Through a new sustainability division called CO2 by Time, Time magazine will assist companies in their continued efforts to reach new levels of sustainability.
- The new venture will collect a service fee from clients, however the division isn’t intended to be a revenue source for Time.
- In addition to helping companies reach their sustainability goals and beyond, the purpose of the division will be to make Time’s editorial coverage of climate change more authoritative and promote the company’s mission of furthering global change.
- “In addition to covering climate leaders, as we do, in our journalism, we want to be a leader ourselves and this is an opportunity for us to take action within our own company,” says Time editor-in-chief Edward Felsenthal.
Why it’s news
As sustainability becomes a more integral part of company cultures, programs like CO2 by Time will be helpful for companies looking to go above and beyond.
The new initiative is separate from the newsroom and business department. Currency, it will receive funding from Time with the goal of becoming self-sustaining.
Through Time’s curated climate action portfolios, businesses will be able to fund climate friendly initiatives and offset carbon emissions from their own businesses.
CO2 by Time is aiming to be a replacement for hiring a full sustainability team in some businesses. Well-meaning companies can sometimes invest in poor quality climate initiatives, but a sustainability team dedicated to researching climate investment opportunities can weed out the bad choices, saving companies money.
The platform will have several portfolios available, one in particular called the “Planet Portfolio.” This portfolio will focus on about 40% removal, 30% reduction, 20% protection, and 10% innovation.
Average clients are expected to invest between $10,000 and $100,000. Time is also a customer of CO2 by Time.