Net zero in our operations

Our aim is to achieve net zero across our operations, travel and supply chain by 2050, in line with our ambition to become a net zero bank.

Our approach is to reduce emissions from consumption, replace consumption with low-emissions alternatives, and remove remaining emissions with high quality carbon credits, in line with external guidance.

We continue to make good progress in driving down our direct emissions. However, progress in reducing scope 3 emissions in our supply chain is more challenging, reflecting the slower pace of the transition across the real economy.

Our energy consumption

We have made good progress in reducing emissions from our energy consumption by improving energy efficiency, leveraging new technologies, and optimising our real estate and data centre footprint.

We aim to achieve 100 per cent renewable electricity across our own operations by 2030. Our biggest challenge is the limited availability of power purchasing agreements and green tariffs in some of our markets due to regulations. We continue to work with experts in renewable energy to identify opportunities globally.

Our business travel

We analyse our travel patterns to identify areas where we can reduce emissions. These include leveraging the impact of hybrid working and virtual meetings, and including emissions information in our internal travel booking portal to encourage consideration of emissions impact in decision-making.

Our supply chain

Our supply chain contributes around 75 per cent of our operational emissions and is the area in which we face the most significant decarbonisation challenge. We aim to deepen collaboration with our suppliers to enable further progress. This includes building partnerships with larger suppliers to drive progress in shared supply chains through scaled initiatives, and supporting suppliers at an earlier stage of emissions reduction with education and incentivisation.

We update on our progress annually in our Annual Report and Accounts.