Achieving net zero operations

Addressing our operational emissions is an important factor in meeting our ambition to be a net zero bank by 2050. 

We have established a strategy to support the decarbonisation of our operations and our approach is continually reviewed and developed as new standards and technologies evolve.  Our strategy includes the following initiatives:

The table below sets out milestones and targets we have set as part of our strategy to reduce our operational emissions.

Footnotes:

1. In this Achieving net zero operations section, a reference to a "milestone” denotes an indicator we are working towards and report against and a reference to a “target” denotes an indicator linked to our executive remuneration.
2. The 98% comprise Battery Electric Vehicles (BEVs) and Plug-In Hybrid Vehicles (PHEVs) that are at a maximum of 50g CO₂/km and a minimum 30 miles in electric range.
3. The 57% comprise for UK vehicles, BEVs and PHEVs that are at a maximum of 50g CO₂/km and a minimum 30 miles in electric range; for Europe, vehicles BEVs and PHEVs that are at a maximum of 50g CO₂/km; for India, vehicles BEVs.
4. Corporate offices include campuses and offices within our operational control.
5. Addressable spend is defined as external costs incurred by Barclays in the normal course of business where Procurement has influence over where the spend is placed. It excludes costs such as regulatory fines or charges, exchange fees, taxation, employee expenses or litigation costs, and property rent.
6. Targets are considered ‘science-based’ if they are in line with what the latest climate science deems necessary to meet the goals and timelines of the Paris Agreement – limiting global warming to well below 2°C above pre-industrial levels and pursuing efforts to limit warming to 1.5°C. The Science Based Targets initiative (SBTi), a partnership between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF), provides companies with independent assessment and validation of targets and is currently the internationally accepted standard.
7. Indicative number provided to illustrate the number of TPSPs by total addressable spend that have committed to or have science-based targets in place.
8. Campuses include 1 Churchill Place, Radbroke, Northampton, Glasgow, Pune, Whippany, 745 7th Avenue, Dryrock.

Please see ESG Data Centre for all recalculations and ESG Reporting Framework for our operational emissions accounting approach.

Δ 2024 data subject to independent limited assurance under ISAE (UK) 3000 and ISAE 3410. Current limited assurance scope and conclusion can be found within the ESG Resource Hub: https://home.barclays/sustainability/esg-resource-hub/reporting-and-disclosures/

Footnotes:

¹against 2018 baseline

²By right-sizing, we are exercising opportunities through lease events or by way of negotiation to alter the square footage of an existing occupation to optimise our space and associated resources for our operational requirements in that location.

Footnotes:

1. Our reporting of supply chain emissions includes the following GHG Protocol Scope 3 categories: Category 1: Purchased Goods and Services, Category 2: Capital Goods, Category 4: Upstream transportation and distribution. In 2024 we reported GHG emissions of Categories 1, 2 and 4 by aggregating these under Category 1. It is our intent to assign emissions to each of these separate categories in due course.

2. The methodology used to calculate our GHG emissions follows the 'Greenhouse Gas Protocol (GHG): A Corporate Accounting and Reporting Standard (Revised Edition)', defined by the World Resources Institute/World Business Council for Sustainable Development. We have adopted the operational control approach on reporting boundaries.

3. We continuously review and update our performance data based on updated GHG emission factor, improvements in data quality and updates to estimates previously applied. For 2024, we have applied the latest emissions factors as of 31 December 2024. All location and market-based figures are gross and do not include netted figures from carbon credits.

4. For our FY2024 emissions portfolio we have re-categorised a portion of our Scope 2 emissions to Scope 3 Category 8 (Upstream Leased Assets) as these emissions have been identified as outside of our operational control. This has resulted in minor updates to FY2023 Scope 2 location-based GHG emissions (a change from 87,197 tCO₂e to 86,543 tCO₂e).

5. Assurance findings on our 2018 supply chain baseline identified certain data previously excluded from the initial data set. In addition to this, in 2024 the UK Department for Environment, Food & Rural Affairs (Defra) revised their GHG emissions conversion factors, which Barclays uses to calculate spend-based supply chain emissions. Our supply chain baseline and 2023 emissions have therefore been recalculated to reflect both points, resulting in an aggregate increase in our 2018 supply chain baseline (from 765,634 tCO₂e to 913,967 tCO₂e) and increase in our 2023 supply chain emissions (from 552,367 tCO₂e to 622,783 tCO₂e).

Our operational footprint data follows a reporting period of 1 October 2023 to 30 September 2024.

Δ 2024 data subject to independent limited assurance under ISAE (UK) 3000 and ISAE 3410. Current limited assurance scope and conclusion can be found within the ESG Resource Hub: home.barclays/sustainability/esg-resource-hub/reporting-anddisclosures/.

See our ESG Data Centre for further details of our operational GHG emissions since 2018, including our Scope 1, 2 location and market based and Scope 3 operational emissions data. For more information on our operational emissions accounting approach please see the 2024 ESG Reporting Framework