Oaknorth Bank

OakNorth Bank, a financial intermediation services provider headquartered in Great Britain, has reported its carbon emissions and outlined ambitious climate commitments.

For the financial year 2022, OakNorth Bank reported a total of approximately 106,361,000 kg CO2e. This figure comprises:

• Scope 1 emissions: Approximately 846,000 kg CO2e.
• Scope 2 emissions: Approximately 230,000 kg CO2e.
• Scope 3 emissions: Approximately 105,285,000 kg CO2e. Key contributors within Scope 3 include financed emissions (approximately 94,499,000 kg CO2e) and purchased goods and services (approximately 4,841,000 kg CO2e).

In 2020, the bank reported Scope 2 emissions of approximately 30,000 kg CO2e and Scope 3 emissions of approximately 137,000 kg CO2e (including business travel). In 2019, Scope 2 emissions were approximately 46,000 kg CO2e, with Scope 3 emissions totalling approximately 269,000 kg CO2e (including business travel).

OakNorth Bank is actively working towards significant emissions reductions:

• The bank has set a target to achieve net zero for its UK supply chain, including purchased goods and services, by 2028.
• OakNorth Bank is targeting a substantial 60% reduction in financed emissions by 2030, using 2022 as its baseline.
• Historically, in 2019, OakNorth Bank announced it had achieved net carbon zero by offsetting its Scope 1 and Scope 2 emissions.

The company's 2023 Annual Report indicates operational intensity metrics, including financed emissions of approximately 34,800 kg CO2e per £1 million of revenue and operational Scope 1, 2, and 3 emissions of approximately 12,480 kg CO2e per employee. For 2022, the financed emissions intensity was approximately 35,300 kg CO2e per £1 million of revenue, and operational Scope 1, 2, and 3 emissions were approximately 14,590 kg CO2e per employee. For 2020, operational emissions intensity was approximately 0.0002721552 tonnes CO2e per employee, and for 2019, it was approximately 0.0004989512 tonnes CO2e per employee.

OakNorth Bank's climate reporting is cascaded from OakNorth Bank Plc, reflecting its status as a current subsidiary.