Tandem Bank Reports £572M in Green Lending and 70,000 Tonnes CO₂ Saved in 2024

Jun 24

Tandem’s 2024 ESG Report reveals major progress in green lending, CO₂ reduction, and sustainable finance initiatives across the UK.

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.

Tandem has delivered £572 million in green and ‘pathway to green’ lending, 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.”

Key announcements:

Over £572 million in green and ‘pathway to green’ lending
Helping more than 94,000 customers to make greener choices
70,000 tonnes of CO₂ saved by customers in 2024, the equivalent to cutting emissions of the city of Blackpool for entire month, or to the carbon absorbed by over one million trees over a decade.
Over 80% of vehicle loans now Clean Air Zone compliant; average emissions reduced to 127g CO₂/km
Over £700m funded to date through Tandem’s Green Home Improvement Loans
Tandem awarded ESG accolades by both the Finance & Leasing Association and Credit Strategy

A practical framework for sustainable lending

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:

EU Taxonomy-aligned products and propositions – for example, solar panels, heat pumps, EPC A-B rated homes.
‘Pathway to Green’– those products outperforming UK sustainability benchmarks but yet not fully taxonomy-aligned, offering a pragmatic path for households to begin decarbonising.

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.

Beyond compliance – full-scope ESG governance

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.