Carbon Reduction Plan
“At Savings UK Ltd, we are committed to play our part in fight against climate change, which is one of the biggest challenges that we face globally.
We consider Climate Change issue is urgent and our customers expect from us to play our role. So we have started our carbon reduction plan without any delay.”
– Founder and CEO of Savings UK Ltd
At Savings UK Ltd, we are determined to do our part to fight climate change and protect the environment. We are making good progress on the road to becoming a net zero company. Our target is a one third reduction in carbon emissions from our own operations and supply chain by 20302 and, from 2021, we are offsetting our carbon emissions annually.
Commitment to achieving Net Zero
In line with the Paris Agreement, we must keep global warming to below 1.5°C (the critical level of heating needed to avoid the worst impacts of the climate crisis). To tackle this, we have developed permanent plans to reduce and offset our emissions to become a more sustainable bank. Our goal is to reduce emissions and continue to offset all remaining emissions annually.
We are making good progress on the road to becoming a net zero company. As a digital bank, our direct emissions (Scope 1 and Scope 2) are extremely low compared to more traditional banks. However, we know we can do more. Reducing our emissions will only get us so far, so part of our plan involves buying carbon avoidance and sequestration credits to offset our direct and indirect emissions. That means choosing projects like woodland creation, ocean-based or peat preservation schemes. It’s up to the Savings UK Ltd team to decide, and we want everyone to have a say.
As part of our sustainability journey, we have invested in eight projects that remove carbon dioxide (CO2) from the atmosphere or avoid further emissions. CO2 is one of several harmful greenhouse gases. We are supporting work on forest creation and protection, solar power, peatland restoration and energy efficient cookstoves.
Baseline Emissions Footprint
Savings UK Ltd conducted its first carbon emissions audit and is in the process of assessing emissions for 2022 in line with the Greenhouse Gas (GHG) Protocol.
Emissions Reduction Targets
In order to continue our progress to achieving Net Zero, we have adopted the following reduction targets:
- Reduction in emissions of one third by 2030
- Achieve Net Zero emissions by 2050 at the latest
In addition to reducing our emissions, we have committed to offset all emissions from our own operations and supply chain annually from 2021.
Carbon Reduction Projects
What has been achieved to date:
Digital- banking. We have been branchless and paperless from the very beginning, transforming the way people traditionally manage their money.
Eco-friendly offices. Our UK offices – run on renewable energy. We also have a Cycle to Work scheme on offer, which encourages employees to get a new bike through ‘salary sacrifice’ and save tax.
Partnerships with purpose. We choose to align with businesses and causes that hold similar values to us. We also assess the environmental impact of all new partners and suppliers before we embark on new projects and relationships. In turn, this encourages our StockExchange.CO customers and staff to make more mindful choices – for people and for planet.
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