- Higher inflation and interest rates impacting cost of living
- Muted housing market impacting mortgage demand
- Increased instances of fraud and financial crime
- Evolving regulatory landscape
- Challenges in achieving diversity and inclusion targets
Virgin Money UK PLC
Greenhouse gas emissions & sustainability report data
In its 2023 reporting, Virgin Money UK PLC disclosed greenhouse gas emissions of 8.7K tCO2e/year (Scope 1 & 2 location based). By scope: Scope 1: 2.7K tCO2e/year; Scope 2: 6.0K tCO2e/year; Scope 3: Data for Scope 3 emissions is available in the report but not easily quantifiable in a single number.. Figures are as stated in the company's own report and may use different boundaries, units or methods (for example market-based vs location-based Scope 2), so compare with care.
GHG Emissions
8.7K tCO2e/year (Scope 1 & 2 location based)
2023
Renewable Energy
100% (where available)
of total energy
Water Usage
35.9K m3/year
2023
Energy Use
42.0K kWh/year
2023
📊 Emissions by Scope (2023)
| Scope | What it covers | Reported value |
|---|---|---|
| Scope 1 | Direct emissions from sources the company owns or controls (fuel combustion, company vehicles, process and fugitive emissions). | 2.7K tCO2e/year |
| Scope 2 | Indirect emissions from purchased electricity, steam, heat and cooling. | 6.0K tCO2e/year |
| Scope 3 | Other indirect emissions across the value chain (purchased goods, business travel, use of sold products, etc.). | Data for Scope 3 emissions is available in the report but not easily quantifiable in a single number. |
New to scopes? Read Scope 1, 2 and 3 emissions explained and market-based vs location-based Scope 2.
📈 Emissions by Report Period
| Report period | Headline emissions figure reported |
|---|---|
| 2023 | 8.7K tCO2e/year (Scope 1 & 2 location based) |
| 2019 | 21.6K tCO2e/year |
Each row is the headline figure extracted from a different report; scope coverage and methodology can change between years.
✅ Reported Environmental Achievements
- 100% of electricity generated from renewable sources (where available and where Virgin Money are responsible for the supply)
- 16% reduction of scope 1 and 2 emissions YoY
- Zero waste to landfill since 2014
- £317m energy and environment lending
- 11% reduction in financed emissions
🎯 Climate & Sustainability Targets
🔜 Short-term
- Reduce Scope 1 and 2 emissions by 50% by 2025
- Reduce location-based energy consumption by 50% in FY25
- Improve Group Smile score
📅 Medium-term
- Achieve net zero operational emissions by 2030
- Reduce cost:income ratio below 50%
- Achieve double-digit statutory returns
🔭 Long-term
- Achieve net zero emissions across all scopes by 2050
- Eradicate poverty premium for customers
🌱 ESG Focus Areas
Climate ChangeFinancial InclusionDiversity & Inclusion