Virgin Money joins Net-Zero Banking Alliance

People sitting at the Virgin Money Manchester store
Virgin Money
Natalie Clarkson
by Natalie Clarkson
25 October 2021

Virgin Money is committed to a climate-positive future and has joined the Net-Zero Banking Alliance (NZBA). 

The NZBA is an industry-led, UN-convened alliance of banks from across the world, committed to aligning their lending and investment portfolios with net-zero emissions by 2050 or sooner. This is in line with the most ambitious targets set by the Paris Climate Agreement.

Currently more than 75 banks from 35 countries have joined the Alliance. It’s an important step for getting the financial sector ready for net-zero. Banks have an important role to play in the global transition to net-zero emissions and need to consider both operation and attributable emissions. 

Virgin Money and other alliance members have committed to: 

  • Set scenario-based interim targets for 2030 (and sooner for priority sectors)

  • Prioritise areas of most significant impact – i.e. the most greenhouse gas-intensive and emitting sectors 

  • Annually publish emissions and emissions intensity

  • Take into account the best available scientific knowledge

  • Set first targets within 18 months of signing and report annually after that

  • Disclose progress against a board-level reviewed transition strategy

Virgin Money has recently refreshed its ESG (environmental, social and governance) strategy and is driving positive social and environmental impact through its strategic objectives. As well as transitioning to a greener economy, Virgin Money is also reimagining customers business models and is focused on developing more inclusive products.

David Duffy, CEO at Virgin Money, said: “The Net-Zero Banking Alliance supports our climate aspirations and it’s important that we are continuing to push forward to meet our targets to becoming net-zero.

“The alliance brings banks from around the world together to align their lending and investment portfolios with net-zero emissions by 2050. It’s a strong example of how the financial services industry can be a positive force in tackling the climate crisis.”

Virgin Money also recently launched an app to help other businesses to become more sustainable.

Visit Virgin Money to find out more.