To achieve those targets, we acknowledge Formula 1 and the FIA need to involve the whole ecosystem, including teams and are pleased to have implemented a number of changes to reduce our emissions ahead of target. In December 2022, we received FIA Three Star Environmental Accreditation and regularly engage with Formula 1 and Formula 1 teams on best practice and reporting on the environmental impact of MoneyGram Haas F1 team’s activities to ensure we’re continually improving in our sustainability journey.

We recognize that we don’t exist alone, but in partnership with our suppliers and stakeholders. In 2022, an assessment of our core suppliers’ sustainability credentials was undertaken and a goal for at least 30 percent of them to be engaged in sustainable practices was set to be met by end of 2024. By greening the supply chain of our contractors through knowledge exchange and guidelines on sustainability, we aim to drive the impact of our sustainability efforts beyond the walls of our organisation.

FIA Environmental Accreditation

Our environmental work is underpinned by the FIA Environmental Accreditation, a program aimed at helping motorsport and mobility stakeholders worldwide to measure and enhance their environmental performance. By introducing clear and consistent environmental management into motor sport and mobility, it provides stakeholders with a three-level framework against which to accredit activities. The Environmental Accreditation framework is aligned with an internationally recognized environmental standard, ISO 14001.

In December 2022, we achieved FIA Three Star Environmental Accreditation in recognition of our environmental and governance efforts within our operations and trackside. As an organization we address challenges through honesty and integrity, this is particularly so when approaching our carbon impact.

Our internal Sustainability Taskforce comprises of staff from across our organization including Team Management, Finance, Logistics, Travel, Procurement, Marketing and Communications, as well as our Strategic Sustainability Consultants. Together we meet regularly to discuss ESG initiatives, ways we can improve our sustainability and review steps we can take to reduce our carbon emissions.

One example of this can be demonstrated in the work we have done to reduce our emissions through the transport of equipment, much of which is now transferred by sea freight rather than airfreight. Further to this, we have also implemented policies for transportation and staff travel. At the beginning of the 2023 season, we reduced the size of our pit wall by 50 percent. This resulted in a reduction of freight weight taken to races by 400kg as well as a reduction in associated emissions.

Our office premises are another core aspect of our sustainability initiatives to ensure we embed deep-rooted sustainability in the way we work and operate. Our UK office in Banbury has been supplied with 100 percent renewable energy since October 2022 with the sources of this energy provided to us by our supplier. Water, energy, and waste are all recorded and monitored across all our operations, with reduction targets set against each stream. Logistics and travel are also tracked, with targets in place to ensure we align with Formula 1 and FIA requirements for the seasons ahead.