Lloyds Banking has set net-zero targets and is taking steps to reduce its carbon emissions. Lloyds Banking's latest filings mentioned the keywords 'Emissions' and 'Net Zero' most number of times.

The company has specific goals related to scope 1, scope 2, and scope 3 emissions, and has disclosed its GHG emissions in its Environmental Sustainability Report. Lloyds Banking is committed to achieving its net-zero targets, but factors such as economic and business conditions, political instability, and natural disasters could impact its plans. It launched an ambition to achieve net zero carbon emissions across Scope 1 and 2 by 2030, while at the same time it launched targets to halve its energy consumption and maintain travel-related carbon emissions from business travel and commuting below 50 per cent of a pre-COVID-19 baseline.

Lloyds Banking has disclosed its emissions from categories such as operational waste and the extraction and distribution of energy sources. The scale of its current emissions varies across different areas of the business such as bank financed emissions (2020) were 23.2 MtCO2e, Scottish Widows financed emissions (2020) were 10.3 MtCO2e, and emissions from own operations (2019/2020) were 0.1 MtCO2e. In 2022, the company reported its Scope 3 supply chain carbon emissions of 747,409 tCO2e.

Lloyds Banking has taken steps to reduce its carbon emissions, including investments in renewable energy and energy efficiency measures. The company is also working to reduce emissions related to its supply chain and has a methodology in place to track and report on these emissions.

In conclusion, Lloyds Banking has set net-zero target for 2050 or sooner, and is planning to reduce the carbon emissions it generates through supply chain by 50% by 2030 on the path to net zero. The company is making strong progress against its other targets, despite an increase in commuting and business travel-related carbon emissions driven by higher office utilisation compared to the previous year.

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