Put our (carbon) foot down
Reduce the negative impacts of our operations, suppliers and partners on society and the environment.
1.70 GHG emissions intensity ratio, a reduction from 1.95 in 2019.
Zero landfill. No waste to landfill.
100% of our electricity is generated from renewable sources where the Bank is responsible for the supply.
7% scope 1 and 2 emissions reduction from 2019.
31% reduction in paper use since 2019.
- Net zero operational and supplier carbon emissions.
Short > Medium Term Targets
- 5% reduction in operational carbon emissions by 2021 from 2020 baseline
- (Baseline: 2020 Scope 1 and 2 carbon emissions of 14,320)
- >75% of our top 100 suppliers to complete the CDP Supply Survey in 2021
- (Baseline: 76% of top 45 suppliers completed the CDP Supplier Survey in 2020)”
(scope 1 & 2)
We’ve a clear plan for a steady reduction in operational emissions (scope 1 and scope 2) over the next five years, undertaking various energy efficiency and carbon reduction initiatives. However, we know we have levers we need to pull to reach net zero by 2030 and are focused on developing these initiatives further in the coming months and years.
The changes to our working model in response to COVID-19 have helped us decrease our energy footprint. And as we build our vision for a Life more Virgin (our future working model), we plan to harness the positive environmental impacts from COVID-19 and will strive to minimise our personal and corporate energy consumption through reduced corporate travel, commuting and our ongoing energy efficiency programme.
The planned expansion of our digital capabilities will also reduce our impact on the environment by enhancing internal systems and customer processes to increase efficiency and deliver service improvements – from a reduction in paper to making better use of our physical property space.
Supplier and indirect emissions (scope 3)
We’re working hard to better understand our indirect (scope 3) emissions and build out a roadmap to reduce the emissions linked to our suppliers and partners. In 2020, we asked 45 of our largest suppliers to complete the CDP Supplier Survey on Climate Change, which 76% completed against a CDP average of 68%. We intend to send the survey to our top 100 suppliers in FY21, targeting a 75% response rate, and proactively engage with our suppliers on their carbon management plans.
We know we need to do much more to meet our aspirations. While our plans for this continue to move us in the right direction, our 2030 aspirations are, well, aspirational.
We don’t yet have all the answers on how we’ll get there and we’re still developing our vision for the future model of work, which is one of the major levers we can pull to reduce our operational emissions. This next year is all about building our data and understanding, to then be clear on our priorities, roadmaps and milestones out to 2030 – and what more we need to do to meet our aspiration.”