GlobalData offers a comprehensive analysis of Coventry Building Society, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of Net Zero and associated ESG keywords, GlobalData delivers valuable information on Coventry Building Society‘s ESG performance. GlobalData’s company profile on Coventry Building Society offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
Coventry Building Society has set science-based targets to achieve net-zero emissions by 2040 and is the first UK bank or building society to sign The Climate Pledge. Coventry Building Society's latest filings mentioned the keywords 'Emissions' and 'Net Zero' most number of times.
The Society has disclosed its full emissions data set for 2020-2022, including Scope 1, 2, and 3 emissions, which increased in 2022 due to an increase in business travel following the removal of Covid lockdown restrictions in 2020 and 2021. The Society's emissions reduction plan includes steps such as launching an electric vehicle fleet scheme and reintroducing car share schemes to reduce direct transport emissions. It procures 100% of its electricity needs from renewable sources and 100% of its gas consumption comes from biomethane or 'green gas'.
Scope 1 emissions are direct greenhouse gas emissions that occur from The Society's own operations, while Scope 2 emissions are indirect GHG emissions associated with the purchase of electricity. Scope 3 emissions are the result of activities from assets not owned or controlled by the Society, but that The Society indirectly impacts in its value chain. The company's Scope 3 emissions include purchased goods and services, capital goods, employee commuting, mortgages, and business travel, among others. In 2022, its total Scope 1 and Scope 2 emissions (location-based) were 727 tCO2e and 1,247 tCO2e respectively, while its total Scope 3 emissions were 689,823 tCO2e.
The Society's emissions intensity ratio decreased by approximately 5% in 2022 compared to 2020, and it has achieved a year-on-year reduction in waste by implementing strategies to reduce waste and increase the amount of reused and recycled products. Its waste-related impacts primarily arise from the activities of its employees, operation of its facilities, and correspondence it sends to third parties and customers. The Society's targets and ambitions in relation to emissions are set out in its Climate Action Plan.
In conclusion, Coventry Building Society has taken significant steps towards achieving net-zero emissions by implementing science-based targets. The Society's medium-term goal is to achieve Scope 3 operational emissions Net Zero by 2030, while their long-term ambition is to reach Net Zero for Scope 1, 2, and 3 emissions by 2040.