Virgin Money UK Sustainability Profile
Virgin Money UK, officially known as Virgin Money Holdings (UK) plc, is a prominent financial services provider headquartered in Australia. Established in 1995, the company has evolved significantly, expanding its operations across the UK and offering a diverse range of banking and financial products. Operating primarily in the banking industry, Virgin Money UK focuses on personal banking, savings accounts, mortgages, and credit cards. Its unique approach combines innovative technology with customer-centric services, setting it apart in a competitive market. With a commitment to transparency and ethical banking, Virgin Money UK has garnered a strong reputation, achieving notable milestones such as its acquisition of Northern Rock in 2012. Today, it stands as a key player in the UK financial landscape, recognised for its dedication to customer satisfaction and sustainable practices.
DitchCarbon Score
How does Virgin Money UK'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 UK's score of 22 is lower than 82% 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 UK's reported carbon emissions
In 2023, Virgin Money UK reported total emissions of approximately 8,679,000 kg CO2e for Scope 1 and 2, while Scope 3 emissions amounted to about 48,544,000 kg CO2e. The breakdown of Scope 3 emissions includes significant contributions from purchased goods and services (approximately 48,544,000 kg CO2e), employee commuting (about 3,700,000 kg CO2e), and business travel (approximately 755,000 kg CO2e). Comparatively, in 2022, Virgin Money UK's total emissions for Scope 1 and 2 were about 10,376,000 kg CO2e, with Scope 3 emissions including business travel at approximately 313,000 kg CO2e. This indicates a reduction in Scope 1 and 2 emissions from 2022 to 2023. Virgin Money UK operates as a current subsidiary of Virgin Money UK PLC, which influences its emissions data and climate commitments. However, there are currently no specific reduction targets or climate pledges reported, and the company has not disclosed any initiatives under the Science Based Targets initiative (SBTi) or other climate frameworks. Overall, Virgin Money UK's emissions profile reflects a significant reliance on Scope 3 emissions, particularly from purchased goods and services, highlighting the importance of addressing supply chain impacts in their climate strategy.
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| 2019 | |
|---|---|
| Scope 1 | - |
| Scope 2 | - |
| Scope 3 | 6,277,000 |
How Carbon Intensive is Virgin Money UK's Industry?
How Carbon Intensive is Virgin Money UK's Location?
Virgin Money UK'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 UK 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.
