British Business Bank

British Business Bank's reported carbon emissions

The British Business Bank, operating within Financial intermediation services, except insurance and pension funding services (65), based in the UK, has outlined significant climate commitments. For the reporting year 2024, the bank disclosed a total of approximately 8.45 million kg CO2e. This figure comprises Scope 2 emissions, primarily from purchased electricity totalling around 76,500 kg CO2e, and Scope 3 emissions. Key Scope 3 categories include purchased goods and services at approximately 7.82 million kg CO2e, employee commute at about 309,600 kg CO2e, business travel at approximately 180,800 kg CO2e, and waste generated in operations at about 700 kg CO2e. In 2023, the British Business Bank reported total emissions of approximately 8.53 million kg CO2e. This included Scope 2 emissions from purchased electricity of about 70,600 kg CO2e and Scope 3 emissions amounting to roughly 8.46 million kg CO2e, with purchased goods and services being the largest contributor at approximately 8.04 million kg CO2e. The bank has established a long-term commitment to achieve net-zero financed emissions by 2050. To support this, they are developing a Portfolio Alignment Strategy aimed at guiding their investment approach and portfolio management towards this goal. Near-term initiatives include aligning products, delivery partners, and reporting with a net-zero future by 2027/28. Additionally, the bank references the UK's national commitment to a 68% reduction in emissions from 1990 levels by 2030. The British Business Bank is recognised as a Financial Institution with a Net-Zero commitment, with a 1.5°C alignment date of September 1, 2021.