Tandem, the UK’s greener digital bank, has published its standalone ESG Report for 2024, revealing the real-world impact and success the bank has had in supporting consumers transition to a lower carbon lifestyle.
In a year where sustainable finance faced increased scrutiny, Tandem increased it’s green and ‘pathway to green’[1] lending to £572 million, enabling over 94,000 customers to cut an estimated 70,000 tonnes of CO₂ through energy-efficient upgrades to their homes.
This marks Tandem’s most detailed ESG disclosure to date, with the green lender going above and beyond its regulatory expectations. The report is aligned with both the Task Force on Climate-related Financial Disclosures (TCFD) and FCA’s anti-greenwashing rules, including detailed climate risk modelling and flood exposure assessments – setting out its strategy to reach net zero by 2050.
“We believe ESG is not just a reporting requirement — it’s core to our mission” said Alex Mollart, Tandem’s CEO. “By funding green lending through our savings deposits and aligning our products with that green mission, we’re not just talking about impact — we’re enabling it.”
Tandem, which has seen significant success since re-positioning to focus on supporting the green transition, including sustained profit and a 40% growth YoY, has set up a comprehensive framework to underpin its green proposition:
This approach enables Tandem to offer clear, auditable definitions that prevent greenwashing while supporting a just and inclusive transition for UK households.
It’s also ensured a clear, set out purpose through every level of the bank. This has meant further development of the proposition, including its revolutionary Green Hub which re-launched last year. The Hub offers customers and non-customers alike a one-stop shop for support with their green transition – insight, expertise, helpful tools and finance options to enable consumers to make informed, greener choices.
Tandem’s ESG governance has been strengthened since the appointment of James Streeter as its Head of ESG. James spearheaded the roll out of the ESG framework and reporting across the bank, including enhancing disclosures on all Scope 1, 2 and 3 emissions – in which Tandem purchased carbon credits to offset all its operational emissions with exception to Scope 3 Category 15 Invested Emissions – as well completing warming pathway scenarios for <2°C, 2–3°C, and >3°C.
Commenting on the publication of the report, James Streeter, Head of ESG, said: “This report marks yet another milestone for Tandem. We hope to reflect what ESG leaderships looks like in practice – driving innovation, embracing full climate risk disclosures and embedding ESG across the origination, from the top down. We’re thrilled to have set our net zero 2050 target, made progress against this and are particularly proud to be able to fully offset all of our operational emissions as an organisation. We’re working closely to support our customers on their lower carbon journey too – so watch this space.”
If you save, borrow or spend with Tandem, you’re banking for a greener future. From low emission motor loans, to lending for greener home improvements, to EPC discount mortgages and savings, its products make it easier for more people to choose a greener lifestyle – helping save money, whilst reducing carbon. Together, we’ll leave the planet in better shape, because banking shouldn’t cost the Earth.
[1]Inclusive of green lending defined as aligning to EU Green Taxonomy, and‘ Pathway to Green’ lending, defined as Tandem’s above average sustainability, relating to greenhouse gas emissions.
[2]Ibid
[3] Blackpool’s estimated population ~140,000, UK average per capita emissions ~4.5tonnes/year; best practice assumption that each mature tree absorbs about 60 kg CO₂ over a decade.
