Sustainable development and business practices
Managing our business in a sustainable way is good for the environment – It’s also vital for the long term growth and resilience of the Group. We have established long term ambitions to reduce our carbon emissions to net zero by 2030; and reduce our waste impacts to net zero by 2030.
Our environmental policy
Our commitment to managing our environmental impact is guided by our Environmental Standard which forms part of the Virgin Money policy framework.
- Our commitment - The standard recognises our commitment to meet key legislative compliance requirements and also covers our approach to environmental management and reporting.
- Taking action - The Group looks to act to reduce pollution, minimise greenhouse gas emissions and the use of natural resources by increasing recycling.
- Positive changes - In addition, the Group is looking to transition to lower emissions energy sources (where practicable).
Environmental targets
- We report our Greenhouse Gas (GHG) emissions in accordance with the GHG Protocol, which sets a global standard for how to measure, manage and report GHG emissions. The Virgin Money Environmental Reporting Criteria outlines the methodologies and assumptions used in the Virgin Money UK PLC Group Environmental Reporting included in the Virgin Money Annual Report and Accounts. Virgin Money Environmental Reporting Criteria Link opens in a new window
- We set ourselves environmental performance targets to reduce our materials and resource consumption. The most recent UK environmental performance targets for greenhouse gas emissions, energy consumption and water consumption were set in 2022. Updates on performance against these targets are included in the Annual Report and Accounts within the section Strategic Report - Environmental, Social and Governance (refer to pages 30 to 32). Further targets have been set for 2023 and the period to 2025. Virgin Money UK PLC – 2022 Annual Report and Accounts Link opens in a new window
- Ernst & Young LLP (EY) were engaged by Virgin Money UK PLC to perform a limited assurance engagement, in accordance with International Standard on Assurance Engagements (UK) 3000 July 2020, in respect of selected sustainability metrics and template sections (together the ‘Subject Matter’) of the UNEPFI Principles for Responsible Banking Reporting and Self-Assessment Template (the ‘Report). The assured metrics and template sections are indicated throughout the Report, and the UN PRB Template is presented within the Additional Information within the 2023 Annual Report and Accounts.
Other than as described in the preceding paragraph, which sets out the scope of our engagement, we did not perform assurance procedures on the remaining information included in the Reports, and accordingly, we do not express an opinion or conclusion on this information. EY has issued a limited assurance report. This report includes further details on the scope, respective responsibilities, procedures performed, inherent limitations and conclusions. This is available below. Virgin Money PLC – EY Sustainability Assurance Statement Link opens in a new window - More detail regarding the assured metrics can be found in the FY23 Sustainability Basis of Reporting. FY23 Sustainability Basis of Reporting Link opens in a new window