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Supporting society for the long term

We’re passionate about empowering and educating our customers, while offering products and services that help them lead more sustainable lives.

We were the first UK bank to join Future-Fit Foundation’s Development Council and, in partnership with them, have launched a benchmarking tool – The Sustainable Business Coach - for businesses to measure their ESG progress against the United Nation’s Sustainable Development Goals. The tool, which can be downloaded from the Apple App Store and Google Play Store, is free to access for all UK businesses.

We’ve also jointly launched Sustainability-Linked loans which reduce the cost of finance for businesses who help the economy transition to a more sustainable model. Virgin Money is the first bank in Europe to use a science-based methodology to appraise eligibility.

We’ve worked with carbon consultancy firm, Carbon Metrics, who have conducted on-farm carbon audits with a pilot group of our agriculture customers. These audits have helped us to gather critical knowledge on the role of carbon audits in the sector and the benefit they can bring to customers and the wider supply chain.

We’ve launched our greener mortgage for new builds and shared ownership homes. Through our partnership with Carbon Neutral Britain, for every mortgage which completes we fund environmental projects that reduce emissions and offset the equivalent of 12 months of emissions*. This means that each completed Greener Mortgage will fund sustainability projects around the world and Virgin Money also aims to fund the planting of 100,000 trees.

We’re focused on reducing the negative impacts of all that we do and, as members of the Net Zero Banking Alliance (NZBA), have committed to reaching net zero by 2050.

*12 months emissions from one UK home

Fast Facts

2030 Aspirations

At least halving our carbon emissions across everything we finance.

Short > Medium Term Targets

50% increase every year in value of new greener mortgage lending.

Plant over 300,000 trees to offset 35,000 tonnes of CO2 by end FY24.

5% of business loan book comprised of sustainable leaders by FY22, and 10% by FY27.

Increase Energy and Environment team lending to £500m balance by FY25 (increased from previous £320m FY25 target).

Mortgages - Greening your Home

We know we have an important role to play in helping our mortgage customers reduce the carbon footprint of their homes.

With 15% of UK carbon emissions coming from heating our homes, we developed information and guides on ‘greening homes’ which we are making available to first-time buyers through our new Home Buying Coach app.

Home Buying Coach app

Partnership for Carbon Accounting Financial (PCAF)

As members of PCAf, we are working with other UK banks to develop and implement a harmonised approach to assess and disclose the GHG emissions associated with our loans.

Business lending

Business Banking Renewables

Our Renewable Energy team manages a book of over £165m* and we envisage growth to £500m by FY25.

Our lending to carbon-intensive sectors is relatively low, and this year we have increased transparency to our stakeholders by publishing our Sensitive Sectors Policy Statement.

Sensitive Sector Policy

*Renewable borrowing covering a diverse range of renewable energy generation, excluding the £50m of lending within the Agriculture loan book advanced specifically to fund renewable energy projects.