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ESG Ratings
Sustainalytics 17.9 Low risk MSCI AA Moody's ESG Solutions 51

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 to 2030, including achieving net zero direct operational 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 aim to reduce 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.

Given the challenge of suppliers setting pathways to net zero across varying timelines, we’ve updated our 2030 aspiration to focus on Scope 1 and 2 emissions, where we have direct control. We continue to engage our supply chain to set science-based targets, aligned to net zero by 2050, in line with the goals of the Paris Agreement and many of our suppliers’ own transition plans.

Fast Facts

  • 1.23 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%(1) of gas and electricity in our UK stores and offices is generated from green sources, including a solely 100% green gas product(2) from April 2021.
    Where Virgin Money are responsible for the supply rather than a third-party landlord or property owner.
  • Scope 1 and 2 location-based emissions reductions are 12% lower than the previous year.
  • 87% of top 178 suppliers completed CDP, compared to an industry average of 63%. This equates to 74% of total FY21 supplier spend.
  • Continued reduction in paper use, down 17.4% on FY22.

(1) Where available and where the Group is responsible for supply

(2) We purchase a renewable gas guarantee of origin backed by Green Gas product

2030 Aspirations

Net zero operational and supplier carbon emissions.

Short > Medium Term Targets

Reduce Scope 1 emissions by 42% by 2030, from a 2022 baseline

75% of suppliers (by spend) to have committed to or have approved science-based targets by FY28. As a baseline, in 2022, 42 suppliers in the CDP Supplier Engagement Programme committed to science-based targets, representing 38% of total FY21 spend

Maintain travel carbon emissions per FTE below 50% of 2019 base level (FY19: 0.27tCO2e per FTE)

Net Zero across Operational emissions for Scope 1 and 2 by 2030