Oaknorth Bank

Oaknorth Bank's reported carbon emissions

OakNorth Bank, a UK-based financial intermediary, reported approximately 106.4 million kg CO2e in total emissions for 2022. This figure comprises approximately 846,000 kg CO2e for Scope 1, about 230,000 kg CO2e for Scope 2, and approximately 105.3 million kg CO2e for Scope 3. Within Scope 3, financed emissions accounted for the largest portion, approximately 94.5 million kg CO2e. For 2020, OakNorth Bank's total disclosed emissions were approximately 167,000 kg CO2e, consisting of about 30,000 kg CO2e for Scope 2 and some Scope 3 emissions related to business travel. OakNorth Bank has set ambitious climate targets. The bank is targeting a 60% reduction in financed emissions by 2030, using 2022 as a baseline. Additionally, they aim to achieve net zero for their UK supply chain, including purchased goods and services, by 2028, covering Scope 1, 2, and 3 emissions. Previously, in 2019, OakNorth Bank announced it had achieved net carbon zero status by offsetting its Scope 1 and Scope 2 emissions. No specific emissions data was provided for 2023. However, production emission factors for 2023 indicate approximately 34,800 kg CO2e per £1 million in revenue, and 12,480 kg CO2e per employee for operational Scope 1, 2, and 3 emissions. For 2022, operational Scope 1, 2, and 3 emissions were approximately 14,590 kg CO2e per employee, and financed emissions were around 35,300 kg CO2e per financial metric ton. Emission intensity data for 2020 and 2019 also relate to emissions per employee. OakNorth Bank's emissions data is inherited from the corporate entity OakNorth Bank Plc, indicating it operates as a current subsidiary within this group.