Sustainability in Lloyds Banking Group
The UK is committed to the vision of a sustainable, low carbon economy, and has placed clean growth at the heart of its industrial strategy, requiring a radical reinvention of our ways of working, living and doing business.
At Lloyds Banking Group, we have a unique position within the UK economy and with our purpose to help Britain prosper, supporting the successful transition to a more sustainable, low carbon economy that is resilient to climate change impacts, is therefore important to us.
Our approach to sustainability supports the aims of the UK Government’s Clean Growth Strategy, showing our commitment to supporting the UK successfully engage with the opportunities and challenges created by climate change. We are therefore working towards our overall aim of becoming a leader in supporting the UK to successfully transition to a more sustainable, low-carbon economy. To do this, we have set ourselves seven ambitions.
1. Be a leading UK commercial bank for sustainable growth, supporting our clients to transition to sustainable business models and operations and to pursue new clean growth opportunities.
2. Be a leading UK provider of customer support on energy efficient, sustainable homes.
3. Be a leading UK provider of low emission/green vehicle fleets.
4. Be a leading UK pension provider that offers our customers and colleagues sustainable investment choices and challenges companies we invest in to behave more sustainably and responsibly.
5. Be a leading UK insurer in improving the resilience of customers’ lives against extreme weather caused by climate change.
6. Be a leading UK bank in the Green/Sustainable Bonds market.
7. Be a leading UK bank in reducing our own carbon footprint and challenging our suppliers to ensure our own consumption of resources, goods and services is sustainable.
These will be in addition to how we will continue to identify and manage material sustainability-related issues across the Group. In response to the Task Force on Climate-related Financial Disclosures (TCFD) recommendations, in 2018, we commenced a review of climate-related risks and opportunities across the Group’s core divisions. We will publish a disclosure, setting out our progress against the TCFD recommendations in the Lloyds Banking Group Annual Report and Accounts 2018.
Improving our own environmental footprint provides an important foundation to our activity. We’ve consistently reduced our environmental impacts, thanks to the ambitious Environmental Action Plan launched in 2010.
Further information can be found on the plan, including details on our progress in reducing our direct environmental impacts here.