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 climate change 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 target for net zero by 2040 and is actively working towards reducing its greenhouse gas (GHG) emissions. The company aims to achieve a balance between the carbon emitted into the atmosphere and the carbon removed, known as "Net Zero". The company is committed to aligning its goals with the Paris Agreement's objective of limiting global warming to well-below 2°C above pre-industrial levels.

In terms of carbon emissions, in 2022, the Society reported a total of 727 tonnes of CO2 equivalent for scope 1 emissions and 1,247 tonnes of CO2 equivalent for scope 2 (location based) emissions, while total scope 3 emissions reported was 689,823 tCO2e. The Society generated 691,797 location-based metric tons of CO2 equivalent, reflecting a notable 5% decrease when compared to the emissions figures for 2021 across Scope 1, 2, and 3 categories. The Society also has achieved 16% reduction in Scope 1 & 2 emissions, while it has set a ambitious goal to decrease its Scope 1, 2, and partial Scope 3 emissions by 42% by 2025, and 69% by 2030 compared to the baseline established in 2021.

Coventry Building Society has implemented strategies to reduce waste, increase recycling, and promote the reuse of products. The Society has also procured 100% of its electricity from renewable sources and uses biomethane or "green gas" for its gas consumption. Additionally, the company has launched an electric vehicle fleet scheme and reintroduced car share schemes to reduce emissions from direct transport.

In terms of achievements, the Society has reported a year-on-year reduction in waste and an approximate 5% reduction in location-based emissions compared to 2020. It has also obtained ISO 14064-1 certification, which quantifies the reporting and verification of GHG emissions. The Society's emissions data has been independently audited to ensure accuracy, and it voluntarily discloses its complete GHG footprint for all three scopes.

Overall, Coventry Building Society is actively working towards reducing its GHG emissions and achieving its net-zero targets. The company has implemented various measures to reduce waste, increase recycling, and transition to renewable energy sources. By disclosing its emissions data and obtaining certification, the Society demonstrates its commitment to transparency and accountability in its sustainability efforts.

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