Tradewater Expands Strategic Collaboration with Thoughtworks to Increase Access to High-Quality Carbon Credits

Rhea-AI Summary

Thoughtworks (NASDAQ: TWKS) is set to eliminate 2,000 tons of greenhouse gases at AWS re:Invent through a partnership with Tradewater. This collaboration focuses on the development of a Fractionalized Offset Management (FOM) system that allows users to measure their carbon impact and purchase verified carbon offsets. In just one year, Tradewater's offset credit subscriptions grew by 419%, equating to a significant reduction in CO2 emissions. The initiative aims to enhance sustainability efforts while making carbon offsets accessible for all.

Positive

• Tradewater's offset credit subscriptions grew by 419% in one year.
• Single purchases of carbon offsets rose by 422%.

Negative

• None.

Thoughtworks to eliminate 2,000 tons of greenhouse gases from participant footprint at its booth and Green Code hackathon at AWS re:Invent with Tradewater

CHICAGO--(BUSINESS WIRE)-- Thoughtworks (NASDAQ: TWKS), a global technology consultancy that integrates strategy, design and engineering to drive digital innovation, today announced applying its deep agile and technical expertise to building a Fractionalized Offset Management (FOM) system for Tradewater, a mission-based environmental project development firm focused on preventing greenhouse gas emissions.

Calculate your carbon footprint with Tradewater’s tool. Photo depicts the Tradewater tool. More at https://www.thoughtworks.com/clients/tradewater (Graphic: Business Wire)

Launched in 2021, the FOM system enables Tradewater to provide its subscribers – individuals, households and businesses – with web-based tools to measure the carbon impact of a daily task, travel, business operation or event. Subscribers can purchase high-quality carbon offset credits, directly funding the prevention of greenhouse gas emissions through Tradewater’s projects, which collect and destroy potent refrigerant gases. The FOM system manages this exchange through a centralized marketplace that retires the credits on accredited registries and provides purchasers with complete documentation.

Thoughtworks applied its customer experience, product and design capabilities to rapidly deliver Tradewater’s FOM system. In one year, Tradewater has seen its offset credit subscriptions grow by 419 percent and single purchases spike by 422 percent. These numbers represent 15,042 tons of C0₂e, the equivalent of removing 3,721 passenger vehicles from the road for one year, eliminating the use of 1,692,585 gallons of gasoline or avoiding the yearly electrical use of 2,732 homes.

“At Tradewater, we believe that everyone has the power to fight climate change,” said Tim Brown, CEO at Tradewater. “With Thoughtworks working side-by-side with us, we were able to co-create the strategic framework that ultimately led to the development of the FOM system in less than sixty days. As a longstanding partner, we’ve relied on Thoughtworks’ unique approach and technical expertise to engage more people in the fight against climate change.”

The Thoughtworks and Tradewater collaborations extend beyond the FOM system, with Tradewater sharing their deep expertise in carbon footprint reporting as Thoughtworks pursues its commitment to the Science Based Target Initiative.

“At Thoughtworks, we’re working to reduce our own carbon footprint while also leveraging technology to help our clients and our industry take action on theirs,” said Elise Zelechowski, who leads Thoughtworks’ global sustainability strategy. “We are excited to be partnering with Tradewater to achieve its goal of reducing greenhouse gas emissions and making high-impact carbon offsets accessible to everyone, no matter the size of the offset.”

Join Thoughtworks at AWS re:Invent 2021 (November 29-December 3, 2021) in Las Vegas, where the company is a bronze sponsor and is also sponsoring “Code Green: The Sustainability Data Hackathon and Workshop” with a focus on sustainability on November 29, 2021. Thoughtworks and Tradewater will work together to offset the carbon impact of participants' travel to AWS re:Invent, eliminating 2,000 tons of greenhouse gases from the atmosphere.

Supporting Resources:

• Calculate your carbon footprint with Tradewater’s tool
• Watch the Tradewater video testimonial and read the case study
• Learn more about Thoughtworks’ sustainability initiatives
• Keep up with Thoughtworks news by visiting the company’s website
• Follow us on Twitter, LinkedIn and YouTube.

About Tradewater
Tradewater is a mission-based company focused on the collection and destruction of greenhouse gases, particularly old refrigerants. This work results in independently verified, high quality carbon offset credits. Tradewater is headquartered in Chicago, Illinois and operates around the world.

To date, Tradewater has collected and destroyed over 1 million pounds of old chlorofluorocarbon (CFC) refrigerants and has prevented the equivalent of 5.1 million metric tons of CO2 from being released into the atmosphere. This has the same impact as taking 900,000 cars off the road.

About Thoughtworks
Thoughtworks is a global technology consultancy that integrates strategy, design and engineering to drive digital innovation. We are 10,000+ people strong across 48 offices in 17 countries. Over the last 25+ years, we’ve delivered extraordinary impact together with our clients by helping them solve complex business problems with technology as the differentiator.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211118005516/en/

Media:

Linda Horiuchi, global head of public relations

Email: linda.horiuchi@thoughtworks.com

Phone: +1 (646) 581-2568

Source: Thoughtworks

FAQ

What recent initiative has Thoughtworks (TWKS) announced regarding sustainability?

Thoughtworks announced a partnership with Tradewater to eliminate 2,000 tons of greenhouse gases at AWS re:Invent through a Fractionalized Offset Management (FOM) system.

How has the partnership between Thoughtworks and Tradewater impacted carbon offset subscriptions?

The partnership has led to a 419% growth in Tradewater's carbon offset subscriptions and a 422% increase in single purchases within a year.

What does the FOM system developed by Thoughtworks and Tradewater do?

The FOM system provides web-based tools for users to measure their carbon impact and purchase verified carbon offset credits.

What are the environmental benefits reported from the Thoughtworks and Tradewater collaboration?

The collaboration has resulted in the elimination of 15,042 tons of CO2 equivalent emissions, comparable to removing 3,721 passenger vehicles from the road for one year.