Climate Change Data

Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR)

Climate Impact & Sustainability Data (2021-22)

Reporting Period: 2021-22

Environmental Metrics

Total Carbon Emissions:22,872 tonnes of CO2e (plus optional emissions of 1,320)
Scope 1 Emissions:0
Scope 2 Emissions:9
Scope 3 Emissions:22,863 (plus optional emissions of 1,320)
Renewable Energy Share:100% (part of Edinburgh office)
Total Energy Consumption:Not disclosed
Water Consumption:Not disclosed
Waste Generated:Not disclosed
Carbon Intensity:Not disclosed

ESG Focus Areas

  • Climate Change

Environmental Achievements

  • Reduced Scope 3 GHG emissions by 33.6% by 2028 from a 2021/22 baseline year
  • Continuing annually to source 100% renewable electricity through to 2045 (Scope 2 emissions for part of Edinburgh office)

Social Achievements

  • Launched a staff network for sustainability, ‘Sustain’, to encourage sustainable behaviours and promote improvement opportunities
  • CEO Challenge project to develop a carbon calculator to help staff reduce their environmental impact

Governance Achievements

  • Established an ESG Advisory Committee to the Board in 2022
  • Updated Terms of Reference for the Board’s Audit, Risk and People Committees to explicitly draw out their climate-related responsibilities

Climate Goals & Targets

Long-term Goals:
  • Reduce operational GHG emissions to net zero by 2045
Medium-term Goals:
  • Not disclosed
Short-term Goals:
  • Reduce absolute Scope 3 GHG emissions 33.6% by 2028, from a 2021/22 base year
  • Ensure that suppliers that together account for at least 70% of our Scope 3 emissions (from a 2021/22 base year) have science-based targets by 2028

Environmental Challenges

  • Difficulty in obtaining meaningful data on indirect greenhouse gas emissions (Scope 3)
  • Dependence on suppliers taking action to meet net zero targets
  • Uncertainty about the wider societal shift towards net zero
Mitigation Strategies
  • Working closely with suppliers to encourage them to adopt science-based targets
  • Engaging with staff to reduce emissions from working from home and commuting
  • Using a spend-based approach to estimate Scope 3 emissions and investigating the possibility of using direct measurements from suppliers

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement
  • Integrating GHG requirements into procurement processes and supplier management
  • December 2022 update of Supplier Code of Conduct includes environmental objectives for suppliers

Climate-Related Risks & Opportunities

Physical Risks
  • Not disclosed
Transition Risks
  • Suppliers not meeting net zero targets
  • Wider societal shift towards net zero not continuing
Opportunities
  • Not disclosed

Reporting Standards

Frameworks Used: Greenhouse Gas Protocol, Science Based Targets initiative (SBTi)

Certifications: ISO 14001

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

  • Not disclosed

Not disclosed

Sustainable Products & Innovation

  • Not disclosed

Awards & Recognition

  • Not disclosed