Cofidis: Scope 1, 2, and 3 emissions calculation and decarbonization strategy
The challenge
Cofidis is a French international group specializing in consumer credit. Founded in 1982, it now serves more than 30 million customers in 9 European countries, including Italy.
During 2024, the French parent company defined an emissions reduction strategy, prompting the Italian branch to take the same route. Cofidis Italia therefore chose Up2You to report its emissions and launch a decarbonization program.
The engagement covered the calculation of Scope 1, 2, and 3 emissions, with a retroactive analysis going back to 2019. That choice followed the parent company's strategy, which had identified 2019 as the baseline year for setting reduction targets.
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Needs and objectives
Retroactive reporting
Cofidis Group decided to start tracking its emissions from 2019, with a view to launching a decarbonization program.
A science-based approach
Complying with the CSRD and with the financial sector's increasingly strict rules made a scientific, data-driven approach necessary. Cofidis Italia therefore turned to a firm that could properly validate all the information provided.
A standardized methodology
As a group made up of several entities, Cofidis needed a standardized methodology based on the GHG Protocol to make sure every location followed the same reporting criteria.
Initial challenges
Sourcing historical data
The decision to start reporting from 2019 was a significant challenge, since it meant gathering data for the previous 5 years.
Internal dialogue
Tracking down all the data needed for detailed reporting took a major effort from the entire staff.
Coordinating across locations
With branches spread across several countries, constant support from Up2You was needed so that everyone could work from a standardized methodology and keep the process simple.
Why Cofidis Italia chose Up2You
- The flexibility of the CliMax platform, which puts a tool calibrated to the company's needs in its hands.
- The team's consultative approach, which means staying alongside the client throughout the reporting process.
- A standardized method, aligned with the GHG Protocol, that makes comparison straightforward even across locations in different countries.
Testimonial
“Reporting CO₂ emissions is an act of responsibility toward future generations. Companies can no longer afford to ignore this challenge: sustainability is not an option, it is a necessity. Every metric ton of CO₂ avoided is a real step toward a better tomorrow.
Thanks to the emissions calculation we carried out with Up2You, Cofidis Italia now has a clear view of how to launch a decarbonization program and carry it forward in the years ahead.”
Niccolò Mola
ESG Specialist at Cofidis Italia
The project
The project with Cofidis Italia began with an introductory workshop that aligned the whole staff on the project's objectives and gathered feedback that proved essential for optimizing the later phases of the work.
Next came the configuration of the CliMax platform, Up2You's proprietary technology, adapted to Cofidis Italia's specific needs. The goal was to provide a tailored tool that could handle data collection and processing simply and intuitively.
Adopting a standardized methodology compliant with the GHG Protocol ensured structured data collection that was easy to share across the international locations of the Cofidis group. The process started with gathering Scope 1 and Scope 2 information, then moved on to a deep dive into Scope 3, which revealed the investments category as the largest source of emissions.
In parallel, an internal training program was launched for both operational staff and top management. The goal was to raise awareness of ESG topics across the company and provide the tools to communicate the sustainability strategy clearly and knowledgeably.
Once data collection through the CliMax platform was complete, the work moved into processing and analysis, which led to a detailed report. That document became the basis for launching a focused decarbonization strategy, identifying the areas to act on and the resources needed to progressively reduce the company's environmental impact.
Thanks to the work done with Up2You's support, Cofidis Italia now has a clear view of its starting point on emissions and can build an effective roadmap for its decarbonization program over the coming years, in line with the guidelines set by the Science Based Targets initiative (SBTi).
