To achieve net zero carbon emissions across the group by 2050.
What this means for us
Climate change is one of the biggest challenges facing society. We want to help other businesses to reduce their emissions.
Journey to net-zero
To support the transition to a low-carbon economy, we will:
Align our power generation portfolio with the Paris Agreement. We want to eliminate all exposure to thermal coal mining worldwide.
Set sector-specific targets for other material sectors. This includes Oil and Gas, Transport, Mining and Metals by September 2022.
Raise and facilitate €120b by 2025 and €220b by 2030, in green finance across the globe.
Produce 100% of our power from renewable sources.
Maintain carbon neutrality in our operations. We will do this by offsetting our residual emissions. We have identified the priority sectors for reducing carbon. We are focusing our efforts where we can have the biggest impact.
Our Group roadmap to net zero outlines some of our key targets and milestones:
Net Zero Banking Alliance founding member
We are a founding member of the Net Zero Banking Alliance (NZBA). This is important to further our commitment to carbon neutrality. The NZBA shapes climate policy for banking around the world.
Progress on our strategy
It is vital to be transparent with our progress. We have a long track record of supporting a low-carbon economy.
We will no longer be providing financial products and/or services to:
- New coal-fired power plants worldwid
- Oil and gas drilling projects north of the Atlantic Circle
Go to ‘sector policies’ on our Group sustainability website for further details.
Find out more about our progress by reading our latest reports:
Supporting customers to transition
Greener Homes Hub
Supporting our customers to transition is one of our key focuses. Our Greener Homes Hub contains helpful information about energy efficiency. We want to help customers to improve their energy efficiency. We will do this by helping our customers to understand the benefits of making those changes.
Through the hub, they can:
Check to see if their home has an EPC using the Government's EPC register
Find out if they can benefit from our range of discounted green additional loans
Still Waters Green Technology
SWGT is the UK’s fast-growing battery energy storage business. We have helped them to finance a debt solution project. The financing is delivered under our Environmental & Social Growth Fund (ESGF). Find out more about our partnership here or visit the Still Waters website.