Making positive change
This goal recognises the urgent need to reduce our negative impact on the planet. We’ve got a series of commitments and aspirations over the next 10 years, including achieving net zero operational and supplier carbon emissions and at least halving the carbon emissions across everything Virgin Money finances.
We look at our operational emissions (scope 1, 2 and 3) through three lenses: property, colleagues and suppliers.
- Property: we have a clear path to reducing our overall location- based energy consumption by 50% in FY25 from an FY20 baseline.
- Colleagues: we’ve introduced a model which provides colleagues with the flexibility to design the way of working that suits them and their team best and are capturing data on the impact this has on their home energy usage and emissions from commuting.
- Suppliers: we’re gathering data on our suppliers’ carbon emissions and commitments to transition to a low-carbon economy.
We’re focused on reducing the operational emissions we already track and continue to invest in energy efficiency measures, supply from renewable sources and reducing, reusing and recycling wherever possible.
- 1.48 GHG emissions intensity ratio, reduced from 1.95 in 2019
- Zero waste to landfill since 2014.
Assured for the Clydesdale and Yorkshire Banking Group since 2014, and the combined estate from 2019.
- 100% of our electricity is generated from renewable sources and from 2021 we extended this to include a solely 100% green gas product.
Where Virgin Money are responsible for the supply rather than a third-party landlord or property owner
- Switch from brown gas to Biogas on 1 April 2021 - one of the first UK retail banks to make this change.
- Scope 1 and 2 location-based emissions reductions are 12% lower than the previous year.
- 94% of our top suppliers completed Carbon Disclosure Project (CDP) Supplier Survey on Climate Change.
- 40% reduction in paper usage since FY2020.
Net zero operational and supplier carbon emissions.
Short > Medium Term Targets
10% reduction in operational carbon emissions by 2023 from 2022 baseline
(Baseline: 2022 Scope 1 & 2 carbon emissions of 10,286)
Reduce our overall location based energy consumption by 50% in FY25 from our 2020 baseline
(Baseline: 2020 Scope 1 & 2 carbon emissions of 14,320)