Principality Building Society has become carbon neutral in its operations as it starts its long-term goal of reaching net zero status.
Wales’ largest building society, which employs more than 1,000 people, plans to reach net zero status by 2030.
This will be achieved through activities including reducing travel, use of paper, and ensuring its head office and branches are more sustainable, the mutual has said.
A company can achieve a carbon-neutral status by purchasing carbon reduction credits which are equivalent to emissions released.
Principality partnered with ClimatePartner, which helps measure and accurately calculate the CO2 emissions from the firm’s operations, to help it become carbon neutral.
The emissions are offset by supporting a hydropower project in Virunga National Park in the Republic of Congo, which generates clean power for four million people who previously had no electricity.
Achieving a net zero status for the mutual will mean reducing emissions in line with latest climate science and balancing remaining emissions through carbon removal credits.
Julie-Ann Haines, chief executive at Principality, said: “This is new territory for us – the first steps of an exciting journey for our colleagues, and we are learning all the time about how we can be a better business for our environment here in Wales and globally.
Our work with ClimatePartner will help us to understand what more we need to measure, so that we can achieve our goal of becoming net zero in our operations by 2030. There is a team of environmental champions at Principality who keep the executives and board on their toes by telling us where we can improve, and a sustainability team who are driving us forward and training colleagues.”
Ms Haines added: “Switching to renewable energy, reducing travelling by working from home, using less paper, and ensuring our premises are more sustainable, are some of the ways we hope will help us to achieve our goals.
Emilien Hoet, head of ClimatePartner UK said: “It is always exciting to work with companies from day one, as they embark on their sustainability journey. Principality has shown a great eagerness to operate in a way that takes the future of our planet to heart.
“Becoming carbon neutral is a critical first step for any company that is serious about getting to net zero. We look forward to continuing this journey with Principality."
