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 Standard

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 (opens in a new window) outlines the methodologies and assumptions used in the Virgin Money UK PLC Group Environmental Reporting included in the Virgin Money Annual Report and Accounts.

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, recycling and water consumption were set in 2019. Updates on performance against these targets are included in the Annual Report and Accounts (opens in a new window) within the section Delivering to our Stakeholders (refer to page 110). Further targets are being set for the period to 2023.

KPMG LLP were engaged to undertake a limited assurance exercise using the assurance standards ISAE (UK) 3000 and ISAE3410 over the GHG data highlighted in the Annual Report and Accounts for 2020. KPMG issued an unqualified opinion (opens in a new window) over the selected GHG data.