Oaknorth Bank

OakNorth Bank, a financial intermediation services company based in the UK, has reported significant carbon emissions. In 2022, its total emissions, encompassing Scope 1, 2, and 3, were approximately 106.4 million kg CO2e. This figure included Scope 1 emissions of about 846,000 kg CO2e, Scope 2 emissions of approximately 230,000 kg CO2e, and substantial Scope 3 emissions totalling about 105.3 million kg CO2e. Key contributors to its Scope 3 emissions in 2022 were financed emissions at approximately 94.5 million kg CO2e, and purchased goods and services at around 4.8 million kg CO2e.

For 2020, OakNorth Bank's emissions data indicates approximately 30,000 kg CO2e for Scope 2 and an unspecified total for Scope 3, with business travel accounting for 42,000 kg CO2e. Emissions data for 2019 shows Scope 2 emissions of about 46,000 kg CO2e and Scope 3 emissions from business travel of approximately 98,000 kg CO2e. No absolute emissions data has been disclosed for 2023.

OakNorth Bank has established ambitious climate commitments. The bank is targeting net zero for its entire UK supply chain, including purchased goods and services, by 2028. Furthermore, it aims for a significant 60% reduction in financed emissions by 2030, using 2022 as a baseline. Previously, in 2019, OakNorth Bank announced its achievement of being net carbon zero by offsetting its Scope 1 and Scope 2 emissions. The bank's emission data is inherited from its corporate family, OakNorth Bank Plc.