Climate Contract Playbook Edition 3
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b) the Company achieving pre-agreed reductions on its Carbon Footprint measured in accordance with one of Carbon Footprint Standards; c) [the establishment by the Company of a sustainability committee as a committee of the Board chaired by a non-executive director with experience of improving sustainability and mitigating carbon footprint;] [If not already a Climate Credential] d) [the purchase by the Company of electricity for its office [and factory] on a green tariff that uses 100% renewable energy;] [If not already a Climate Credential] e) [the use by the Group of web hosts and cloud service providers which run their servers on 100% renewable energy or have their own Net Zero Target; f) [the replacement of the Company’s fleet of vehicles with electric vehicle equivalents or implementation other electrification projects]; g) [the Company reviewing and updating supplier terms of engagement to procure goods and services from companies that have Net Zero Targets or other relevant climate targets] [the Company sourcing all consumables used by the Company from sustainable and ethical sources]; h) [the Company implementing zero waste and circular economy practices and principles in existing operations and design of new products and services] [; and] [.] Determination Date has the meaning given in paragraph 1.2 . EscrowAccount means [x]. EscrowAccount Manager means [x]. Greenhouse Gases (GHGs) means the natural and anthropogenic gases which trap thermal radiation in the earth’s atmosphere and as specified in Annex A to the Kyoto Protocol to the United Nations Framework Convention on Climate Change (“UNFCCC”) or otherwise specified by the UNFCCC, and which currently include: carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), sulphur hexafluoride (SF6), and nitrogen trifluoride (NF3). Greenhouse Gas Emissions means the emission of Greenhouse Gases over a specified area and period of time [as calculated in accordance with the GHG Protocol Corporate Accounting and Reporting Standard, or such other equivalent and generally recognised greenhouse gas emission calculation methodology]. Net Zero Target means that the balance between greenhouse gas emissions from all operations and greenhouse gas removals, accounted for by credits from either insetting or offsetting projects, is zero. Repayable Consideration means [x%] of [purchase price]. Repayable Consideration Conditions has the meaning given in paragraph 1.1. Repayable Consideration Condition Date means [x] or such later date as may be agreed between the Seller and the Buyer. Seller means [x].
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