Virgin Money Sustainability Profile
Virgin Money, officially known as Virgin Money UK PLC, is a prominent financial services provider headquartered in Great Britain. Established in 1995, the company has evolved significantly, becoming a key player in the banking industry with a focus on personal banking, savings, and mortgages. With a strong presence across the UK, Virgin Money distinguishes itself through its innovative approach to customer service and a commitment to ethical banking practices. The company offers a range of core products, including competitive savings accounts, credit cards, and home loans, all designed to meet the diverse needs of its customers. Notable achievements include its successful integration with Clydesdale Bank and Yorkshire Bank, enhancing its market position. Virgin Money continues to be recognised for its customer-centric ethos and dedication to providing unique financial solutions.
DitchCarbon Score
How does Virgin Money'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
Virgin Money's score of 74 is higher than 86% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Virgin Money's reported carbon emissions
In 2023, Virgin Money reported total carbon emissions of approximately 63,000,000 kg CO2e, comprising 2,677,000 kg CO2e from Scope 1, 6,002,000 kg CO2e from Scope 2, and 55,038,000 kg CO2e from Scope 3 emissions. Notably, the Scope 3 emissions included significant contributions from capital goods (2,039,000 kg CO2e), business travel (313,000 kg CO2e), and employee commuting (3,700,000 kg CO2e). Comparatively, in 2022, the total emissions were about 49,544,000 kg CO2e, with Scope 1 emissions at 3,395,000 kg CO2e and Scope 2 at 6,891,000 kg CO2e. This indicates an increase in emissions from 2022 to 2023, particularly in Scope 3. Virgin Money has not disclosed specific reduction targets or initiatives in their climate commitments, and there are no current SBTi (Science Based Targets initiative) reduction targets reported. The emissions data is cascaded from their parent company, Virgin Money Limited, with relevant performance data sourced from Clydesdale Bank PLC at a cascade level of 2. Overall, Virgin Money's emissions profile highlights the importance of addressing Scope 3 emissions, which represent the majority of their carbon footprint, while their lack of defined reduction targets suggests an area for potential improvement in their climate strategy.
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| 2022 | 2023 | |
|---|---|---|
| Scope 1 | 3,395,000 | 0,000,000 |
| Scope 2 | 6,891,000 | 0,000,000 |
| Scope 3 | 48,544,000 | 00,000,000 |
How Carbon Intensive is Virgin Money's Industry?
How Carbon Intensive is Virgin Money's Location?
Virgin Money's Scope 3 Categories Breakdown
Virgin Money's Scope 3 emissions, which increased by 13% last year and increased by approximately 13% since 2022, demonstrating supply chain emissions tracking. The vast majority of their carbon footprint comes from suppliers and value chain emissions, representing the vast majority of total emissions under the GHG Protocol, with "Employee Commuting" being the largest emissions source at 7% of Scope 3 emissions.
Top Scope 3 Categories
Virgin Money'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.
Virgin Money 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.
