Virgin Money

Virgin Money's reported carbon emissions

Virgin Money, a financial intermediation services provider based in the UK, reported a total of approximately 63.7 billion kg CO2e emissions for the year 2023. This figure encompasses Scope 1, Scope 2, and Scope 3 emissions. In 2023, Virgin Money's Scope 1 emissions stood at approximately 2.7 million kg CO2e, while Scope 2 emissions were around 6 million kg CO2e. Scope 3 emissions were significantly higher, totalling approximately 55 billion kg CO2e. Specific contributions within Scope 3 for 2023 include about 2 million kg CO2e for capital goods, 313,000 kg CO2e for business travel, and 3.7 million kg CO2e for employee commutes. Waste generated in operations accounted for 0 kg CO2e. The previous year, 2022, saw total emissions of approximately 58.8 billion kg CO2e. Scope 1 emissions were approximately 3.4 million kg CO2e, Scope 2 emissions were around 6.9 million kg CO2e, and Scope 3 emissions were approximately 48.5 billion kg CO2e. It is important to note that Virgin Money's emissions data is cascaded from its ultimate parent, Virgin Money Limited. The company's reporting states that data for scope 3 categories such as purchased goods and services was missing for the reported years. Virgin Money is committed to addressing climate change, as indicated by its participation in initiatives such as the Science Based Targets initiative (SBTi) and the transition to renewable electricity. Specific reduction targets and achievements are not detailed in the provided data, but the company's strategy aligns with broader industry efforts to decarbonise. Further details on Virgin Money's climate commitments and targets are available in their annual reports and accounts.