The Co-operative Bank has taken a “significant step forward” in transparent greenhouse gas emission reporting as it collated its full emissions data from all scopes from 2021 onwards for the first time.
In its latest sustainability report, the bank saw an increase across scope 1 and 2 emissions in 2023, due to in-housing mortgage processes and opening office space to accommodate additional colleagues.
To reach its goal of reaching net zero across scope 1 and 2 by 2030, the Co-operative Bank had aimed to reduce emissions related to energy consumption by 6%.
However, the emissions increased by 2.74%.
The Co-operative Bank also reported its financed emissions data for the first time, revealing that 83.9% of emissions are attributable to the activities of customers it finances.
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The bank stated it has taken a “proportional approach” to reduce financed emissions.
“To do this, we have acknowledged that mortgage lending represents the most significant portion of our financing activity compared to SME lending and that, due to the strict ethical screening applied to all our lending, the SME loan book excludes any fossil fuel-linked activities.
“Based on the data we currently have available, our mortgage book is therefore considered to be the most material contributor of our financed emissions and consequently, is our priority focus area to transition in line with net zero.
“This is why we have committed 100% of our mortgage book to be net zero by 2050.”
Other highlights from the Co-operative Bank includes being recognised as the UK’s best Environmental, Social and Governance rated high street bank by leading ESG risk rating agency, Sustainalytics, for a third year running.
