Oaknorth Bank Sustainability Profile
OakNorth Bank, officially known as OakNorth Bank Limited, is a prominent player in the UK banking sector, headquartered in London, GB. Founded in 2015, the bank has quickly established itself as a leader in providing tailored financial solutions to small and medium-sized enterprises (SMEs). Specialising in commercial lending, OakNorth Bank offers unique products such as bespoke loans and innovative financial services designed to meet the specific needs of its clients. The bank's commitment to leveraging technology for efficient lending processes sets it apart in a competitive market. With a strong focus on growth and customer satisfaction, OakNorth Bank has achieved significant milestones, including rapid loan book expansion and recognition for its contributions to the SME sector. Its strategic approach and market position underscore its role as a vital financial partner for businesses across the UK.
DitchCarbon Score
How does Oaknorth Bank's carbon action stack up? DitchCarbon scores companies based on their carbon action and commitment to reducing emissions. Read about our methodology to learn more.
Industry Average
Mean score of companies in the Financial Intermediation industry. Comparing a company's score to the industry average can give you a sense of how well the company is doing compared to its peers.
Industry Benchmark
Oaknorth Bank's score of 41 is higher than 61% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Oaknorth Bank's reported carbon emissions
In 2023, Oaknorth Bank reported total carbon emissions of approximately 115,316,000 kg CO2e. This figure includes 28,000 kg CO2e from Scope 2 emissions, while the majority, about 115,288,000 kg CO2e, falls under Scope 3 emissions. Notable contributors to Scope 3 emissions include purchased goods and services (5,023,000 kg CO2e), employee commuting (1,400,000 kg CO2e), and business travel (659,000 kg CO2e). Comparatively, in 2022, the bank's total emissions were about 101,051,000 kg CO2e, with Scope 2 emissions remaining consistent at 28,000 kg CO2e and Scope 3 emissions at approximately 101,024,000 kg CO2e. This indicates a significant increase in emissions year-on-year. Oaknorth Bank has committed to ambitious climate targets, having announced in 2019 its goal to achieve net carbon zero status by offsetting its Scope 1 and Scope 2 emissions by 2030. Additionally, the bank aims for net zero across its entire UK supply chain, including all Scope 1, 2, and 3 emissions, by 2028. Furthermore, it targets a 60% reduction in financed emissions by 2030, using 2022 as the baseline year. The emissions data is cascaded from its parent organization, OakNorth Bank Plc, reflecting the bank's commitment to transparency and accountability in its climate initiatives.
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| 2019 | 2020 | 2022 | 2023 | |
|---|---|---|---|---|
| Scope 1 | - | - | - | - |
| Scope 2 | 46,000 | 00,000 | 00,000 | 00,000 |
| Scope 3 | 98,000 | 00,000 | 000,000,000 | 000,000,000 |
How Carbon Intensive is Oaknorth Bank's Industry?
How Carbon Intensive is Oaknorth Bank's Location?
Oaknorth Bank's Scope 3 Categories Breakdown
Oaknorth Bank's Scope 3 emissions, which increased by 14% last year and increased significantly since 2019, demonstrating supply chain emissions tracking. Their carbon footprint includes supplier sustainability and value chain emissions data across Scope 3 categories, with "Purchased Goods and Services" being the largest emissions source at 4% of Scope 3 emissions.
Top Scope 3 Categories
Oaknorth Bank's Climate Goals (2030 & 2050)
Climate goals typically focus on 2030 interim targets and 2050 net-zero commitments, aligned with global frameworks like the Paris Agreement and Science Based Targets initiative (SBTi) to ensure alignment with global climate goals.
Oaknorth Bank has not publicly committed to specific 2030 or 2050 climate goals through the major frameworks we track. Companies often set interim 2030 targets and long-term 2050 net-zero goals to demonstrate measurable progress toward decarbonization.
