As part of its commitment to a climate-positive future, Virgin Money has joined the Net-Zero Banking Alliance (NZBA). This is an industry-led, UN-convened alliance of banks worldwide, committed to aligning their lending and investment portfolios with net-zero emissions by 2050 or sooner, in line with the most ambitious targets set by the Paris Climate Agreement.
Representing almost a quarter of global banking assets, with over 75 members from 35 countries and $52 trillion in total assets, the Alliance is a critical step in the mobilisation of the financial sector for climate. It recognises the vital role of banks in supporting the global transition of the real economy to net-zero emissions, encompassing both operational and attributable emissions, including Scope 3 emissions.
Alliance members commit to:
- Set scenario-based interim targets for 2030 or sooner for priority sectors
- Prioritise areas of most significant impact, i.e. the most greenhouse gas-intensive and emitting sectors
- Annually publish emissions and emissions intensity
- Take into account the best available scientific knowledge
- Set first target(s) within 18 months of signing and report annually thereafter
- Disclose progress against a board-level reviewed transition strategy
The NZBA is convened by the United Nations Environment Programme Finance Initiative and is the banking element of the Glasgow Financial Alliance for Net Zero, chaired by Mark Carney, UN Special Envoy on Climate Action and Finance ahead of COP 26.
Virgin Money is proud to join leading peers from the banking industry in these collective efforts to reach net-zero emissions by 2050.
The Bank’s recently refreshed its ESG strategy and is driving positive social and environmental impact through its strategic objectives. As well as transitioning to a greener economy, it’s also reimagining customers business models and is focused on developing more inclusive products.
David Duffy, Chief Executive at Virgin Money, said: “The Net-Zero Banking Alliance supports our climate aspirations and it’s important that we are continuing to push forward to meet our targets to becoming net-zero.
“The alliance brings banks from around the world together to align their lending and investment portfolios with net-zero emissions by 2050. It’s a strong example of how the financial services industry can be a positive force in tackling the climate crisis.”