Monzo Bank Limited

Climate Impact & Sustainability Data (2022)

Total Carbon Emissions:11,195 tCO2e/year (net)

Scope 1 Emissions:11.8 tCO2e/year

Scope 2 Emissions:463.6 tCO2e/year

Scope 3 Emissions:12,460 tCO2e/year (gross)

Total Energy Consumption:1,124,177 kWh/year

Carbon Intensity:91.9 tCO2e per £1m of revenue (gross) in 2021; 82.6 tCO2e per £1m of revenue (net) in 2021

Set an ambitious goal of reaching net zero emissions by 2030.
Measured and reported on carbon footprint for the first time.
Committed to not directly investing customer deposits in fossil fuel-based energy companies.
Took action to reduce emissions and purchased carbon removals.
London and Cardiff offices now run on electricity from renewable energy sources.
Emissions from colleague travel offset.
Emissions associated with making, shipping, and spending on Monzo cards are net zero.

Launched industry-first policy of paid leave for colleagues suffering from pregnancy loss.
Introduced a market-leading paid sabbatical policy.
Improved support for customers with mental health problems.
Extended coverage of gambling block.
Launched a campaign urging the government to make gambling blocks accessible to all UK bank customers.
Donated laptops to UK schools.

Completed a comprehensive review of corporate governance.
Approved new corporate governance documents (Corporate Governance in Monzo, Matters Reserved for the Board, Board Committee Terms of Reference, Board and Senior Management Suitability policy, Board Conflicts of Interest policy).
Improved Board diversity (44% of Board and ExCo roles are women).
Strengthened financial crime controls and financial control framework.

Medium-term Goals:

Short-term Goals:

Uncertainty in the wider economic outlook.
Growing inflation impacting the cost of living for customers.
Pressures from a competitive market environment.
Risk of growing lending exposing the bank to higher credit risk.
Risk that criminals use Monzo products and services for financial crime.
Risk of not maintaining enough capital to meet regulatory requirements.
Risk of data loss from cyberattacks.
Risk that business processes don’t operate to an appropriate standard.
Risk that customers experience harm as a result of poorly designed products and customer experiences.
Risk of increased competition.
Risk of regulatory change.
Climate risk (transition to a lower carbon economy).

Focus on path to profitability by growing and diversifying revenue streams, increasing customer engagement, and growing lending products.
Material steps to improve financial crime controls, policies, and operational practices.
Stress testing capital positions and taking mitigating actions, including broadening the investment base and raising capital.
Reviewing and improving customer-facing processes and focusing on third-party suppliers.
Ongoing improvement of processes and product and conduct risk management frameworks.
Broadening product mix, focusing on speed and quality of execution, and reviewing competitor offerings.
Actively engaging with regulators and industry bodies.
Analyzing scenarios and stress testing climate risk.
Monitoring operational resilience closely.
Investing in attracting and retaining talent.

Working with organizations that share Monzo's values and commitment to long-term sustainability.
Gathering information about third-party ESG plans and commitments towards net zero emissions.
Engaging with the supply chain to understand environmental goals and collaborate on reducing environmental impact.

Climate Change Data