07 Employee commuting

1.01

1.24

1.24

-0.2%

3.08 Upstream leased assets

0.86

1.05

0.79

-24.9%

3.09 Downstream transport and distribution

n/a

n/a

n/a

n/a

Category

Indirect scope 3 emissions by category

3.10 Processing of sold products

n/a

n/a

n/a

n/a

3.11

Use of sold products

0.07

0.74

0.48

-34.6%

3.12

End-of-life treatment of sold products

1.92

1.16

1.01

-12.9%

3.13

Downstream leased assets

n/a

n/a

n/a

n/a

3.14

Franchises

n/a

n/a

n/a

n/a

3.15

Investments

n/a

n/a

n/a

n/a

Scope 3

49.84

36.33

36.47

0.14%

Total kt CO2e

51.77

37.27

37.22

-0.1%

Group GHG intensity/tonnes CO2e per £m turnover (scopes 1, 2 and 3)

182

99

99

0.0%

Group GHG intensity/tonnes CO2e per £m profit after tax (scopes 1, 2 and 3)

1379

1188

1095

-7.8%

Scope 1 emissions are marginal, as The Economist Group does notdirectly operate vehicle fleets. Scope 2 emissions comprise allelectricity consumed at Group offices worldwide, and emissions
associated with the production and distribution of grid energy.
The change in scope 1 emissions can be largely attributed to moving
our Birmingham operations to an office with lower direct emissions.
Indirect scope 3 emissions encompass all value-chain andproduct-portfolio emissions, and have been reported in line with the
15 standard GHG categories for scope 3 emissions. We have taken
important steps to improve the accuracy of our footprint calculation,
which now includes around 33% primary data. This includes
supplier-specific data from key paper and print-production partners,
and specific activity-level data, such as detailed global logistics
mapping, and draws upon the findings of the digital life-cycle analysis
conducted in early 2024. Reductions in scope 3 emissions reflect
a reduction in print and production volumes of The Economist
newspaper (included in 3.01) as customers increasingly choose digitalover print.
Energy Attribute Certificates (EACs): We occupy leased offices withfew opportunities for onsite energy generation, and rely on green
energy tariffs and EACs to purchase renewable energy equal to 100%of our global electricity consumption for offices and print sites.
In 2024 we purchased 1.80kt CO2e of EACs. We currently do notaccount for EACs as part of our total greenhouse-gas emissions, andawait upcoming revised guidance from the Greenhouse Gas Protocol
Accounting Standard on accounting rules.

BACK

FORWARD

32

The Economist Group
Sustainability report 2024

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CONTENTSBACKFORWARD

Climate and environment Progress

Results
UK Streamlined Energy and Carbon Reporting (SECR)

Progress towards our 1.5°C-aligned science-based target

In line with the requirements set out in the UK government’s guidance on Streamlined Energy and Carbon
Reporting, the table below represents The Economist Group’s energy and GHG footprint from UK
operations (from April 1st to March 31st), calculated in accordance with the Greenhouse Gas Protocol.
The scope of this data comprises two office sites located in London and Birmingham in the UK. In 2024
the UK accounted for 41% of our global scope 1 and 2 emissions, outlined in the table below.

Our near-term science-based target aims for a reduction of absolute scope 1 and 2
emissions of 68% by FY2030 from a FY2020 base year, and a 42% reduction ofabsolute scope 3 emissions within the same timeframe. The Economist Group also
commits to increase annual sourcing of renewable electricity from 0% in FY2020
to 100% by FY2030.

UK operations

FY23 adjusted

FY24

Natural gas (kWh)1,320,000

801,970

Electricity (kWh)485,690

Total UK energy (kWh)Current reductions
from baseline(2024 v 2020)

2030
SBTi reduction
target

0.75

61%

68%

49.67

35.40

29%

42%

51.61

36.15

30%

43%

Target2020
base year
kt CO2e2024
kt CO2e488,520

Scope 1

0.22

0.19

1,805,690

1,290,490

Scope 2

1.71

0.56

Total UK scope 1 emissions (kt CO2e)

0.27

0.16

Scope 1+2

1.93

UK scope 1 emissions (t CO2e) per £m turnover

1.05

0.59

Scope 3

Total UK scope 2 emissions (kt CO2e)

0.09

0.10

Total

UK scope 2 emissions (t CO2e) per £m turnover

0.36

0.37

Notes on data

Notes on data
Scope 1 emissions decreased in comparison to 2023 by 0.11kt CO2e in 2024. Scope 2 emissions increased in comparison to 2023 by 0.01kt CO2e.
The change in scopes can be attributed to moving our commercial operations from Canary Wharf to the Adelphi building in central London, andmoving our Birmingham operations to an office with lower direct emissions.

In 2024 we sourced Energy Attribute Certificates (EACs) equivalent to 100% of our global electricity consumption for offices (scope 2 emissions),
and electricity consumption required for print sites (scope 3 emissions). The figures for our progress towards our science-based target in thistable and our total GHG emissions in the table on the previous page are slightly different. This is because, in line with the Greenhouse Gas
Protocol Accounting Standard, the target uses the market-based approach for scope 2 emissions. It also excludes optional emissions underindirect use-phase under category 3.11 and employee teleworking under category 3.07.

33

The Economist Group
Sustainability report 2024

Contact
Emily Jackson-Kessler
SVP sustainability
The Economist GroupThe Adelphi
1-11 John Adam Street
LondonWC2N 6HT
sustainability@economist.com

economistgroup.com

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