Our approach to climate change

Climate change is one of the most important issues facing the world today. The continued unsustainable emission of greenhouse gases (GHGs), such as a carbon dioxide, will not only affect the environment and cause extreme weather events, it will also impact the way we live and work

In recognition of the need to take urgent action to tackle climate change at a global level, the UK government, in 2016, ratified the Paris Climate Change Agreement, which it had initially signed at the United Nation’s 21st Conference of Parties (COP21) in December 2015. Being a signatory to the Paris Agreement commits countries to take action to hold temperature rises to well below 2C above pre-industrial levels – and to try to stabilise emissions at a level which would see a temperature rise of no more than 1.5C. In doing so, governments can work together to decarbonize the global economy.

What’s Provident Financial Group doing?

As a business, Provident Financial Group recognises the importance of acting on climate change and is committed to reducing is direct and indirect GHG emissions. The Group does this by purchasing electricity from renewable sources, making use of energy efficient technologies, offering more fuel efficient vehicles and those that use hybrid technology, and offsetting carbon. We also recognise the importance of encouraging our customers, employees and suppliers to contribute to the creation of a low carbon economy.

A strategic approach to carbon reduction

To further minimise our contribution to climate change, Provident Financial Group will continue to introduce measures which enable us to improve our energy efficiency and reduce the carbon intensity of our operations, products and service. We will also work with our key stakeholders to raise awareness of the need to address the issue of climate change and to promote solutions that will enable them to introduce low carbon measures in the workplace and at home.

In order to achieve these aims, we have developed a low carbon strategy. The objectives of the strategy are to:

  • Demonstrate commitment and leadership in ensuring that Provident Financial Group works towards achieving significant reductions in GHG emissions.
  • Continue to measure and benchmark our energy usage and carbon dioxide performance to ensure that Provident Financial Group adheres to best practice in carbon management and reduction.
  • Establish challenging targets to enable us to be more efficient with the energy we consume and to reduce the emission of GHGs that arise from operations, products and services.
  • Influence our customers, employees and suppliers to take action on climate change and reduce their carbon footprints.
  • Engage positively and proactively with stakeholders to ensure that the voice of business is heard in the debate on climate change.

2016 targets: GHG emissions

  • Reduce scope 1 and 2 GHG emissions by 30% by 2020, compared with the 2015 baseline.
  • Continue to offset the GHG emissions associated with scope 1 and 2 emissions, and employees’ business travel activities.
  • Continue to identify opportunities to improve the way GHG emissions associated with Provident home credit Customer Experience Managers business activities are calculated.